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Starting, managing a ‘side hustle’ business

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The phrase “side hustle” has gained popularity over the years. What started as a term referring to making a little extra money outside of a day job, has almost turned into a way of life for many. People like to spend, but too often are not earning enough to acquire all of their needs. One solution a growing number of people are turning to is the ‘side hustle’. Pauline Akello explores the technicalities of having an extra ‘hustle’, besides the daily job.

Side hustles are ways to make some extra money, besides a full-time job. If you can find something you are good at and people are willing to pay, you can make money in your free time to supplement whatever you get in your work paycheque.

In the post-pandemic world, where many people are losing their jobs and inflation rates are at an all-time high, surviving with only one income stream can be challenging.

Many people are now holding more than one job to save for retirement, get out of debt, or have some financial stability.

Fiona Orikiriza, a professinal lawyer and clothing business owner (Timeless Attires), says people are starting to focus on increasing their earning potential outside of their primary jobs because multiple sources of income can allow you to be more self-reliant.

People focus on increasing their earning potential outside of their primary jobs. (Photo/Passive Income)

This may be a reason you need a side hustle. Orikiriza was motivated by the reason to make ends meet, and she believes may be one of the key reasons others need side hustles.

However, she says side jobs are not just for covering expenses, just like some people assume.

Finding your side job
“The truth is there are no specific formulas. It does not take a lot of time or even money to build a side gig, but commitment.

It is like getting in shape. You don’t go to the gym for eight hours a day a couple of times and expect to see results,” Orikiriza says.

She explains that commitment yields results; thus side hustlers should commit to working one hour a day on their side job.

Additionally, she says knowing the needs people have will help your ability to fill the gap.

She realised women with plus sizes struggle to find clothes, and that is how she came up with her idea, which she says is paying off.

Considerations
Having multiple sources of income is empowering. There are many ways to make time for a side hustle and numerous reasons why you should start a side hustle.

But the truth of it is making extra money never goes out of style, and that is probably what draws most people to create a side hustle.

Other benefits might include learning or practicing new skills, exploring your passion, or just empowering yourself to find if you have economic value outside of your day job.

Think of this, too. It could turn into a job you love (if that is what you want). It is not unheard of to leap from a side hustle to a full-time dream job.

You might decide you love this so much that you may find yourself leaving your day job.

But you have to exercise financial savvy, plan out the time, and have some savings to tide you over so that you can properly cater for the inevitable expenses, as you focus on the business full time.

As the economic situation hardens, more Ugandans are appreciating side hustles. (Illustration/WAMU)

Does your side gig have to turn into your full-time job? Orikiriza says:

“Definitely not. Many, like me, keep their day jobs and continue building the business on the side. The route you decide to take depends on your goals and interests.”

Agnes Ampaire, lawyer and business woman says one should choose a business that mostly aligns with their strengths and abilities. “I love beautiful interior decor, with unique items, so I knew I would manage because I am good at selecting good interior pieces,” she says. she adds that just like any other business, nothing comes easy and one has to put in extra time to make it work.

Making the time
Orikiriza says determining why you should start a side hustle is one thing, and finding the time to work on it is another.
“Thinking about your side hustle inspiration is a good place to start.

“Are you looking for more financial security, paying off debt, building wealth? Once you have the answer, it becomes easier to work on it,” she says.

She believes if you value your side gig, it will be easier to find ways to make time for it; like early morning, nights, weekends, and even your route to and from work.

If you are looking for ways to make time for a side hustle, you may find that you have more free time than you think.

It is altogether wise to audit yourself by spending a week recording what you do in 15-minute chunks.

Ampaire says for sustainability, she hired a sales person and also frequently markets the goods on social media, where she gets most of her customers. She also makes physical visits to the shop to monitor and evaluate the progress.

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