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The word “side hustle” is a word you hear increasingly.
The term “side hustle” has its origins in African American Vernacular English (AAVE), where “hustle” has long been used to describe various forms of work or business activity. When used as a noun, ” hustle ” refers to a busy and active effort to make money. Over time, the concept of a “side hustle” evolved to describe a secondary job or business that individuals undertake alongside their main source of income.
The term gained wider popularity and recognition in mainstream usage, especially in the context of the gig economy and the growing trend of people seeking additional income streams outside of traditional employment. The idea of a side hustle became more prominent in discussions about financial independence, entrepreneurship, and pursuing personal passions for financial gain.
While the term’s specific origin or first usage is challenging to pinpoint, it became increasingly prevalent in the early 21st century as discussions about the changing nature of work and the rise of alternative income sources gained prominence in popular culture and media. Today, “side hustle” is a widely accepted term for various part-time or secondary income-generating activities.
Since the Covid pandemic, more people have been looking for ways to make money with a side hustle project since many people could not work as usual during the Covid pandemic.
What is a side hustle?
A side hustle goes beyond the traditional nine-to-five routine by providing an additional income stream alongside your main job or commitments.
From selling old clothes on specialist clothes sites to selling handmade crafts on Etsy or other similar sites offering freelance services, the possibilities for earning extra money are endless.
What are the advantages?
Side hustles are a great way to earn extra cash, whether for paying off your mortgage, saving for a rainy day, or just having some extra pocket money.
Beyond extra money, they also provide a platform to turn pastimes and passions into profitable ventures and, over time, could develop into bigger business ideas, allowing you to test the waters and hone your skills before diving into full-time entrepreneurship.
Side hustles also provide a sense of freedom and flexibility that traditional employment may not be able to offer, so you can pursue your interests while balancing other commitments such as work or family obligations.
How to set one up
If you earn less than £1,000 per year in the UK from your side hustle (at the time of this blog post), you may not need to take any formal steps, as this is not considered taxable income.
Once you surpass that threshold, however, it’s essential to register as self-employed with the relevant authorities (e.g. HMRC in the UK. Other countries have their own tax rules, so you need to check them out) to set a solid foundation for your budding business.
The practical aspects of starting your side business will include creating a business plan, identifying your target market, and managing your finances. Setting up a bank account for your additional earnings can also help you keep track of income and expenses more effectively.
You should also never overlook the importance of branding and marketing. Building a solid brand identity and marketing plan is essential, as this can significantly boost your visibility and attract potential customers.
Networking within your industry and engaging with like-minded people can also open doors to valuable opportunities and mentorship as you navigate the challenges of starting and growing your new venture.
Support for your side hustle
Embarking on your side hustle journey can be daunting, but you don’t have to do it alone. From guidance on business registration to help you become your own boss.
New Mill Publishing.co.uk produce books and checklists to help you get on the right road to starting your own business or side hustle.
These books and checklists will give you a starting point on where to begin; when you first come up with an idea, your head is so full it can be confusing, and in the end, some people give up.
Don’t let that be you!
