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Starting a successful side hustle in 2024
Editor’s Note
Welcome African Entrepreneurs
It has been one hell of a week. Wow!
Events unfolding at OpenAI were nothing short of a Nollywood script. But we can rest now knowing that with Sam back, there is a semblance of stability at our favourite AI company.
Personally, I am so engrossed with the developments at OpenAI because, as I wrote in our last newsletter, the GPTStore has enormous potential as a side hustle and for the creation of workable solutions to everyday challenges.
And I’m fascinated about AGI too. As you might know, AGI or Artificial General Intelligence is the hypothetical ability of machines to surpass humans in most intellectual and economically valuable tasks.
Gif by diegofarao on Giphy
This has Skynet written all over it, doesn’t it? So maybe, it’s time to start building underground bunkers! But it heralds an awesome new era of discovery and automation that might just be what we need to solve most of the world’s problems.
In other news, Changpeng Zhao, founder of Binance has stepped down as CEO and pleaded to violating anti-money laundering laws.
And why is this news on our radar? Should it matter?
Africa is a hotbed of blockchain and fintech ecosystems. This should be a wake-up call to crypto enthusiasts and entrepreneurs to take heed of regulatory challenges and explore the legal landscapes of different African countries where they might want to do business.
Last week was the Global Entrepreneurship Week. It was marked by people coming together to create solutions for worldwide economic growth.
We want you to be part of the solution to global challenges. Hence this week’s article is on side hustles. Your side hustle might be the answer to world hunger, or it just might be the best meme generator to keep us all smiling.
We hope you enjoy today’s read and get one or two helpful points.
Stay safe & happy hustling!
What is your perspective on employees engaging in side hustles?
#africanhustle#africanentrepreneur#sidehustle
— African Hustle (@thafricanhustle)
11:33 AM • Nov 21, 2023
Are you an aspiring entrepreneur?
Do you want to earn extra income, pursue your passions, or explore new career opportunities?
If you answered yes to any of these questions, then you might want to consider starting a side hustle in 2024.
But before you plunge head first, you need to be real with yourself and ask yourself the right questions. Smart people ask questions, as it is not the answer that enlightens but the question.
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Starting a Successful Side Hustle in 2024
What is a side hustle?
A side hustle is an entrepreneurial venture or additional job or income that you do outside of your main job. It can be a way to pursue your passions, improve your finances, or explore new career opportunities. Some of these side gigs remain small, while others blossom into successful businesses. Some popular examples of side hustles are freelancing, tutoring, blogging, pet-sitting, and selling online.
Why start a side hustle?
To increase your income and financial security
One of the most obvious and common reasons to start a side hustle is to make more money. Whether you want to pay off debt, save for a big purchase, invest for retirement, or just have some extra cash, a side hustle can help you achieve your financial goals faster and easier.
A side hustle can also provide you with financial security and stability in case of emergencies, layoffs, or unexpected expenses. The pandemic era taught us a good lesson about this. Having multiple streams of income can reduce your dependence on a single employer or source of income, and give you more flexibility and options in your career.
Pursuing your passions and interests
Another reason to start a side hustle is to follow your passions and interests. Maybe you have a hobby, skill, or talent that you enjoy doing, but you don't get to use it in your main job. Or maybe you have a dream or idea that you want to turn into reality, but you don't have the time, resources, or courage to do it full-time.
A side hustle can allow you to pursue your passions and interests without quitting your main job or risking your financial security. You can use your side hustle as a creative outlet, a learning opportunity, or a testing ground for your ideas. You can also use your side hustle to make a positive impact on the world, by helping others, solving problems, or creating value.
Exploring new career opportunities and growing your network
A third reason to start a side hustle is to explore new career opportunities and grow your network. Perhaps you are bored, unhappy, or unsatisfied with your current job, and you want to try something different. Or maybe you want to advance your career, but you don't have the skills, experience, or connections to do so.
A side hustle can help you explore new career opportunities and grow your network. It can expose you to new industries, markets, customers, and challenges. You can use your side hustle to learn new skills, gain new experience, and build your portfolio. Moreover, you can use your side hustle to meet new people, expand your network, and create new opportunities for yourself.
How to start a side hustle in 2024
Now that you know some of the benefits and reasons to start a side hustle, you might be wondering how to do it. Here are some steps to help you get started:
Choose a side hustle idea that matches your skills, interests, and goals. You can brainstorm, research, or ask for feedback from others to find a side hustle idea that suits you.
Validate your side hustle idea and test the market demand. You can use online tools, surveys, or experiments to see if your side hustle idea has potential customers, competitors, and profitability.
Plan and launch your side hustle with minimal costs and risks. You can use online platforms, free or low-cost resources, or existing networks to start your side hustle with little or no money and time.
Manage your time, energy, and finances between your full-time job and your side hustle. You can use calendars, apps, or automation to schedule, prioritize, and track your tasks and goals. You can also set boundaries, communicate expectations, and delegate or outsource tasks to balance your work and life.
Grow your side hustle and scale your income. You can use marketing, branding, or referrals to attract, retain, and satisfy your customers. You can also use feedback, data, or innovation to improve, optimize, and diversify your products or services.
Gain inspiration by exploring some of these unconventional side hustle ideas.
Key takeaways
Diversification of Income: Side hustles provide an additional source of income, reducing financial dependence on a single job.
Skill Development: Many side hustles allow individuals to develop new skills or capitalize on existing ones, potentially leading to personal and professional growth.
Flexibility: Side hustles often offer more flexibility in terms of working hours and location, allowing individuals to balance work with other commitments.
Passion Pursuits: Pursuing a side gig can be a way to explore and monetize one's passions and hobbies, turning them into a fulfilling source of income.
Financial Security: Having a side hustle can contribute to financial security by providing a buffer in case of job loss or other unexpected financial challenges.
Entrepreneurial Mindset: Side hustles can foster an entrepreneurial mindset, encouraging individuals to think creatively, take risks, and learn how to manage a small business.
Networking Opportunities: Engaging in a side hustle can expand one's professional network, opening doors to new opportunities and connections.
Time Management Skills: Juggling a side hustle alongside a full-time job requires effective time management, helping individuals enhance their organizational skills.
Long-Term Planning: Some side hustles have the potential to grow into full-time businesses. Recognizing this potential and having a long-term plan can be essential for sustainable success.
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