Thinking of starting a business on the side? You’ll be joining a growing trend if you are with 35% of us in the UK currently running our own side hustle. Taking your hobby, or niche idea and running it as a business alongside a busy nine-to-five may seem intimidating, but it could be equally enjoyable and rewarding watching your lifetime’s passion turn into extra income.
Read these 4 practical pieces of advice from experts to help guide you to a successful business on the side.
1. Start small
The need to slowly grow your side hustle is often underestimated, but this approach will help build momentum and lead to visible progress in the long run, especially in the beginning where resources are often limited. Every penny must be allocated wisely to generate the highest return on investment possible. Starting small allows space for mistakes, trials and adjustments, which is much less risky than investing all you’ve got at the start.
2. Find your niche
Whatever extra job you choose,you’ll be pouring all your spare energy and time into it, so you need to ensure it satisfies three crucial criteria: you’re good at it, you enjoy it, and you can make money from it. This might seem impossible, but start by identifying your strengths, and utilising skills and expertise acquired from your present or previous jobs. Your idea doesn’t necessarily have to be your lifetime’s passion, however it should be enjoyable enough to be committed to after your busy nine-to-five occupation.
3. Sign everything carefully
Check your current employment contract carefully before taking up a second or third job. Your main position may have clauses and policies preventing you from pursuing your own business and earning extra income while an employee. If there’s any doubt, head over to the HR department as soon as possible.
4. Legal responsibilities
Once registered as self-employed for your side hustle, you’ll need to select a legal structure for your business with three types to choose from: sole trader, partnership, or limited company. Make sure that you’re following government legislation, inform HMRC and file your tax return and have the correct licences and insurances in place. Find out more about a guide to side hustle legal obligations here.
The key to a successful side hustle is taking an existing tried and tested idea and making it your own by playing to your strengths. Being patient and persistent will generate a good and steady extra income from a second or third job. Finding the right location to help establish your business when it’s outgrown the kitchen table is also key.
Here at Cube Co-Working, we offer a cost-effective, budget-friendly and fully furnished coworking space with meeting room hire. Located strategically in Uckfield with a direct link to A22, our coworking space features desk space tailored for freelancers, start-ups and creatives who need a flexible and professional workspace. Cube Co-Working also provides bespoke office space that can accommodate up to 40 staff. To keep your side hustle overheads to a minimum you can save more with Cube Co-Working’s time-limited offers simply contact us now!
