Side Hustle, Yes or No?
Updated: Jun 5
Contemplating whether to start your own business after reading our previous blog on the different side hustles you can take on? In today's article, we will be putting our focus on starting your own mini businesses such as selling preloved items, starting your Carousell’s shop and opening your bakery home business! To help you better decide whether you should join the hustler team, we have consolidated the advantages, disadvantages as well as tips for starting your own small business!
Let’s start by unpacking the advantages of it!
1. Earn extra income
Probably the main motivation of starting a business! Getting a side income, in addition to receiving an allowance from your parents, will give you more flexibility in your spending. You will now be able to save more quickly to buy your next biggest purchase!
2. Do what you love
This is the best of both worlds where you earn money while doing something you enjoy! Furthermore, building a business from scratch and seeing it take off is not only monetarily rewarding but gives you a sense of success and fulfilment. It is a testament to how well-received your products are!
3. Develop your entrepreneurial skills
Have a teaser of an entrepreneur’s life by being your own mini-boss! You will get a taste of managing every aspect of your business where you have the complete freedom to explore and make decisions for it! This will be an excellent opportunity for you to discover your strengths and weaknesses as well as learn more about your interests.
Nonetheless, there are always tradeoffs to every decision and here are a few considerations you have to take note of from starting your own business!
1. Tight schedule
With all the assignments, deadlines and external commitments, it may be difficult to juggle between your online business, school life and family. As a result, you might neglect your studies and families or suffer from burnout.
2. Complicated Finances
There are many areas to pay attention to when running your own business. Hence, many administrative matters such as the business's finances can be easily overlooked. Without having a proper finance tracking system, you may overspend when the expenses are more than the returns from your work! Besides, it is important to keep track of your profits so you can better allocate your income and allowance for spending and saving!
3. Failure is inevitable
Risk is always tagged to each business and failures in a business are inevitable! You will need to bear the full risk and cost of an unsuccessful business plan where the resources put into it does not yield the expected returns.
If you are still attracted to the idea of starting a business after understanding the costs involved or have already embarked on your business venture, we have put together 3 tips just for you!
1. Plan out your schedule
Making the efforts to plan out your daily tasks will help you manage your time more effectively and to stay focused. Leverage on free schedule planner applications such as Notion, Trello and Todoist to prioritise and organise your tasks. Good time management is a good way to keep your stress level at bay and mental health in check! So, be productive, not busy!
2. Use a finance tracking app
Using our Taby app's add tiles feature, you can easily categorize your work expenses and earnings. This provides you with a quick snapshot of your business financial situation, which is critical for making profitable decisions. Having a systematic approach to record your work finances will alleviate a lot of your stress, and tracking your earnings can also help you to devise a healthier saving and spending plan!
3. Don’t be afraid to fail or start
Failing is normal, so don’t be disheartened when your business is going slow or didn’t work out in the end. Embrace a growth mindset and always learn from your mistakes and make incremental improvements to have a stronger comeback! Likewise, don't be too afraid to start too! If you are looking to set up a retail business, you can consider platforms such as Carousell, Shopee or Instagram which have a low start-up cost, easier setup and great access to the market.
Last but not least, with many conversations tagged to the beauty of starting your own business, don’t be blinded by the glorious side of the story and be pressured to do the same! Starting a side business may not be for everyone and that is okay! Ultimately, “Side hustle, yes or no?” is a personal decision that is based on your preference, financial and time constraints.
Hope you have a good read and feel free to join our Telegram Crowd Development chat if you would like to contribute ideas to our Taby app!