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Student Life

5 Tips for Starting a Side Hustle

Starting a side hustle is either a dream or a necessity for many of us. Whichever camp you fall into, flexible side jobs can make a big difference in your finances. Avoiding common pitfalls and picking up tips that have helped others succeed will help you find a side hustle that’s right for you. Learn how you can start hustling on the site with tips from Varsity.

What is a side hustle?

A side hustle can be many things. From flexible side jobs like food delivery or driving for Uber to providing consulting services to major corporations, the options are nearly limitless. You can tailor a side hustle to your schedule while keeping your main source of income.

1. Determine Your Goals

If you just want to pick up some extra cash, it’s easier to just dive in. If your goal is to build a full-time business, take time choosing something you can see yourself doing for the foreseeable future. 

Consider your interests; do you have a hobby that could actually make you money? Maybe you enjoy writing or people regularly comment on your cooking skills. If so, research whether these activities could translate to a profitable business.

2. Start Lean

Avoid going into debt to fund your dreams. Analyze every potential expense; if it won’t benefit your customers or your bottom line, you don’t need it. If there’s something you really want that doesn’t pass the test, use it as an incentive once you reach a designated goalpost.

3. Don’t Quit Your Day Job (or School!)

Focusing on completing your degree or sticking with your main source of income allows you the freedom to explore flexible side jobs or fund your new business a bit at a time. Knowing you can pay your bills makes starting a side hustle more fun and less stressful. Give 100 percent every day, and don’t let your budding business negatively impact your studies. Completing your degree (depending on what it is) may even help you build knowledge and experience for your business idea.

4. Have a Plan

Many of us think about earning extra money on our own schedule. While that’s a distinct possibility for certain flexible side jobs, building a sustainable business requires you to commit to a schedule and create a plan for your side business. Dedicate a predetermined amount of time to your new business to ensure success.

5. Expect to Work Hard

Even if you love what you do, working in your free time can be challenging. If you’re accustomed to heading for the sofa for a streaming binge-fest after a long day at work or school, realize that you’ll need to change your routine. Comfort yourself with the realization that achieving your dream will be well worth sacrificing a little time and energy.

Start Your Side Hustle with Varsity

We hope these tips for starting a side hustle help you reach for the stars. Whether you’re looking for flexible side jobs to pad your bank account or dream of leaving your day job for a business that will take you into retirement, learning from others’ experiences will help you succeed. Varsity can help you stay on budget, even when it feels like you’re working 24/7. 

Account alerts and transfers, online bill payments, e-statements, and peer-to-peer payments are just some of the convenient online and mobile banking services we offer. Whether from home or between food-delivery stops, open an account with Varsity in minutes!

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