How to do Side Hustles Right
Staff Writer  |  Dec 27, 2019  | 
Investments
Staff Writer  |  Dec 27, 2019  |  Investments
       


Everyone has a side hustle these days, and why not? In this economy, if you want to cater to your daily needs and afford a luxury or two once in a while, having multiple streams of income is the way to go. It also gives you a chance to explore (and possibly monetize) your passions. However, if you have a regular job and a side hustle, it can feel like you never have any time for yourself. Worse still, you might become unable to perform any of your roles efficiently. You could also get fired from your day job and lose a steady paycheck. Because you do not want that to happen, here are a few things you should consider:

  1. Make sure your employer knows

Most employers don’t care what you do in your off time. Others, however, could view your side biz as a threat, especially when you operate within the same industry. If you hide it and are discovered, you might have given your employer grounds for termination.

  1. Be meticulous in how you divide your time

Make sure you schedule everything you need to do and follow it religiously. Never do side hustle business during your main job’s working hours. More importantly, slot in time for relaxation and guard it jealously.

  1. Choose wisely

If your day job requires you to be on your feet all day, then make sure your side hustle is not as labour intensive, or you’ll always be tired. Mix it up a little so that you are not always doing the same thing. Also, you do not want to be in direct competition with your employer.

  1. Get help if you need it

Things come up sometimes. You might have to work longer hours or during weekends at your regular job, which then means your side business suffers. To avoid this, have a team of people you can trust to take over the reins when you can’t.

  1. Get passive income streams

You do not have to kill yourself working 24/7 just to make extra cash. There are other options. Investing is one way you can let your money work for you. Opening a high yield savings account is another. So is renting out your car to be an Uber, for instance, or registering that house in ocha to Airbnb. Passive income streams give you value without requiring too much of your time and energy, so find one that works for you.

Above all, have a flexible mind-set and always be on the lookout for opportunities to grow.


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