Starting a side hustle while maintaining full-time employment is a smart and practical way to explore new opportunities, increase your income, and gain valuable experience without giving up the security of your primary job. Here are some tips and considerations for successfully balancing a side hustle with your full-time job:
Why Are Side Hustles So Popular?
Side hustles offer the ability to supplement income as a main driving force. They allow for a person to connect with their creative side and bring out the boss in each person who tries it. If a secure full time position offers security and a work-life balance, a side hustle offers ingenuity, self-fulfillment, passions and interests. If you are good at something outside of the 9 to 5, think of how you can grasp that and earn extra money. The boat mechanic by day can summarize or winterize boats for people in the community, a bookkeeper may be able to offer new business organizational training, a digital marketing person may have the knack to becoming an influencer.
Harness What You Are Good At!
- Boost Confidence: Embracing your strengths builds self-confidence, empowering you to tackle challenges and pursue opportunities with conviction.
- Increase Productivity: Focusing on your strengths allows you to work more efficiently and achieve better results in tasks you excel at.
- Enhance Career Satisfaction: Aligning your strengths with your job or career path can lead to greater job satisfaction and fulfillment.
- Stand Out: Leveraging your unique abilities helps you stand out in your field or industry, making you a valuable asset to employers or clients.
- Drive Personal Growth: Continuously developing your strengths fosters personal growth and ongoing improvement.
- Build Stronger Relationships: Collaborating with others who complement your strengths can lead to stronger side hustle experience.
- Maximize Impact: Harnessing your strengths enables you to make a meaningful financial impact in your life.
Here Are The Best 2O Side Hustles For 2024
Capitalizing on Trends For New Businesses (Less than $5000.00)
- Online Reselling: Breathe new life into clothing, furniture, collectibles on platforms like Poshmark and Etsy.
- Pet Services: Cater to growing pet ownership with pet sitting, walking, grooming, even anxiety/behavior modification training.
- Virtual Services: Thrive in the remote work era by offering administrative assistance, content writing, social media management, virtual bookkeeping.
- Local Delivery & Errands: Busy lifestyles crave convenience – provide grocery delivery, meal prep, and errand running services.
- Wellness & Mental Health: Address rising awareness by offering personalized coaching, meditation classes, yoga studios, alternative therapy practices.
Traditional Industries With Potential For New Business ($5000 – $25000)
- Food & Beverage: Launch a food truck, bakery, catering service, niche restaurant catering to specific cuisines or dietary needs.
- Home Services: Handyman services, home cleaning, gardening, landscaping thrive in communities valuing convenience and expertise.
- E-commerce Stores: Sell unique handcrafted goods, curated vintage finds, niche products online, tapping into specific interests and avoiding high storefront costs.
- Education & Training: Capitalize on the demand for personal and professional development by offering online courses, tutoring, language lessons, skill-based workshops.
- Technology Services: Phone and computer repair, website development, data security consulting, AI-powered solutions cater to ever-growing tech needs.
Emerging & Niche Opportunities For New Business ($5000 – $10000)
- Customizable Products: Print personalized T-shirts, phone cases, jewelry, offer made-to-order furniture or home decor – cater to individual tastes and avoid inventory burdens.
- Sustainable & Eco-Friendly Businesses: Align with growing environmental consciousness by offering organic farming, upcycled clothing stores, zero-waste product stores, eco-friendly cleaning services.
- Subscription Boxes: Curate beauty boxes, hobby-related subscriptions, meal kits for specific interests and recurring revenue streams.
- Creative Services: Photography, graphic design, music production, videography, writing services cater to businesses and individuals needing creative output.
- Fitness & Wellness Studios: Boutique gyms, yoga studios, dance studios, specialized fitness classes like aerial yoga or HIIT training cater to niche fitness interests.
Promising and Upcoming Businesses For 2024 ($1000 to $10000)
- Community Hubs: Create a space for your community to come together with board game nights, co-working spaces, or a community garden with workshops and fresh produce sales.
- Local Experience Tours: Host guided tours showcasing your region’s history, hidden gems, or culinary scene. Alternatively, organize outdoor adventure experiences like kayaking, camping, or rock-climbing trips.
- Future-Ready Skills Training: Help others navigate the changing job market by offering career coaching, resume writing services, or training programs in in-demand skills like data analysis, digital marketing, or coding.
- Tech-Powered Wellness Solutions: Combine technology with wellness by launching a fitness app with personalized workout plans, a meditation app featuring guided sessions for different needs, or a sleep health coaching service using wearable sleep trackers.
- Creative Upcycling & Repurposing: Give discarded materials a new life. Start a furniture upcycling business, create unique jewelry from vintage scraps, or offer workshops teaching others how to repurpose clothing or household items.
Do I Need to Start a Business to Have a Side Hustle?
To provide a quick answer to this question, if your business is going to operate with just your first and last name (legal name) no, you don’t have to register.
If you are going to use a business name outside of your first and last name, yes you have to register the business.
Most individuals register a Business Name Registration. We can get this up and running for you in short order to get you on your way to your side hustle.
Things to Consider in Picking Your Hustle
- Time Management:
- You’ve got to determine a side hustle that doesn’t interfere with your main JOB. Efficiently manage your time to accommodate both your full-time job and your side hustle. Create a schedule that allocates specific hours or days to your side hustle while ensuring you fulfill your work commitments.
- Set Clear Revenue:
- Define clear revenue expectations. You don’t want to spend 4 hours a night on a side hustle that only gives you $20.00 in return. Know upfront what your side hustle will give you from a monetary benefit and additional skill developments you may want to achieve.
- Choose the Right Side Hustle:
- Select a side hustle that aligns with your skills, interests, and available time. It should be something manageable alongside your full-time job.
- Check Employment Contract:
- Review your employment contract and company policies to ensure there are no conflicts of interest or non-compete clauses (Ontario has prohibited non-competitive clauses with few exceptions as of December 2021) that could prohibit your side hustle.
- Maintain Open Communication:
- If your side hustle may overlap with your full-time job or use similar skills, consider discussing it with your employer. Transparency can help avoid conflicts and ensure you’re in compliance with company policies. It is important to keep the side hustle outside of your full time employment hours and obligations.
- Set Boundaries:
- Establish clear boundaries between your full-time job and side hustle. Avoid working on your side hustle during company hours or using company resources for personal projects.
- Delegate and Automate:
- Delegate tasks or automate processes in your side hustle where possible. This can help you save time and reduce the stress of juggling multiple responsibilities.
- Build a Support Network:
- Seek support from friends, family, or mentors who can provide guidance, encouragement, and assistance when needed.
- Stay Organized:
- Use tools and systems to stay organized, track your progress, and manage your workload effectively.
- Prioritize Self-Care:
- Don’t neglect your physical and mental well-being. Ensure you get adequate rest, exercise, and relaxation to maintain a healthy work-life balance.
- Manage Finances:
- Keep a close eye on your finances. Separate your side hustle income from your primary income, and consider setting aside a portion for taxes. It’s important to keep at least 30% of the income you receive from the side hustle for tax implications.
- Gradual Transition (if desired):
- If your side hustle shows promise and you aspire to make it your full-time career, plan a gradual transition. Save money, build a client base, and ensure a stable income stream before leaving your job. Always consider your career versus the side hustle. Some hustles can add great additional money to you but many do not transfer to any viable career opportunities.
- Evaluate Progress:
- Regularly assess the progress of your side hustle and its impact on your life. Adjust your goals and strategies as needed.
Determining the “Top 20” small businesses for 2024 is subjective and depends heavily on factors like your location, interests, and skills. However, I can offer several promising small business ideas for 2024, categorized by trends and industries:
- Research your chosen market: Understand your target audience, competition, and potential profit margins.
- Develop a solid business plan: This will outline your goals, strategies, and financial projections.
- Network and build relationships: Connect with potential customers, partners, and mentors.
- Embrace technology: Utilize online tools and platforms to reach your audience and manage your business effectively.
- Stay flexible and adapt: Be prepared to adjust your plans based on market trends and customer feedback.
2024 Grant Programs For New Businesses in Canada
Grants Programs in Canada
- Futurpreneur Canada: Offers grants of up to $15,000 to young entrepreneurs aged 18-39 for business startups and growth.
- Women’s Enterprise Centre of Canada: Provides grants and loans to women-owned businesses through various programs, including the Women’s Innovation Fund and the Start Me Up! Program.
- National Research Council of Canada (NRC-IRAP): Supports research and development (R&D) in Canadian SMEs through various programs, including the Industrial Research Assistance Program (IRAP) and the Collaborative R&D Initiative.
Stop daydreaming, start side hustling! Join the ranks of over 300,000 Canadians who unlocked their entrepreneurial spirit with Ontario Business Central. Our hassle-free platform takes care of the legalese, so you can get your brainchild off the ground and chase that extra income!
If you would like further information, please feel free to reach out to any of our staff who are always here to assist in searches.
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Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.