If you have the time to spare and the motivation to utilise, side hustles can be a fantastic way to earn some extra cash. As long as the project is flexible and fits around your other responsibilities, these secondary sources of income can allow you to indulge a passion and, over time, even forge a new career for yourself. However, the question is, how do you find yourself a good side hustle?
The truth is, side hustles are whatever you make of them. There is an almost limitless amount of options available, with many not even requiring a specific set of skills in order to be profitable. The trick is understanding what makes for a good side hustle and finding one that fits around your own skill set and life circumstances.
In this guide, we outline the characteristics that make up a good side hustle. We also take a look at three popular side hustle examples that, with commitment, hard work, and a bit of luck, anyone can make a success of.
It feels like everyone has a side hustle nowadays. However, if you want a piece of the action, it’s important you think through the pros and cons of entering the gig economy and understand what typically does and doesn’t work. After all, not all side hustles succeed and some ideas are much better than others. To avoid falling into the trap of a poorly thought-out business idea negatively impacting all aspects of your life, check out the key characteristics we believe make for a good side hustle.
In order to be a success, any side hustle has to have earning potential. After all, if your second income isn’t worth the hard work you have to put into your side hustle, what’s the point? With this in mind, before you do anything else, it is a good idea to conduct market research. A side business can only flourish if you can tap into public demand for what you are offering.
For example, if your side hustle is tutoring, you need to be sure there are enough clients in your area who are willing to pay for your services. Similarly, if your side business involves making and selling handmade pottery online, you need to find a selling platform that gets your products in front of the right sort of people who are likely to buy them. Without being confident your side hustle idea has a level of earning potential you are happy with, it might not be worth the effort.
One of the largest mistakes first-time side hustlers make is letting the additional workload negatively impact other aspects of their life. If your side hustle is not flexible and does not accommodate your regular schedule of work, family life and social time, it ceases to be a side hustle. At the end of the day, these projects are meant to improve your life, both in terms of income and creativity. If this isn’t the case, and a side hustle is demanding too much of your time at the expense of other important parts of your life, it may not be suitable for you. The best side hustle ideas clearly require hard work, but they also enable you to call the shots and remain in control at all times. That being said, if you are planning on making your side hustle your main source of income in the future, short-term sacrifices and dedicating more time to your side hustle can be worthwhile.
Although many side hustles need some level of financial investment to launch, the best ideas will not require you to break the bank. Yes, you may have to purchase equipment, materials, and, in some cases, small business/freelancer insurance policies, to get started. However, it’s important to remember that this is a side project and not your living.
If you cannot comfortably afford the items you need to launch the side hustle you want, now is not the time to give it a shot. After all, side hustles are designed to increase your income, not take away from it! If you are struggling to think of an idea that doesn’t require initial investment, check out the list of good side hustles below. Some of these can be started for just the cost of your time.
From freelancing gigs to small business ideas, below we look at three side hustle ideas that can be quick, easy and relatively cheap to start.
If you have a certain qualification and/or a special knowledge of a particular area, tutoring could be a great side hustle for you. From academic tutoring in subjects such as GCSE-level maths and English to practical lessons in woodwork or basic plumbing, if you have the knowledge to teach, side hustling as a tutor is cheap to set up and can be very profitable.
With online platforms that can advertise your services and facilitate sessions, all you need to do is prepare your lessons. It can also be worth looking into buying specialist tutoring insurance to ensure you are protected.
If crafts are your hobby, selling your handmade items could be a great way to generate a second income. While initial investment in tools, materials and public/product liability may be needed, if you have the talent to succeed and find a customer base, this can be a very profitable side hustle.
For someone who loves crafts, making money from your passion should be a joy. Think about what you are good at and what you actually enjoy making and take it from there. If you are an excellent potter, use this as a foundation for your unique side hustle. If, on the other hand, knitting is your passion, selling bespoke knitwear online may be the side project for you.
As we touched upon above, not all side hustles require a specific skill set or initial investment. A great example of this involves making money from house sitting and dog walking. House sitting is an ideal side hustle if you are a remote worker. You can carry out your regular job as normal, while also earning money for ensuring the home of a client is safe and secure while they are away.
If your primary job does not allow for full-time house sitting side hustles, why not consider dog walking? This simple chore can fit around your own schedule and can earn you a decent second income. This is particularly true if you are able to walk multiple dogs at the same time. Of course, the way you choose to charge is down to personal preference. You can either charge customers based on the distance they want their dog to walk, or you can opt for a flat rate for each walk.
Whether your side hustle involves selling products or providing services, it’s always worth considering purchasing small business insurance. These policies can financially protect you should a claim be brought against your small business. This could save both your business and you personally from financial disaster. From specialist teaching and tutor cover to photographers insurance, here at Caunce O’Hara we offer bespoke packages for a whole range of side hustle businesses. For more information, get in touch for a quote today.