How to Start a Side Hustle and Boost Your Income Quickly
Whether you’re stressing out about making ends meet, looking for a way to diversify your income streams, or just trying to get a new flow of money for a dream holiday or project, starting a side hustle is one of the best decisions you’ll ever make.
Side hustles became HUGE in 2020 because of the Covid-19 pandemic restricting our mobility and creating a serious downward trend in employment figures worldwide, but they are here to stay and have provided so many of us with a great alternative source of income.
If you know my story, you know that I’ve spent the majority of my adult life trying out different ways to make extra money. From decorating cakes to teaching group fitness, I’ve always had my hand in a few different money pots. I truly believe it is NEVER a bad idea to have more than one revenue stream.
Here are my tips on how to start a side hustle and see some (relatively quick) results!
A side hustle can be your best investment
Forbes Magazine was alerting as far back as 2017 to the fact that wages have barely grown in recent years. In fact, American families’ buying power has only decreased year on year, as challenges we face multiply.
As a busy working mom or broke college student, or even as a decently paid middle-class office worker, you may be facing harsh realities like a diminished or non-existent savings account, tons of credit card debt, or just the depressing prospect of never affording your dream holiday. And, as many of you who follow me already know, other crippling costs such as healthcare and health insurance are at the front of my mind whenever I think about balancing my budget.
All these are reasons why starting a side hustle can be a great investment that will not only bring you financial wealth but can also make a significant positive impact on your health and wellbeing.
Investing some time and money upfront to get a side hustle going from home can end up giving you a source of passive income which is a permanent plan B to create a safety net in these times of job insecurity. And, as you find yourself worrying less about money, you’ll find that your mental health improves, too! “Health is wealth” – remember that saying? The two are interlinked and you’ll see that it can be quite easy to get more of both with a side hustle.
Why hustle on the side?
When done right, side hustles can bring multiple benefits:
- Job security/income certainty – stop being completely tied to only one source of income
- More options give you more freedom to choose – having more than one income stream will allow you to choose the one you want to focus on more and which makes you the happiest
- You call the shots – in your side hustle, you’ll be your own boss and it’s a great opportunity to explore how you like to do business
- You can try different things – ever had that moment when you wonder what would have happened if you’d taken a different path in life at a crossroads moment in time? Now can be the time you try out that “parallel reality” scenario and see what happens!
My recommendations for starting a side hustle
There is no perfect recipe or set of circumstances that will point to when or how you should be doing this. However, there are a few key things to keep in mind and some recommendations I’ve put together based on my own experience.
- Do your research
No matter how excited you are about the side hustle ideas you’ve heard or read about, do some research upfront to be sure you know what you’re getting into:
- How much time will you need to spend on your venture?
- Is it a lot upfront or a constant couple of hours every day?
- How much money do you need to invest?
- What are the risks?
- Is it something you can easily take on with your current responsibilities?
Knowing all these things will put you in a good starting place.
- Make a plan
You’re starting a business, so act like one! Make a rough plan with targets you’d like to hit and set yourself some clear boundaries. When I first wanted to open my gym, my husband was dead set on it not happening. He is not a risk-taker, at all.
I decided to take some time and write HIM up a plan for my business. It ended up being the best decision ever! With a lot more research, I ended up more prepared than ever to take the leap.
Not only did I feel more comfortable with my plan, it also got him on board!
For example, if you are side hustling at home, decide where your workspace will be and how you’re going to make the difference between work and downtime.
- Watch the clock
A side hustle is not a part-time job, and you have to be really strict with yourself about how much time you spend at it. As you’re your own boss, you need to clock in and out and give yourself the best working conditions.
Preventing burnout is a crucial component to adding a side hustle into your life. Yes, it is fun and exciting! But it also can be daunting and exhausting. There are times when I dreaded reselling and all the tasks involved with it. But, after some evaluation that I realized I completely burned myself out between my chronic illnesses and reselling.
It was time for me to take a step back and evaluate what I was doing and how I could make changes. Time management ended up being my biggest downfall. I was working nonstop.
Read more about how to balance a full time job with a side hustle on my blog!
I know we read about lots of entrepreneurs who literally worked 20 hours a day and never slept when they were starting out, but remember you have to get up and go to your day job the next morning. There’s no use in having a side hustle that leaves you burnt out!
- Play to your strengths
When considering a side hustle idea, think of what you’re good at and what you can do easily and quickly. The key to a successful venture on the side is minimal effort for maximum gains, so you can even consider freelancing in something you do already if that’s what you’re already great at (for example, you could be a full-time journalist starting a blog or an advertising executive putting together a graphic design course).
- Don’t believe the hype
Finally, remember that nothing good ever comes easily. The Internet is full of content telling you that you can make a lot of money quickly and without effort, but don’t believe the hype. A successful side hustle requires work, whether upfront or continuously throughout your business. Check out my video on making six figures on Poshmark for an example of how you can paint the same reality very differently.
Whatever you choose for your side hustle, make sure it’s something you’re going to enjoy and it will come easier than you’d think. And, remember: you’re not tied to it, you can always try different income streams and stick with what works!
Comment below with your favorite tip or advice on getting started with a side hustle! I firmly believe that sharing is crucial to the success of others.
Until Next Time,
Bexa Boss Lady