Did you know that the predicted average salary increase for 2018 in South Africa is 5.5%? That is an average people.
Petrol price, school fees and grocery costs increase regularly. The ever-increasing cost of living for a working parent is immense!
You can sit around and wait for the cost of living to catch up with you OR consider providing services in your personal capacity. In steps the side hustle.
[bctt tweet=”“Without hustle, your talent will only get you so far” – Gary Vaynerchuk” username=”cherralle_”]
Joshua Malinga* husband and father, manages a successful side hustle and explains that multiple income streams in a household are imperative.
The challenge always arises when you now have to choose what prioritise (job + hustle + family) and that is where most people actually tell themselves they don’t have time. However the benefits always outweigh the stress.”
Thati from The Disruptors further shares advantages of having multiple income streams.
Here is What You need to get your Side Hustle Game On
1. A Bankable Idea
Your bankable idea is something that you can provide to others and get paid for it.
Example:
- Are you a goddess in the kitchen? Cook and freeze meals for working parents (I will pay for this!).
- Have impressive technology or digital marketing skills? Provide website development or social media support as a side hustle.
- A whiz with numbers? Provide financial services to small business owners.
Entrepreneur Magazine provides 20 ideas you may consider for a side hustle. Anyone can start a side hustleif they have an idea and they can apply themselves to the concept.
2. Focus and Discipline
A side hustle is just that, a ‘side’ hustle (until it grows to a point where it becomes your primary income stream).
You need to be able to kick ass at your day job (hey, you still need that one right).
Then go home, do what you need to and HUSTLE.
Self-organization is paramount, so you can ensure that your day job, side hustle and personal commitments all get the required attention.
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3. You will need to invest
Starting a side hustle may require start-up capital (not always the case). You may need to buy supplies or build a website, get branding, etc. SME South Africa found that 68% of entrepreneurs fund their investments from their savings to start with
4. Read up on company policy
Usually a company would be okay with your side hustle as long as it does not impact your ability to do your day job, and it is not an operation that is in direct competition with your company. However, get in touch with your HR person or read up! It won’t hurt.
Related Post: How to Say No At Work (and win respect while doing it)
5. Get your papers sorted!
Having multiple streams of income may lead to tax implications. Ensure that you meet the requirements. If it’s a small business and you run it as a sole proprietorship the conditions are very limited, read further here.
6. Passion
Go for something that makes you want to jump into another job when you get home from your day job. Pick something that naturally interests you.
Something where you do not mind giving up social events and leisure activities for.
Anne*, a Johannesburg based working mother, shares her view, “Side Hustles should not be seen as a betrayal to your employer or job. We have different parts to ourselves that can’t only be expressed in our 9-5. It may be for financial reasons or fulfilling a different need.’
[bctt tweet=”A side hustle is not a betrayal to your day job. It’s a path to express other sides of ourselves that are not met at our jobs” username=”cherralle_”]
In Conclusion
Entrepreneur Magazine outlines an additional three crucial elements you need to start a side hustle.
A side hustle is a good idea if you want to increase financial stability through supplementing your income. Or you dream of owning your own business but need a ‘safe space’ to try it out first.
Follow your passion and make smart money decisions.
*Names changed
Chime in! Do you have side hustle? How do you manage balancing your day job and your side hustle? Are you thinking of starting one?
A wonderful and detailed post! I like that you added the need for an investment as I think a lot of people think you can make money without one. And even if the monetary investment is small, the investment of time is usually very large! Thank you for sharing 🙂
I’m going to save this article, on point Cherralle. I’ve been thinking about getting a side hustle.
Thank you Melissa. I hope this post can at least get the thinking juices flowing some more.
Brilliant post! Thank you. I totally agree that you have to be passionate about the side hustle and be willing to give up your extra time. What I find most difficult to manage, is finding that work-family-side hustle balance, especially with the kids. But we’re getting there!
I have a side hustle, but I know I lack focus. I could do so much better with that aspect….
This is such a great article. With my husband having lost his job at the end of 2017, I really need to start being more productive with my time.
I just adore this article. It’s so so very true! I literally have 2 other side hustles and considering a 3rd. It’s important to note that all of these I have an extreme passion for so it doesn’t take any joy out of my life. The problem is, we need to be careful we don’t spread ourselves too thin.
It’s great when a side hustle adds to your life (because it’s fun and you love it).
This is a really great post. I definitely need to get my hustle on this year because it is getting harder and harder to keep our heads above water finance wise.
I have also noticed ( not scientifically proven) but many people are doing it however it’s not openly spoken of it seems. Thank you for commenting.
What a great and insightful post! Very informative thank you.
Thank you taryn !
Great ideas! We all could use a little side hustle these days!
I’m obsessed with side hustles! Thanks for this post. I’m working hard on those multiple streams of income!