Starting a side hustle is a good way to supplement your salary, which may not be keeping up with ever-rising prices.
“Starting a side hustle gained traction during the Covid lockdowns, when people stuck at home had time to think about ways of making more money. This coalesced with new ways of working and the adoption of technologies that made it easier and more viable to run a business from home,” says Neven Narayanasamy from loan provider DirectAxis.
He advises:
- Find something where your passion and skills overlap, and there is a demand for your product or service. You may love animals, but dog walking will not be a great plan if you are not an outdoors person or if there are already other people offering that service in your area;
- Draw up a business plan, including an outline of the problem your small business will solve, the people you target and how to reach them. Also consider your start-up costs and whether you will need to borrow money; and
- Make sure you are compliant with the law, no matter how small your enterprise is. For example, check if you need a licence and work out the tax implications of earning more each month.
