Are you struggling to make ends meet as a student? Or perhaps you would just like some extra cash so that you can enjoy your student life to the max? Either way, starting a side hustle is the perfect solution to your cash flow problem.
Allowing you to continue your studies but earn some extra money at the same time, if you are thinking of starting a side hustle, you have come to the right place. No boring bar work here. No poorly paid shop jobs. Discover below four top tips for starting a side hustle from experts who have been there, done that, and got the (designer) t-shirt.
Rome wasn’t built in a day, and neither will your side hustling empire. Although you may want to start earning the big bucks sooner rather than later if you are strapped for cash, you are more likely to make rash business decisions that will impact poorly upon your overall success.
Instead, take small steps to launch your new side hustle and start earning a steady monthly income before you make the decision to branch out or expand. If you need help launching your new business, you might want to check out the Gov.UK website that offers support and advice for young entrepreneurs.
Determine your skills
The best way to enjoy success with your side hustle is to pick something that you are both good at and something that you actually like doing. If you are struggling to determine a skill that you have that you can also make money from, it can be useful to ask your family, friends, and co-workers to help you figure out what your strengths are and how they can be applied to a service.
Don’t forget to also find a side hustle that you enjoy as this will make you much more likely to stick with it, despite any challenges or obstacles you might encounter along the way. Need a little helping hand picking the perfect side hustle? Check out these top 50 side hustle ideas from Cash Lady; you are guaranteed to find something that piques your interest.
Prioritise your time
If your side hustle starts to take off, maybe more than you expected it to, you may find yourself consumed by the business, which in turn could lead to you neglecting your studies. However, you need to remind yourself that this is a side hustle, not a full-time job and that you don’t need to spend every minute of every day working for your side hustle to be a success.
Instead, set clear boundaries for when you intend to work on your side hustle and prioritise your time effectively and efficiently.
Know your worth
Whether you are selling a product or providing a service, make sure that you do not set your prices too low, even if you think that this will result in more sales. If you are new to the world of side hustles, you may be afraid to charge people for your services or to ask for timely payments, but you need to get over this and be proactive in your approach to small business finances.
That being said, it is worth knowing that during your first few months as a new side hustle, you can expect to spend as much as 80% of your time on client acquisition.
Good luck and happy hustling hunting!