More and more people are beginning to start up a side hustle of some kind. It can be a great way to make extra income or explore your passion on the side, but it does come with its challenges. High levels of motivation and organisation are required to make it work, but it’ll be worth it in the long run! Here are some tips on how to manage your side hustle while working full time.
Get your employer to agree to it
Some contracts require you to tell your employer about your intention to start up a side business. Many of these contracts will state that you cannot set up a business that rivals your current one and some will even state that you can’t take on a second job at all. You risk being fired, or even sued, if you work on your side business during your full-time job. Using company property to promote or work on your business could also throw up some serious legal issues – anything you develop on company property can mean that it is now owned by the company. Be open with your employer about your intentions and iron out any potential problems.
Consider outsourcing your communications
It can be hard to manage your customers and other important business communications while you’re at your full-time job. However, it is so important to ensure you’re responsive and available to your customers if you want your business to grow. A great way to manage this is by using a call answering service. These services will answer calls on your behalf, take a message and send it over to you so you can get back to your callers at a time that suits you.
Another great way of managing your customers is by using live chat software. Live chat allows businesses to proactively engage with their website visitors, prompting them to ask questions and building a relationship with them right from the start.
Get your legals right
Once you start to make money from your side hustle, you’ll need to declare it to HMRC. This means you’ll have to start paying National Insurance contributions and file a self-assessment every year to declare your earnings and outgoings. Failure to do this can result in a fine. If you employ staff, you’ll need to ensure you’re insured for employers liability and have their pension schemes and payrolls sorted.
Be prepared to work hard – but don’t let it consume your life
Building a side hustle obviously requires a lot of hard work. If you want to make it profitable and successful, you’ll have to be protective of your time. You’ll need to find ways to find and convince customers to use you, rather than your competitor. A mixture of paid ads, SEO and offline marketing is crucial. But just don’t go over the top with your spending. Your sanity is also important. Don’t forget to spend time with your friends and family and enjoy your hobbies. Make yourself a schedule (and stick to it!) and set yourself goals for your side business so that you can see where you can spare free time. You mustn’t forget to make time for yourself or you may start to lose your passion and motivation.
Ensure you have a reliable support network
Hopefully, your friends and family are supportive of your business endeavours and are happy to help out wherever possible. If not, there are lots of communities of hustlers where you can find the support, advice and motivation you need. Facebook groups are a great source of networks, where you can find groups of budding entrepreneurs who arrange regular meetups to share ideas and support each other. Networking in this way can also benefit your business as you may find new clients, partners or investors. Don’t underestimate how valuable a good support system is – you’ll need it if times get tough.
Do you have a side hustle? If so, let us know in the comments what it is that you do – we’d love to hear from you. If you have any tips to share, we’d love to hear those too!
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