Financial tips on starting a ‘side hustle’
Starting a small side business or popularly known as a side hustle, is a great way to supplement your fixed income and possibly develop it into a successful full-time business in the long run. With a high number of small businesses failing, you need to consider a few factors before starting a side hustle. Things like, how unique is your business idea? If everyone is doing it, you should reconsider. For more practical financial tips like making a side hustle work for you, watch Geldhelde every Monday night at 19:30, on via.DStv, channel 147.
How to start a side hustle
Once you have a good business idea it’s important to test the waters first. “Start small, start building it up. There are a whole lot of reasons why that makes sense. In the first place, you build it up slowly. Secondly, you don’t place your fixed income and the predictability of your finances at risk when you do it. More than that, you also get the opportunity to learn more about that business on the side”, says Jeanette Marais, Momentum Metropolitan deputy CEO.
Do you have a good business idea that you’re passionate about
It starts with a unique business idea. If everyone is doing the same small business, it should tell you that the risk of failing is high. Think very carefully how your side hustle can be different.
How to spot a scam
Usually people get scammed when they believe promises of making more money then what they have invested in a short space of time without risk. The best way to avoid a scam is to speak to a financial adviser and ask them what a risk-free return will entail. Get more tips on how to spot scams and more, watch Geldhelde this Monday evening at 19:30, via.DStv, channel 147.
Warning against using your life savings for your new side hustle
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