HOW TO START YOUR OWN SIDE HUSTLE

‘Starting a new business comes with risks,’ says Janina Slawski, principal investment consultant at Alexander Forbes Investments. Here’s what to keep in mind.

1. FIND YOUR PASSION AND MAKE IT PROFITABLE

‘You need to find something that will add value,’ says Janina. ‘It’s great to do something that you enjoy, but you can’t have a business that thousands of others have thought of.’ Katlego agrees. ‘Learn a skill that you can market, not just what you’re passionate about.’

2. RUN IT BY YOUR EMPLOYER

You can’t have a side hustle without a full-time hustle, so be sure not to put your first job at risk. ‘Chat to your employer about it to make sure that it isn’t going to cause conflict,’ says Janina. ‘And make sure you can meet all your work obligations,’ adds Katlego.

3. HAVE A BUSINESS PLAN

‘There’s a fair share of financial planning that goes into starting a business, even if it’s only a part-time one,’ says Janina. Look at your costs, where you’ll be making sales, what you need to do to make sales, your expected profits and how you’re going to manage your time.

4. ASK FOR HELP

Janina suggests getting help from a business advisor or someone who’s successfully done what you are trying to do. As for taxes, consult someone who can advise you on what you can and can’t claim for. After, all you don’t want most of your profit going to the taxman.

5. MAKE A MOVE

‘Give yourself a period to set up your side hustle and to learn – but move forward with what you’ve learned or achieved; take a risk,’ says Katlego. ‘That is what business is about.’