Side Hustle: How to Profit from Your Passion

Posted on April 30th, 2020
Articles Business Skills & Planning slideshow

The following content is paid for by MiWay. 

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Salaries are peculiar. Just before payday arrives, it seems like the world is your oyster. You have a billion plans, all worth a billion Rand, and every one of them seems feasible. Then the end of the month comes, and the reality is totally different. Your salary suddenly has to be stretched super-thin: rent or bond, car insurance premiums, groceries, electricity and water bills.

What do you do when a promotion or job offer isn’t in the pipeline? Here’s a hint: it’s a two-word phrase you’ve probably come across dozens of times on social media recently: side hustle. For those who are scratching their heads in confusion, a side hustle is a job or business you can work alongside your full-time job. The beauty of a side hustle is that it’s usually something that sets your soul on fire. So, how do you profit from your passion?

List Your Passions

What are you passionate about? Are you a music geek who can list which vintage synthesiser was used on every classic album since the day you were born? Opening a music recording studio might be something worth looking into. Or maybe you’re an expert at weaving together beautiful sentences, so why not try your hand at freelance copywriting?

Fill Your Skills Gaps

You may be a good writer but need to improve your editing skills. Or let’s say you’re a great chef but have a bit of trouble with the presentation. Think about all the duties that come with your core skill and evaluate how efficient you are at them. Before you go into business, make sure you iron out any of the skills gaps you have. In the age of the internet, you don’t have to go to school to learn something. All the information you need is available online.

Get Your Ducks in a Row

Now it’s time to consider the logistics. You’re going to be juggling two jobs, so you need to set up a schedule that will allow you to dedicate time to both. If you have any assets you can’t afford to lose, you should definitely get a business insurance quote. And what happens if the side hustle turns into an empire? So often we make plans for failure, but never consider what would happen if we attain success beyond our wildest dreams. This is all to say you should have a plan in case your side hustle becomes your main source of income.

It’s easy to think of a side hustle as a way to make extra money, but it’s about more than that. A side hustle also gives you something money can’t buy: the freedom to live your way and start doing business your way.

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