How to implement your side-hustle
Once you've figured out your side hustle, it's time to plan for success.
Picking an idea is only the first step of your side hustle journey.
An expert has shared 10 key considerations to keep in mind before launching your side hustle, to give it the best chance of success.
"Having focused on your skills and picked one or two concepts that you could deliver well, the trick now is to match your skills to local demand, keep costs low, and manage risk and safety," Sarah Nicholson, JustMoney’s head of customer experience, said.
If you're looking for fun ways to make money this festive season, check out these 11 side hustle ideas.
Once you have determined what you want to do, carefully plan how you will bring your idea to life in order to start making money.
JustMoney offers 10 tips to help you successfully implement your side-hustle concept.
1. Establish your rates. Calculate ingredient, material, and/or equipment costs and an hourly rate. Add 20-30% for overheads.
2. Start small. Start with friends, in your local community, or at a weekend market.
3. Use grassroots marketing. Use WhatsApp and social media groups, and encourage referrals by offering small discounts to existing customers.
4. Manage cash flow. Keep daily records of sales and costs. Avoid large upfront stock purchases until demand is proven.
5. Follow regulations. Check municipal trading bylaws, food safety rules, and insurance for higher-risk activities. Get written permission for trading at private venues.
6. Scale wisely. Reinvest income into the most profitable offerings, automate bookings using free platforms such as Fresha, and consider partnering or subcontracting over peak times.
7. Procure payment devices or download apps. Many customers prefer instant digital payments. Yoco, SnapScan and others offer simple, low-cost options.
8. Cover risk. Consult a broker about basic liability cover for events or equipment rental.
9. Keep records. File slips and paperwork to make tax time easier.
10. Ensure safety. Work in pairs for mobile vending. Share information on delivery runs and your itinerary with a friend, colleague, or family member.
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