If you are one of the many thousands of people that have recently started a side hustle , you are not alone. A recent study revealed that one in four Brits in full time employment had taken on at least one side hustle. There are predictions that up to 50% of the working population will have a side hustle by 2030. This figure will no doubt rise, with the advent of the coronavirus and it’s impact on the jobs market.
If you have started a side hustle alongside your regular 9 to 5, it’s very important that you do not over extend your self and burnout. After all, untill the side hustle becomes your main gig, the 9 to 5 is your priority. You do not want to jeopardise the job that pays your bills and funds your lifestyle. Let’s take a look at some tips on how to manage your side hustle and day job.
Manage Your Spending
It may be tempting to throw alot of money into your side hustle. After all, as the saying goes, ‘ you have to spend money to make money’. However , you should excercise a degree of caution. You do not want to use too much of your savings are regular salary to help keep the side hustle afloat.
Keep track of your spending and ensure that whatever you spend is absolutely required to help build the business. If you have the skills to complete a particular task , then use those skills. Only outsource the work if absolutely necessary.
Find A Mentor
Running a side hustle alongside a day job means that you are essentially working two jobs. So it would be completely understandable if you needed some help with certain aspects of your side hustle. This is where having a mentor will really help you. Speaking to like minded individuals to bounce ideas off can really help alleviate some of that stress. There are many Facebook or LinkedIn groups that you could link with for help and guidance.
Don’t Mix Your Day Job With Your Side Hustle
As tempting as it maybe, you should refrain from taking your side hustle into your day job. You could get away with completing some side hustle tasks during your breaks. However , anything more risks jeopardising your position at work and threatening your main source of income. Depending on your role and the kind of side hustke you have, you may want to think about informing your employer. This is especially important if your side hustle requires an active social media presence for you. Being open from the start with your employer may actually work in your favour.
Manage Your Time
When you first start your side hustle, you will be buzzing with new ideas and enthusiasm. You will no doubt want to be going at full capacity to get it off the ground. However , if you also have a day job , this level cannot be sustained. You cannot continue at this pace alongside a day job and any other family committments you may have.
Create a plan and ensure you put time aside specfically for side hustle tasks. Remember that you are effectively working two jobs so good time planning and project management is essential. This is to ensure that neither your day job or personal life is sacrificed for your side hustle.
Take A Breath
Take time out for self care. Do whatever that looks like for your.Whether it’s going to the gym, watching a film or meditating. You need to make time for yourself to recharge your batteries . A rested mind can often produce new and exciting ideas for your business.
It can also be advisable to take a step back from time to time. This is especially useful when you are very busy or have just come out of a very busy time. Take some time to evaluate what your are doing and why. Ask yourself whether you want to continue or perhaps change tack. If you feel that the sacrifices are not worth the effort, you may decide it is better to stop. This does not mean you have failed. It just means you have learnt lessons and are ready to apply them to your next project or day job.
We hope these tips have helped. We would love to hear from you if you have any other tips. Drop a comment below.