How To Come Up With a Side Hustle Business Idea
How to start a side hustle is want to start a business but scared of failure? You don’t have to risk it all. Now’s the time to push your hobby or skills to make extra money on the side.
What is a side hustle?
The term ‘side hustle’ has become a catching word in the business landscape, replacing ‘part-time business’ and refers to starting a business while holding down your day job.
A side hustle is how many people in the UK go about starting a business as it reduces the typical risks associated with entrepreneurship. You can keep the safety of a paid jon while giving yourself time to build confidence and grow your business.
Whether you are short of cash, have a mortgage to pay, family to support, or are just racked by the prospect of failure, then a side hustle is worth considering.
A side hustle is not about giving up your job straight away to pursue becoming an entrepreneur, rather about making an additional income while enjoying every minute of running a part-time business. Then, if your side hustle takes off, you can look to drop the ‘side’ and turn it into a full-time hustle.
Most employers are receptive of employees starting a side hustle, provided it doesn’t compete with the employer’s business and is operated outside of working hours.
In fact, many companies have been known to actively encourage employees to pursue a side hustle as it encourages them to pick up new and enterprising skills, without the company having to pay out for it.
Google is renowned for enabling its employees to spend 20% of their work time on their own projects (Facebook, LinkedIn and Apple all have similar ‘20% policies’).
Benefits starting a side hustle?
- Chance to do something you love – You can pursue a passion that you don’t get to focus on at work and turn it into a side hustle.
- Profits – One of the biggest attractions of starting a side hustle; you can earn additional income on the side.
- Financial security – You don’t have to worry about running out of money as you still be receiving your regular salary. On the flip side, should you lose your full-time job, you have the added security of having your side hustle to fall back on.
- Time to test your idea – You have the opportunity to try new things to scale your business and can test the market first, leaving the door open if you decide to pivot your side hustle into a full-time business.
- Get started straight away – You can launch a side hustle on your own; you don’t need employees or investors. A side hustle can be your baby.
How to come up with a side hustle business idea
Look out for gaps in the market and do your research
In his book Side Hustle: From idea to income in 27 days, author and host of the Side Hustle School podcast, Chris Guillebeau explains that to come up with a side hustle you should “get in the mindset of finding the profitable ideas that exist all around you”.
This includes paying close attention to your surroundings as you never know when a good idea will turn up. On page 30, Guillebeaut advises that as you look closer, you will begin to spot even better and more profitable business ideas:
“Here’s an example of a hustle that went beyond the “starter idea” approach. One day, a web developer named Paul was commuting to work alongside with thousands of other people.
“Traffic during rush hour is no joke, and many of those commuters were constantly on the lookout for shortcuts, tips, or anything that would make their commute a little bit quicker and easier. At the time, there was no single, go-to resource where all these people could see traffic patterns and get real-time updates on buses, roadwork, or any other pertinent information. Paul built that resource and is now making more than $7,500 a month from it.
“See how it works? In this case, Paul combined an existing skill (web development) with a clear need (real-time traffic information) that served a large and active market. Paul now works full-time on the hustle, and it all started with an idea that popped into his head on his morning commute.”
Utilize your skillset or background
Just as Paul capitalized on his web development skills, you can capitalize on your skills and career background to launch a side hustle.
For example, if you are currently working in content or copywriting then why not consider working on a freelance basis and offering to contribute articles to publications?
Alternatively, if you are currently working in tech development or coding, you could always look to offer assistance out of working hours to companies in need of a quick tech fix.
UK entrepreneur Richard serves as inspiration for using your skillset to identify a problem which can then be turned into a successful side hustle. While simultaneously studying for his degree, Richard found something in school that has turned into a successful business.
Make your hobby pay
Whatever your hobby; be it a desire for fitness, baking, cleaning, selling online etc, there are countless side hustle business opportunities you can pursue. We can support you throughout the process. https://obiankesbusinesses.co.uk/contact/
If you are into working out then you could gain a personal trainer qualification and offer personal training courses. If arts and crafts is your thing then you could look to sell your creations and designs on marketplaces such as Etsy, Amazon, Gumtree and eBay.
If selling products online is more up your passion, you could always search charity shops and vintage stores for any profitable items to resell to consumers on sites like Etsy, Amazon, Gumtree and eBay.
Recent research has highlighted that there are now more than 600 Britons who have made more than £1m by selling items on eBay and Amazon so there’s certainly money to be made. If you want more inspiration for what works on eBay and Amazon, then check out report which shows the most popular products purchased on the site include car accessories, wall decals, CDs, DVDs, and furniture.
Online retailer of arts and crafts goods
A number of successful entrepreneurs started out by turning their hobby into a side hustle. Why can’t you?
Take Davies an entrepreneur. Davies started Crafter’s Companion – an online retailer of arts and crafts goods – as a modest part-time business while studying at university. After graduating, Davies decided to focus on the business full-time and her company now generates annual turnover in excess of £15m and has expanded internationally.
Jan Koum, the founder of WhatsApp, was born in a small village near Kiev in Ukraine. Coming from poverty, Koum’s family emigrated to California, and Koum started learning about computers in his spare time. By the time he was 18, he had developed impressive skills, and in 1997, he was hired by Yahoo! as an infrastructure engineer.
He spent a decade in that industry before realizing the huge potential of the app industry in 2009 and starting WhatsApp Inc. By 2014, WhatsApp had become enormously popular. Facebook bought the app for a staggering $19 billion.
Key lessons to learn
Invest in yourself. You need to invest in yourself before you invest in anything else, by focusing on improving your skills, education and experience. Without self-investment, you won’t be able to build a business, let alone sustain one.
Additionally, entrepreneurs can come from humble beginnings, so long as they are willing to work hard, commit to their ideas and take the risks necessary to see those ideas become reality. Don’t let a lack of money or experience dissuade you from following your dreams.
Examples of side hustle business ideas:
- Social Media Marketing – Offer freelance social media marketing assistance to new brands.
- Dropshipping – Purchase goods from a third party and retail these to consumers. Learn more about dropshipping here Contact link form
- Website– Provide online products for customers to buy without going into a shop
- EBay- Provide online services to customers
- Public speaking – If you’re a confident speaker working in a specific industry then you could offer out your public speaking services to events and conference.
- Amazon – Create an online product you are passionate about to sell.
- Cleaning- Services can be provided in person or by employing staffs.
How to run a successful side hustle
Once you have decided on your side hustle business idea, you will then need to get it off the ground.
How do you do this?
- You should establish clear working hours for your side hustle business and stick to it.
- You should create a timeline, decide key milestones and objectives of what you want your side hustle to achieve and when.
- You should always be honest with your employer.
- You should try to keep at least one day of the week for you – work/life balance is key.
- You should keep time for training and personal development.
