Have a side hustle? Here are ways to make it a success

Apply business principles and calculate its returns based on your inputs. FILE PHOTO | NMG
Apply business principles and calculate its returns based on your inputs. FILE PHOTO | NMG 

One of the trending topics among most employed today is side hustle. A side hustle is basically a way or a venture that enables one to earn extra coin while working in a formal job.

Whereas in the past most employees worked hard or acquired skills in order to get pay rise or promotion, today majority are looking for side hustles to earn extra income.

In fact, most Sacco loans and personal loans advanced by banks in the name of personal development, schools fees or home improvement are channeled to side hustle ventures.

So what do you need to be successful hustler?

When choosing a side hassle while working you need to consider a number of things.

First you need to be very organised. You must not do side hustle at the expense of your employer. In fact most employers will not mind your affairs as long as you deliver your targets.

Second, do something that you are passionate about. Working on more than one job is too demanding. If you are going to be pursuing your side hustle after busy workdays, weekends and whenever you have free time, you must do something you are truly passionate about for inspiration.

Third, ask yourself whether the side hustle is really worth it. There is no point of devoting most of your free time to something that is not giving you commensurate remuneration.

This means you treat a side hustle as a business. Apply business principles and calculate its returns based on your inputs.

Ensure you have the right skills and knowledge to run the side hustle professionally in order to get returns for your money.

Sometimes it is better to seek ways of earning more from your formal job and invest the money in ventures that does not require much of your time such as unit trust, real estate, stock market and so one.

Fourth, do not venture in areas that directly compete with your current employer. Avoid conflict of interest or ventures that may taint your reputation.

Be extremely cautious when dealing with customers who are also your employer’s customers even if your business lines are different. They should not feel bulldozed or coaxed or influenced by your position to do business with you.

Fifth, try to balance your family and social life so that your side hustle doesn’t take up all your free time at the expense of your other aspects of life. Create time to rest, refresh and recharge in order to have good health and avoid burnout.

Finally do not conduct your business within the premises of your employer. Do not use your employer’s facilities such as phone, internet, computers or stationery for your side hustle.

Whereas side hustle is not a crime, it is bad ethics and disrespectful to conduct it at your work place and during working hours even if you are free.