Looking for a little extra income during the pandemic? Here’s some expert advice on how to do it.
Jenny sat down with Nic Haralambus, author of How To Start A Side Hustle, to get some invaluable tips for listeners.
Everyone is feeling the current economic pinch, and for this reason, we are all looking for extra money on the side to cushion ourselves from the rising costs of living.
A 2019 report by the Henley Business School shows that as many as 27% of working South Africans currently have side hustles. These are extra or side jobs they do in their spare time to raise additional cash, pursue their passions, or both.
You have probably heard of a side hustle before. It doesn’t necessarily have to be a complete side-business or even make that much money. A side hustle is all about your personal growth, development, and entrepreneurial creativity. Think about what you would supplement your current work with if you had the chance.
“A side hustle is something you add to your existing income stream to create more income; it is not trying to be a start-up or go full time and make lots of money,” says Nic.
Depending on your side hustle, there’s a significant potential for earnings, and that extra money is a great way to start having more of your savings or pay off your loans. Or, you can invest the money into your current business!
Nic shares why you should start your side hustle today:
1. Salaries & wages aren’t growing — and haven’t been for a long time
2. Your time is worth more on your own
3. You probably have more time than you think
4. Side hustles are achievable for everyone
5. The cost of living keeps going up
6. The way that we make money will continue to change in the future
7. Expanding your income protects your financial well-being
8. If you don’t start one, someone else will
9. Single points of failure are dire.
Do you feel your regular income isn’t enough to cater to all your needs? We’ve compiled a list of 6 side hustles you can think of venturing into. The best part is that you don’t have to invest a lot of cash to set the ball rolling.
1. Offer an errand service in your community – run errands for the elderly or people unable to go out because of Covid
2. Offer remote video workouts. Everyone wants to beat the lockdown bulge. If you are into fitness, then get your video game on and exercise.
3. Flip items for profit. Help people sell their old goods and make yourself a little extra cash on the side.
4. Offer to babysit. Many kids are at home with the adjustments to school times and days, so offer your services while parents work
5. Bake or cook and sell those good on your street WhatsApp group, at a Saturday market, or by letting your friends and neighbours know
6. Rent out a spare room on Airbnb. If you have space, don’t let it go to waste
Do you have a side hustle? Tell us about it on Facebook or Twitter.