#business-tips | 3 min read

Should you start a side hustle?

By TymeBank - 27 January, 2021

Are you a Mzansi-preneur in the making? Then maybe it’s time to get your side hustle on. Here are some questions to ask yourself before you take those first steps of setting up your own business.

What is a side hustle?

First, to clarify, a side hustle is a small business that isn’t your main source of income while you get it off the ground. Some side gigs will always remain something small on the side. Others grow into great businesses once they’ve been running for a while.

 Why start a side hustle?

If you’re thinking about starting a side hustle, first figure out why you want to do it, then make sure you’re ready for it. Which of the options below fits you best?

I want to start a side hustle because…

 a. I want to make some extra cash on the side

The good news is there are many ways to make a little extra money. You could rent out a room, deliver food or even offer house or pet sitting services.

To get started:

  • When do you have free time?
  • What services do people need assistance with?
  • How can you reach your target audience? (Hint: social media groups are a great way to connect with local communities)

b. I want to spend more time doing what I love (and get paid for it)

Do you have a hobby that you love and are really good at? Passion-based side hustles tend to begin when people are constantly asking you to share that passion with them.

To get started:

  • What are your passions? Do you love to bake, sew or take photographs, for example?
  • Will people in your community pay you for what you create?
  • Are you doing these things anyway, but it would be great to earn some extra income while you’re at it?

c. I dream about becoming an entrepreneur, but I still need a paycheque while I’m building a business

Launching a business is tough. You need a great idea, the ability to sell, customers who want to pay you for your product or services and you need to earn enough to sustain yourself and the business. All of this is possible if you plan properly before getting started.

To get started:

  • What do you need to learn about running a business and can you do this without the risk of going all in until you’ve figured it out?
  • Do you have an idea and some expertise in a specific field?

Are you ready to start a side hustle now?

You know you want to take the leap into a side hustle – now, let’s make sure you’re ready for that leap. 

Do you have start-up funds?

If your day job covers the costs while you’re building something on the side, you might just be ready for your side gig – which means you don’t need start-up funds. In fact, get this right and your side hustle will make you extra moola, instead of requiring you to invest your cash.

Do you have time available?

Start-ups – even side hustles – require a lot of time, focus and energy. Before you launch, start practicing daily productivity habits that will help you juggle your job and your side gig. One of the simplest ways to stay on top of what you need to do each day is a to-do list.

To get started:

  • Write tomorrow’s to-do list at the end of each day so that you can hit the ground running in the morning
  • Focus on your top-priority tasks first before you day gets too busy
  • Start waking up at 5am (if you can) to get a solid three hours in on your side-hustle before your ‘day job’ begins

Is your family ready and willing to support you?

Side hustles can be hard – but they’re also incredibly rewarding. Rally your friends and family for help and support and don’t be afraid to ask for help when you need it. Entrepreneurship doesn’t need to be lonely – it’s always better as a team sport.

Do you have an idea?

We encounter problems each and every day. Take a look at your industry – what issues do your colleagues and customers face? Somewhere in those problems lies a solution. You just need to connect the dots.

Manage your side hustle money in a business account

Ready to get started? Open an EveryDay Business account online in less than five minutes. No paperwork and no monthly fees. It’s a great way to keep your money and your business’s money apart through a bank account with no monthly fee and low to no transaction fees.

  • Withdraw money mahala and your first cash deposit is FREE.
  • Open 10 GoalSaves for your business and personal goals. Earn up to 8% interest per year.
  • Use Bulk Payments to settle bills, invoices, salaries and any other bits and pieces in one go.
  • SendMoney to anyone with a South African cellphone.

Find out more here.

https://www.youtube.com/watch?v=LgMYZY3_elg&feature=youtu.be

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