Edition: June 3rd, 2021
Curated by the Knowledge Team of ICS Career GPS
Excerpts from article by Abadesi Osunsade, published in bloombergquint.com
There are lots of reports about how GenZ and Millennials are increasingly taking on second jobs and side gigs. The main reason is usually to earn extra money, but there are also other benefits like learning new skills and making valuable connections.
Starting a side hustle – employment undertaken in addition to one’s full-time job – can be hugely beneficial for your career and wellbeing, especially if this is something that you find meaningful, helps you move closer to your ambitions, and is in alignment with your values.
However, it comes with its own risks and challenges such as taking a toll on your full-time job and health. So, you need to approach it with care.
Here are some points to consider before starting a side hustle:
1. Have a clear picture of your goals
- Take time for self-reflection to determine your unique and marketable skills, experience and areas of interest.
- Consider the main objectives for your side hustle, starting with your goals.
- You should have a clear idea about what you want to do and what do you aim to achieve with it.
- Your goals should be SMART (Specific, Measurable, Achievable, Realistic and Time-bound).
2. Be flexible
- Being an entrepreneur doesn’t have to be all or nothing.
- Having a side hustle can be the best of both worlds: You get the chance to be your own boss, sometimes, but with greater financial security overall.
- You don’t have to pour as much time and money into your venture and you can still find the payoff to be just as satisfying.
- The key is, if you’re not achieving the results you want, think about what you can change.
3. Work on a problem close to your heart
- The first and biggest challenge is, perhaps, identifying what your side hustle should be. Well, consider what you care about.
- Creating a product or service based around a personal experience makes it a lot easier to tell a compelling brand story and connect with prospective customers and clients.
- Find something that resonates with you.
4. Be proactive with your employer
- Employers recognise that people have multi-hyphen careers, but it’s best to get ahead of any potential issues.
- Read your employment contract carefully to ensure you can embark on your venture, or ask your manager.
- If you need to obtain permission, write a simple one-pager explaining what your business will sell and why it won’t affect your work.
- Some managers may encourage your outside gig. But not all employers or managers will be supportive, so prepare to address concerns.
- Clarify that you will only work on your business during your own time and on your personal devices.
- Create a firm separation between your job and your business. You shouldn’t be promoting your side hustle on work channels unless you have permission to do so.
5. Create boundaries and stick to them
- While you don’t want your side hustle cutting into your regular job, you will need to find enough time and energy to dedicate to your project to see results.
- Separate your side hustle from your main job and your personal life.
- Aim to work a finite amount of time on your business each week and create realistic time-bound milestones to measure your progress.
The side hustle route can help you build a business at a sustainable pace with the safety net of a regular salary.
(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)
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