Side hustles have taken over! The trend used to be to have a second job; however, as people have become savvier in the quest for financial freedom, is a side hustle a complete solution? Can you live your best life with a job and then supplement your lavish lifestyle with the income from your passion project? As much as many are selling the dream of the hustle, let’s look beyond the glimmer and highlight what is being missed.
Pro: Boast your Income
The most attractive lure of starting a side hustle is the uncapped extra income it can bring to supplement a standard wage. There are plenty of top 10 lists on what to do as a side hustle or passive income. A side hustle can provide a much-needed financial boost to live your life of abundance.
Con: Financial Blindspots
Knowing the finances when starting a side hustle is crucial, so you don’t end up in the red. Manage your finances carefully and avoid investing more than you can afford to lose. Also, don’t forget about your taxes. Whilst your regular job has that taken care of, when your side hustle takes off, remember the HMRC will want a slice of the pie!
Keep updated with what's going on
A monthly wrap-up of what’s happened and the intentions for the month ahead.
A side hustle can offer the flexibility of fitting around your regular job. As the owner, you can set your schedule and choose the work to undertake or products to offer. Working from your chosen location can be particularly appealing to those with commitments requiring flexibility.
You enter the realm of juggling additional, often conflicting priorities. One of the biggest pitfalls of starting a side hustle is burnout. The challenge of balancing a full-time job, over which you have limited to no control, alongside family responsibilities and your business.
- What plan do you have in place to:
- set realistic goals,
- manage your time effectively,
- handle conflicts, and
- take time out to rest and reset.
There no time for playing around.
This is serious business
Check out the Humming session
You have your own way of doing things, but you’re feeling the effects of burning the candle at both ends.
Let’s have some dedicated time together so you can share your habits and together we can streamline it into a process that others are able to follow with ease.
Opportunity for Skill Development
A side hustle can be an excellent opportunity to develop new skills. As a business owner, you should learn about marketing, accounting, legal, and more. You will unlikely be exposed to all these skills in your regular job. There is often a steep learning curve with starting in business, and you have to adapt to achieve success.
Lack of Focus
It’s easy to get sidetracked when running a side hustle. With so many responsibilities and tasks to manage, staying focused on your goals and prioritising your time effectively is essential. One way to do this is by noting down the following:
- specific goals – so you can have a precise measure of your advancement
- processes – allowing you to simplify and reduce the time spent on reoccurring tasks
- experience – what was good and bad, and you will never do it again.
Allow yourself time for contemplation as you must move forward with clarity. Many encourage journalling, but it’s a personal preference. A quick note in your phone on a dedicated notebook is sufficient. The following action counts because this is building up to you creating your first edition of HouseRules.
If you think this doesn't apply to you
Legal and Tax Issues
Touched on briefly above, don’t underestimate what a side hustle is. It’s a stylish and more palatable way of confirming that you’re starting a business which involves legal and tax issues. It’s imperative to research the legal requirements in your area. Don’t ignore what you don’t understand because it tends to come back to haunt you later on down the line. Help your future self avoid costly mistakes down the road.
A side hustle can allow you the freedom to do what you love, turning a passionate hobby into a profitable business. However, being clear about your intentions is essential from the outset. A side hustle is misleading for those who believe they can dabble and make quick and easy long-term money.
If you aren’t prepared or willing to embark on a learning curve can be valuable in your current job or future endeavours.
If you’re interested in starting a side hustle, “do you boo!” But for those who see this as something that has potential and is seriously committed to starting right, CAS Ltd is here to support you. Let’s ensure you have the proper foundation for an escape to la dolce vita.
Don’t let fear or uncertainty hold you back from pursuing your dreams. Book your Sip & Chat today.