Side hustles are non-traditional jobs held in addition to full-time employment. Consider your schedule and start-up costs when deciding if a side-hustle is right for you.
Side hustles, or job done in addition to one's primary source of income, have become a popular way for Singaporeans to supplement their income, especially during periods of personal or economic turmoil.
According to a survey of 1,500 Singaporean adults conducted in August 2021, 29% of Singaporeans looked for ways to supplement their income during the COVID-19 pandemic. Layoffs, underemployment, and re-evaluation of personal and financial goals were stated as reasons for pursuing new sources of income by respondents.
What is a side hustle, anyway?
A side hustle isn’t the same as a part-time job. When you work a side hustle, you’re more likely to be working for yourself or as a contractor for someone else.
Though it’s common to start a side hustle to make extra money, some do it to learn a new skill or to test the waters of self-employment. Many people choose side hustles that align with their personal interests or activities they enjoy.
Four Things Every Side Hustler Needs
While the idea of making extra money is always enticing, there are a few things you want to consider before starting a side hustle.
Keep in mind that a side hustle is anything you do in addition to your regular work. This could be early mornings, evenings, or weekends, depending on your existing routine. Since many people spend these hours with friends, family, and loved ones, make sure you're willing and able to use them to take on additional work. Also, estimate the side hustle's hourly salary to make sure it's financially worthwhile.
2. Start-up Funds
It is often necessary to spend money in order to make money, and this is especially true for self-employed side hustles. To learn more about what it takes to get started (and how much money you can make), look into the fees charged by popular side hustle sites or speak with successful side hustlers. If you can afford it and the anticipated earnings will more than cover the cost, go for it. If not, consider taking another route.
3. Certifications and Credentials
Many side hustles are inspired by hobbies but that doesn’t necessarily mean they immediately translate into paid work. In some cases, you may be required to prove that your skills are legitimate in order to make money off of them. For example, you may love doing yoga every morning when you wake up but there are credentials needed to teach it.
4. An Understanding Employer
Before starting a side hustle, consider whether it will mesh well with your full-time work. Again, the goal is to generate more money, but try to avoid putting your main source of income at risk.
If you’re comfortable doing so, be transparent with your current employer about the fact that you’re exploring opportunities to generate more income. Ask about potential conflicts of interest, non-disclosure agreements or non-compete clauses in advance, to be sure your side hustle doesn’t cross any lines.
Common Types of Side Hustles
Think you’ve got what it takes to make a side hustle work for your wallet? A few popular options include:
Selling artistic creations.
Drop-shipping or direct selling.
Dog walking or pet sitting services.
Short-term rentals (room or entire house).