Jump Start January 2017: Week 4: Day 2
Today’s activity is to think about the following two questions: Do you need a side hustle? If so, what should it be? A side hustle is something you do, such as selling goods or services, that brings in a little extra money in addition to your main job.
It’s not the same as having a part time job working as an employee for someone else. You’re usually in charge of your own micro-business, and tend to be able to pick your own working hours.
Why might you need or want a side hustle?
There are lots of reasons for earning some extra money on the side, such as:
- You want to pay off your debts faster
- You worry that your main job is not secure
- You want some extra cash to build savings, invest, go on holiday, buy a home, retire earlier, etc
- You’d like to dip a toe into another industry, or into running your own business
- You’re on a zero-hours contract and being offered very little work
- Your day job is stifling you, and you need another outlet to follow your passions
A few ideas for side hustles
Side hustles need to be legal, so stay away from anything that obviously breaks the law, or breaks the terms of your main employment contract. Otherwise, you could consider:
- Babysitting in the evenings or at weekends
- Dog walking
- Selling a few items or starting an online shop (on eBay, Etsy, or your own site, etc)
- Dressmaking and tailoring
- Selling crafts, art or jewellery (online, at a fair, in local shops, and so on)
- Creating and selling your own e-products online, on your own site or via a platform (ebooks, courses and training, printables etc)
- Earning affiliate money from recommending third party products or services
- Running a market stall or a stand at a tabletop sale
- Making and selling food or drink (for example cupcakes, bread, jam, large cakes) from home, from a van or stand, or via a local coffee shop – check legal requirements, starting with this advice from the Food Standards Agency
- Renting out your driveway or car, taking in a lodger, or letting your place out as a holiday home (for example via Airbnb)
There are plenty more side hustles you could start too. With some of them you might need to register as self employed, declare income and / or pay tax as well if you earn more than a certain amount, so don’t forget to research that when you’re narrowing down your ideas. Also think about whether you might need insurance, proof of training or professional memberships, or to pay for a security check.
The tax situation is likely to change in April 2017 if you fancy becoming a ‘micro-entrepreneur’, and you’ll won’t need to declare or pay tax on the first £1,000 you earn each year from trading income (for example, semi-regular selling on eBay) and / or the first £1,000 you earn from short term letting of your property (such as Airbnb). There’s more information about it here, and you can check with the HMRC website nearer the time of launch.
Are you thinking about creating a side hustle business? Do you already have one?