Having a side-hustle has become a respected form of extra income for many people.
A side-hustle is not the same as a part-time job or a second job. A side-hustle is an entrepreneurial venture, you have no boss. Most side-hustles start out as a hobby or interest that grows in value later than when conceived. A side-hustle starts out marketingto friends and family. The intention is usually to scale to such a point where you are able to quit your full-time job. The internet spurned many famous side-hustle successes such as Mark Zuckerberg with Facebook and Craig Newmark’s Craigslist.
Sir Richard Branson is renowned for having bootstrapped Virgin Records as a side-hustle into an international record mega-label. While busy expanding Virgin Records, he started his next side-hustle, Virgin Atlantic. It went from having a single aeroplane to being a reputable and profitable international airline. Virgin has repeated the formula with over 400 different start-up companies, most going on to become industry darlings. But let’s be clear, very few side-hustles become the next Virgin, Facebook or Craigslist.
Let’s look at the benefits of having a side-hustle.
There are many side-hustle ideas. Whether it’s selling baked goods, providing home-cooked meals, writing, teaching, taking surveys or making and selling handcraft, it should be something you enjoy doing. The entrepreneurial spirit should light-up with each concluded transaction. Your mind is expanded and starts to think in new ways, to see opportunities and possibilities you wouldn’t have seen before. In many ways, a side-hustle can invigorate you, spilling over into all areas of your life.
One of the biggest reasons for starting a side-hustle is to generate extra income. Everyone hopes their side-hustle will turn into a significant venture down the line. To ensure you are able to fund your side-hustle and continue giving your full-time job the attention it deserves, keep your costs low. Bootstrapping your side-hustle rather than lending money is what makes the venture so appealing. Keeping your full-time job to ‘fund’ the early stages of the side-hustle, lowers the risk of the venture failing.
A side-hustle can be a great way of getting out of debt, or to save money for a rainy day, to travel or to supplement your current lifestyle. Whatever the reason, the amount of time you spend on your side-hustle should be representative of the amount you earn. Most side-hustles don’t need any special skills or equipment, making your time your most valuable input. It can be tempting to hire someone to help you, but in the early stages, it is best to put in the hard work yourself.
There are thousands of businesses that started out as a side-hustle that have grown into a successful companies. They employ thousands of people that all contribute to the economy. With soaring unemployment and an ever-diminishing disposable income in South Africa, a side-hustle is how many are thriving. Some folk have three or more income streams from their side-hustles, all bringing more income into the home.
We should encourage entrepreneurial endeavours that have the ability to provide jobs and improve people’s standard of living. Encouraging and supporting these courageous pioneers, we ensure their survival and growth.
Let’s show some respect for the side-hustle.
Have an awesome weekend. 😉
* Feel free to drop me a mail firstname.lastname@example.org I’d like that.
To get #MyFridayStory each week, please click 👉 here 👈