Relying on a single source of income is very difficult while the cost of living is soaring. Nowadays many people including those who have full-time jobs have side hustles to keep the wolf from the door. In a survey, people revealed that side gigs helped them tide over when their employers lay them off. You do not need to get perturbed when you are thrown in at deep end.
Having side hustles along with a full-time job can be difficult, but it ensures cash inflows when you are unemployed. The unemployment rate has whittled down in the UK, but the layoff rate is still hovering like a cloud in the economy. As you lose your job, you start rushing into taking out loans for unemployed, but direct lenders approve your application if you have an income source to pay off the debt. Having a side gig ensures that you can immediately take out a loan after losing your full-time job if you have come up with an emergency.
Your side gig is not supposed to be a very big business. You are about to start it to support yourself financially when you do not have a full-time job. You do not need to get into the formality of making a professional business plan to get it off the ground. Whatever you think you are good at, writing, designing or web development, approach people through online platforms.
In the beginning, you will have to contribute your time in promotion of your services. Start with social media and communicate with people. Offer them your services and start earning money. Never mind if you do not have much projects in the beginning. The numbers will gradually grow.
Implement whatever the idea you have come up with. Even if you are not certain about your skills, you should not hesitate to give it a try. Many people start with writing projects just because they love writing and then they analyse feedback from clients and accordingly decide whether to pursue their interest or not. You are likely to get a job by accident. It might not be from your field, but you should not turn it down without trying it.
The purpose of starting a side gig is to prevent you from running out of money when you lose your full-time job. Chances are you get no project from your clients during that period. It does not mean that you will sit idle. You should grab any kind of work like babysitting, cleaning houses etc. Your ultimate goal is to earn money to make ends meet. You must have a source of income even if you rely on payday loans for unemployed. In fact, you do not have busy schedule, you can render your services full-time.
When you own a side hustle along with your full-time job, your target is not money. You grab projects to the point that your clients do not leave you and go somewhere else, but you can ask for more projects during unemployment. Not only will this help you earn extra money but it will also keep you busy.
Freelancing seems to be the best option as you can accept projects on basis of your potential. You will more projects at weekend as compared to weekdays, or you will likely to it during weekends only. You can try at many freelance sites to get work, but it is quite tough because of very high competition. You will have to show that which unique skills you have. How your clients can benefit from them. However, you also need to determine the right price strategy. Every freelancer bids and clients choose those who render quality at lower prices. You need to brainstorm how you can stand out in the cutthroat competition.
Side gigs can help you tide over when you are unemployed. However, you can start it if you want to expand the size of your savings and you want to test a new business idea. Well, whatever the reason you start a side hustle, you have to bear in mind that it is going to be hectic with a full-time job. Handling two demanding jobs is not very easy. Most of the people give up in the middle. Sometimes it becomes stressful and hectic. Meeting clients’ expectation all the time sometimes seems to be annoying.
The rule of thumb says that you should set a schedule and boundaries. If your goal is to run a side gig just to have cash coming in when your employer lays you off, make sure that it does not take a toll on your full-time job. If you are not able to handle both, leave it. Instead, try other ways to build emergency fund
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