Discover the benefits of a second job and how you can make a full-time business from a side hustle! Perhaps you, like the majority, find the cost of living leaves little wriggle room for luxuries like holidays and entertainment? Rising costs have created a need for additional income streams. For many, these ventures become more lucrative and fulfilling than their main jobs. What could be better than making a living from doing something you love? Far from being the stuff of dreams, transitioning a side hustle to a full-time business may be within your grasp with the help of the free courses and resources available on Alison. Here’s a quick guide to help you make the leap.
The Facts About Side Hustles
A side hustle is any job or business you undertake in addition to your primary employment to earn extra income. These can range from creative pursuits like photography, crafts and baking to practical gigs like delivery services or renting out your home. With most of these jobs being ‘cash in hand’, there are no precise figures for this growing trend that has its roots in Silicon Valley, California. According to a Harvard Business Review article in 2020, nearly 44 million Americans had side hustles and the number is continuously rising.
Things to Consider Before Growing Your Side Business
- Is It sustainable? Before making any major decisions about your own situation, assess whether your side hustle can sustain you financially long term. Are you earning enough to cover your costs and meet your expenses? If the answer is yes, it’s time to draw up a business plan. A detailed business plan will help you work out your costs and projected earnings. If you need a bank loan or investor to help you go full-time, the first thing they will look for is your business plan. The free course Small Business: The Business Plan will help you nail this essential. It covers business plan do’s and don’ts; drafting an executive summary and mission statement, identifying investors, presenting your plan and much more.
- Are you ready for a full-time business? Running a small business on the side is different from managing it full-time. Consider the time, effort, and administrative tasks involved. Ensure you have the resolve to handle the daily grind of running your own business before taking the plunge. If you think you need to grow your side hustle further before making your move, a short course like Freelancing and Gig Economy Success Strategies will arm you with the information you need. It covers freelancing and gig economy trends; personal branding and online presence; client acquisition strategies; project management and client relationships; case studies; skills assessment and niche identification; the business plan and financial management skills. It’s free, certified by CPD UK and you can complete it in less time than the daily commute.
