How to get your side hustle on

According to the Old Mutual Savings and Investment Monitor 2024, more than half of working South Africans are now “polyjobbing” or taking on side hustles to generate more income.

As many as 57% across all age groups have taken on freelance work after hours, or are running side hustles – up from 54% last year. However, those aged 18 to 29 have really embraced the side hustle culture, with 73% saying they are “polyjobbers”.

However, the idea is also starting to catch on in older age categories, as retirement savings prove insufficient. The 2024 FNB Retirement Insights Survey shows that an increasing number of pre-retirees say they will need to continue working after retirement age. About 50% of respondents plan to supplement their retirement income with full- or part-time work. 

“The relatively high proportion of respondents who intend to continue working indicates that retirement is increasingly being seen as a transition phase rather than a complete withdrawal from the workforce,” says Lytania Johnson, chief executive of FNB personal segment.

If you are thinking of starting a side hustle, these are things to keep in mind:

Commit the time. If you can only set aside two hours a week, it might take you longer than someone who has more time. However, consistency is the key.

Find an idea. Identify a gap or how you can leverage your own skills. Many of the greatest business ideas have stemmed from people wishing that something worked better and then figuring out how to make it happen.

Do the research. This doesn’t just mean researching the market before you start your side hustle. A successful business means staying on top of trends, and moving ahead of the market rather than following.

Use value-adds in a high-inflation environment. If you find you want to increase your prices, think of ways to make your product or service more attractive than your competitors’. The key to this is finding ways to make your client’s experience as seamless and easy as possible. People will pay more for convenience.

Use debt wisely. Ideally, you should save up to fund the start of your side hustle. However, if you need equipment such as cameras for a photography side hustle, debt may be unavoidable. In that case, shop around for the lowest interest rate and try to pay off the debt as quickly as possible rather than stretching out the repayment terms.

Register your business. Registration is a good way to reserve the business name you want to use and trade under. Registering your business means you can open a bank account in the name of the business and separate your business and personal finances.

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