- What are “Side Hustles?”
The term “side hustle” is becoming an increasingly popular phrase in the business world as an opportunity for those in full/part time work to carry out a passion or interest in their spare time which brings in additional wages, expands their social network and develops their skills in other areas potentially from where they already work.
“A side hustle represents any activity undertaken to create supplemental income that is in addition to one’s full-time job.“ Read more at: https://www.business2community.com/strategy/what-is-the-definition-of-a-side-hustle-02265552
Side hustles include things like “Yoga Teacher”, “Independent craft seller”, “Motivational Coach” and “Careers Speech” to name a few, but in practice they can be a whole host of ventures that bring in additional income away from your full time job.
- What are the benefits?
Along with the obvious extra wages/income, there are many ways to benefit from a side hustle including increasing your social circle or venturing into new networks as well as developing a skillset that may sit outside your normal work (also boosting your CV!). Side hustles show employers you can think outside of the box, organise your life well and challenge yourself to push boundaries and move out of your comfort zone.
The Harvard Business Review highlights some of the key benefits in this great article:
- What do you need to keep in mind?
Double check the contract you hold with your full-time employer, some employers put contract clauses in which restrict you from taking on other jobs or having self-employed income.
Make sure you are declaring your additional income! Stay within the law and avoid heavy fines from the HMRC by keeping track of anything additional you earn, and any expense outgoings related to your side hustle and complete a self-assessment tax return yearly.
Head to HMRC for more advice on this: https://www.gov.uk/self-assessment-tax-returns
Take time for yourself! It can be a really exciting and dynamic time in your life when you are working 9-5 and then also have an additional money earning pursuit in your spare time. Don’t let this burn you out, so make sure to schedule your workload/s, take regular breaks and still keep up with other activities like exercise, meditation and meeting up with friends and family.
Let people know about it! You will often find your family and friends become your biggest supporters when you have a side hustle, particularly when you first start off. So make sure to tap into your current friends and family network to spread the word about the service or product you are offering.
- Want to learn more?
Dr Naeema Pasha, Director of Henley Careers spoke with one of our helpdesk team Caitlin Edwards recently about side hustles, you can listen to their conversation on Apple Podcasts (search for Campus Jobs) or via podbean here: https://www.podbean.com/eu/pb-idke5-c8df9f