With the pressure of the ongoing cost-of-living crisis, getting through the month is becoming more difficult. While food price inflation remained above 17% through March, families across the UK are facing bigger financial challenges than ever before.
After making efforts to reduce energy bills and cut back on spending elsewhere, many Brits can still only afford to live from one payslip to the next. That’s where a side hustle can come in.
Earning extra money on the side doesn’t need to be too time-consuming. Whether you’re working full-time or following a shift pattern, learning how to start a side hustle could help you take back control of your finances and future plans.
How do you start a side hustle?
Firstly, you’ll need to explore different avenues from which to start a new business. Think about your specific skillset and try to decide on something you won’t need to put too much time into. For example, if you already paint in your spare time, why not find a way to sell your artwork? Use your skills and knowledge to your advantage throughout the early stages.
Perform well at your full-time job
Next, you should try to make sure that you’re already doing well in your career. Starting a side hustle demands a certain confidence that you can continue to succeed in your main line of work. If you reach the point of realising that you won’t be able to juggle both, it could already be too late to save the time and performance lost.
Finance your side-hustle
Your new side hustle might require some initial investments. If you need to buy specialist equipment, you might consider taking money from your savings account to give yourself a strong head start. Remember not to over-invest before you have full confidence in the profitability of your side hustle, especially if you’re thinking of doing it on your own.
Which side hustle is best for me?
Once you’ve got a plan and worked out how to fit your additional work around your existing job, all that’s left to do is explore different types of side hustles. As a starting point, these might include:
Lucky enough to be a natural writer? If you can communicate with flair and accuracy, freelance copywriting could be a potentially lucrative job on the side.
Have a couple of hours spare at lunchtime? Drop some leaflets through the doors around your local area to see if there’s any interest in dog walking services. If you charge as little as £10 for an hour, you could quickly make enough to cover your weekly shop.
Live in a city or a large town? With the demand for takeaway food and next-day delivery on the rise, becoming a courier in your area could be a speedy way to earn some more cash.
If you love children and you’re willing to travel, offering out-of-hours childcare services could be a simple way to earn more cash. While this might involve some work around weekends, you’ll benefit from the freedom to accept only the work you’re happy to take on.
Getting through tough times can make it harder to manage your money, but there’s always a way to improve your own position. Along with budgeting and saving as much as you can, finding an extra line of work – without compromising on your career – can be an invaluable short-term solution.