This week's BYP Blog is a guest article from Lildonia Lawrence, a life coach, educator and yoga instructor. Lildonia produces monthly content for the BYP Network centred on wellbeing, wellness and healthy living.
The face of modern work is changing and in contrast to the days of yesteryear, there is no such thing as a ‘job for life’. With easier access to education, training and global networks, millennial careers are spanning multiple industries over a lifetime.
According to research by Henley Business School, almost two-fifths of UK workers now have a side hustle. I too work under this model with two part-time jobs and two businesses. Although I love what I do, I’ll be the first to admit that managing multiple income streams has its challenges.
Here are my top tips to make your side hustle work for you:
Remember your why
Everyone starts their side hustle for different reasons and remembering your overall goal is imperative to ensuring success. If your hustle is more of a hobby, breaking even may work out well but if profit or cracking emerging markets is a priority then you’ll need to approach it as you would any other business. Seek advice, connect with leaders in your field, business plan and strategise.
Manage your time
It's easy to work all the hours under the sun when you’re an entrepreneur but overworking to the point of exhaustion serves no-one. When I first started out, I made the rookie mistake of saying yes to absolutely every piece of work that was offered. Consider all projects by weighing up time needed, potential profit and opportunities for visibility. Create a weekly schedule allocating specific chunks of time to your side-line so you can keep an eye on the balance between your day job, the hustle and downtime.
Manage your taxes
Side hustle profit does not come tax-free, and it can be easy to bury our head in the sand when it comes to figuring out finances. Speak to an accountant as soon as you can so you can work out the best business structure for your company. I’ve worked with extremely competent professionals who’ve ended up paying major fees simply because they’ve filled out their tax return incorrectly or missed HMRC deadlines. A good accountant will show you how to be as tax efficient as possible avoiding unwanted fines.
Keep an eye on conflicts of interest
If you’re thinking of setting up in a similar field to your day job you need to ensure that you’re not in breach of your current contract. Check your company’s policies thoroughly and contact your HR team if you are unsure. With careful planning, a side hustle can form fantastic synergy with your 9-5.
Self-care is a must
Although rewarding, building a business has its challenges and managing it alongside full-time work can be full-on. It’s important to build in self-care practices to keep you happy and healthy. Take as many work-free vacations as you can during the year and build self-care capsules into your day. Taking regular breaks from your computer, getting fresh air daily and making the last hour of your day technology-free are simple ways to bring balance into your routine.
Lildonia Lawrence is a life coach, yoga instructor and sex educator working in London. She has a background in psychology and mental health and has spent many years working in the health and wellbeing industries. Her week is spent with a mixture of delivering health workshops, teaching group classes and leading coaching sessions. Alongside this, she works as a wellbeing writer for several publications. You can find out more about her work at @lildonia.lawrence