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Summer is the perfect time to expand your skills and find your perfect side hustle. With many of us having more free time around the Summer months, it's the opportunity to plan and set up your side hustle business.
Read on to find out more about side hustles and how to start yours!
What is a Side Hustle?
A side hustle is another stream of income, alongside your 9-5, to help diversify your income.
What are the Benefits of a Side Hustle?
By having another income stream you can reach your money goals quicker, such as paying off debt, funding travel or covering larger expenses.
Our Three Step Side Hustle Guide
1) Identify Your Skills
You should find a side hustle that works for YOU. So start by listing your skills to identify which ones can be monetised. Not every skill is something that someone will pay you to do. Try and find a niche skill which will benefit people, but not something that a lot of people can do. This could be something creative (like art) or a practical skill (like fixing computers).
2) Do Your Research
By doing some research you can get a sense of whether your side hustle has scope to be monetised and what rates you should be charging. Look at competition in your area and see if there is room in the market for your business.
3) Make A Plan
A side hustle should not take over you life and leave you with no time to rest or relax. Find something that fits around your schedule. Remember, a side hustle is something you do in your spare time alongside your 9-5 job. Set aside a few hours in the evening, or at the weekend, to work on your business.
Our Favourite Side Hustle Ideas
Identifying your skills can sometimes be a hard task. So here are some side hustle ideas to get your started:
1) Sell
You are bound to have old clothes, toys, electricals lying around that could go to another home. You could also rent out some items that you rarely use, but want to keep.
2) Assist
An easy side hustle is selling your time to help others. This could be cleaning, pet sitting/walking or gardening. Ask around and see if your neighbours need any help.
3) Skills
Identify those skills and talents that can be monetised. Whether that be through tutoring or freelancing, or selling products if you're a brilliant baker or artist.
Finding your perfect side hustle may be a lengthy process, but it's a great way to diversify your income and protect your finances.
Want to learn more about managing your money?
Take a look at our other blog posts, or head to our Instagram page where we share money advice every week!