Are you a hustler?

The word 'hustle' may conjure up visions of con-men and shady deals. But now the term 'side-hustle' has become a mainstream reference to how people earn extra income outside their main employment.

Although the term is relatively recent, the concept has been something that people have done for centuries. When families struggled to make ends meet, it wasn't unusual for Dad to help out at the local pub or his mate's garage after finishing work or Mum to wait on at a local restaurant in the evening. These weren't dodgy activities, just a way to top up the family budget.

Today the opportunities for a side hustle have expanded as technology provides the means to run digital businesses, as well as the more traditional options. People sell goods online or set up an online shop, they provide digital goods or share their skills. People who are good at something, maybe as a hobby, teach those who want to learn - and get paid for it.

The pandemic effect

When lockdown hit, companies had to put staff on furlough, which gave those people time. Many people have found that their side-hustle has turned into more than a part-time activity. People whose side hustle is an online businesses have managed to continue - and some have found their business has blossomed as other stuck-at-home people are looking for things to buy and do.

The activities that are often referred to as the '5-9 job' (the hours normally after work) have been a lifesaver for some business people, whose income has taken a drastic hit.

If this is something you haven't considered, it might be worth exploring, especially if your business has been hard hit by the pandemic restrictions. All you have to do is put 'side-hustle' into any search engine and there are plenty of ideas. Even the mainstream press have covered the concept, although they do tend to focus on the more bizarre approaches to this income generation strategy!

Like any business you would be wise to do your research first - and keep proper records. Even if it's just a few extra pounds, it will be taxable - it's income. Even if you think nobody will know about it, these things do tend to come back to bite you - usually after the tax bill has escalated to a point where paying it will result in real problems.

If you want some friendly advice about how to manage your side hustle finances talk to an accountant earlier rather than later. You know where to find us …