How to start a side hustle to help you deal with the rising cost of living

How to start a side hustle if you have not done so already? Many people started a side hustle during the pandemic when they lost their regular jobs or had to stop working during lockdown.

According to Shopify, an all-in-one commerce platform to start, run and grow a business, the calling card of a side hustler is a scrappy, experimental mentality that views resource constraints as a thrilling challenge, not as a sign to give up. Side hustlers come from diverse backgrounds and sell a wide range of products and services.

With the current financial crisis, thousands are joining their ranks as people rediscover that saving money and having a full-time job only go so far. A side hustle is any activity outside of your day job that helps you make more money, such as a part-time job or using gig apps such as ride sharing, food delivery and room rental. A good side hustle is about building a business for yourself, Shopify says.

The platform’s best side hustle ideas are:

• Create and sell your own handmade goods
• Create your own designs for a print-on-demand business
• Join the gig economy
• Teach an online course
• Start a blog
• Start a YouTube channel
• Become an influencer
• Start a podcast
• Become a freelance bookkeeper
• Participate in paid online surveys
• Become a rideshare driver
• Become a dog walker
• Become a freelance writer
• Become a reliable house sitter and/or pet sitter
• Manage social media accounts
• Transcribe medical notes and legal proceedings.

“Many South Africans are seeking a side hustle to supplement their lost household income. Finding financial security is no longer about nailing down a job to work at for the next 30 years and retiring with a pension, although retirement savings are important. Instead, diversifying your earnings and taking control of your own financial destiny is the only path to true financial security,” says Janine Horn, financial adviser at Momentum.

According to specialist advisory service Cova Advisory, South Africa faces one of the highest failure rates for SMMEs, with five out of seven of these businesses failing within the first year.

“But it’s not all doom and gloom. There are ways of creating multiple streams of income that can also boost your career, teach you new skills and help you find personal fulfilment, especially if it involves something you are passionate about.”

ALSO READ: How much money can you make on TikTok?

Planning and focus

Horn says the best place to solidify your small business success always starts before the beginning. “Planning lies at the heart of a winning business. It is important to ensure that your business is viable by doing as much research as possible. If you think you have found a good niche, trust me when I say there is likely someone else who got there first. But those businesses might be lacking your unique perspective and skillset. Identify exactly what it is that you bring to the table.”

She says once you are confident your new venture will no doubt bring a worthwhile income into your household, the next step is simple. Focus on what you need to do and just do it. The beginning is going to require a lot of effort and hard work and you will need to remain focused on getting all your ducks in a row.

Side hustle vs. small business

Some of the most successful businesses in the country began as side hustles, thanks to South Africans who were passionate about making a difference. The line between a side hustle and a fully-fledged business is largely a legal and financial issue, Horn says.

“Every business has to start somewhere and they all typically begin as part-time or after-hours ventures. If your side hustle starts to gain momentum to the point where it looks like it could provide you with a stable income, perhaps it should be upgraded from a side hustle to a fully-fledged business.”

NOW READ: How to be a TikTok music megastar