Fun side hustle can turn to gold
As prices continue to soar, many people are turning to side hustles — once known as freelancing or moonlighting — as a means to supplement their monthly income.
However, inadequate wages are not the only factor driving people to start a side business.
Chris Hani Joe Gqabi Seda’s business advisor Bayanda Mpahlwa says some people begin a side hustle to seek to maintain a healthier work-life balance.
They are not doing it to primarily make more money, but rather to improve their overall well-being and happiness.
By having a side hustle that they are passionate about, individuals can feel more fulfilled and less stressed in their daily lives, even if it doesn't necessarily generate significant profit.
Others are fuelled by a desire to chart their own entrepreneurial path and become their own boss.
Regardless of the motive, the common thread is a quest for financial security and personal
fulfillment, a trend that is expected to grow in response to the rising cost of living.
When you are employed, Mpahlwa says, a side hustle can be done after work and during weekends when one is free of their work duties.
This is where time
management skills become a necessity to anyone embarking on a hustle on the side, he says.
When comparing the operational differences between a side hustle and a full-time business, several factors stand out.
“A side hustle is usually seen as an extra way to make money, a project you’re passionate about, or a way to test out a new idea without fully diving in.
“It’s something someone typically does alongside the main job or other commitments, and it may not have any longterm goals attached to it. This is contrary to running a full-time business,” Mpahlwa said.
Sometimes it evolves into a thriving full-time business generating sizable profits.
“For many, the idea of transitioning a side hustle into a full-time venture is alluring, offering freedom, creativity, and the potential for significant financial reward.
“They’re willing and eager to do the hard unglamorous work day-in and day-out because they know what comes from the work,” he said.
Before launching a side hustle, Mpahlwa advises entrepreneurs to brainstorm a list of potential business ideas and carefully select the one that aligns best with their target market and addresses a specific need or niche.
This approach increases the likelihood of creating a viable and profitable business.