Yes, everyone these days needs a little hustle on the side
Yes, everyone these days needs a little hustle on the side
Yes, everyone these days needs a little hustle on the side
Looking for extra income? Don't hassle, do the hustle!
Looking for extra income? Don't hassle, do the hustle!
Looking for extra income? Don't hassle, do the hustle!
By Maya Fisher-French
For Nishie Rajah of Johannesburg, a hobby turned into an opportunity when she began making gift hampers filled with edible goods for medical conferences.
Nishie noticed a gap for bespoke branded items and built her business, Spoilt by Nishie, using social media and recommendations from family and friends.
“I didn’t know much about business or branding when I started,” she says, “but it’s never too late to learn new skills. You just never know where pivoting can lead you.”
In his hometown of Ndwedwe, north of Durban, keen sportsman and athlete Buhle Mlambo started running fitness sessions with a few friends on a soccer field.
“I would put them through drills using skipping ropes, old tyres, and a set of dumbbells,” he says.
Word spread about his training services, which cost less than a monthly gym membership. He now rents a small space at a community centre and provides Zumba and boot camp classes as well as personal training.
“I had no money to open my own gym, but I got creative with what was around me. I started small and always gave 100 per cent to my clients,” he says.
The income has helped pay for his biokinetics studies, and he hopes to run his own gym and rehab centre once he has qualified.
Nishie and Buhle are just two examples of a growing trend in today's tough economy: the "side hustle”.
With many South Africans under financial pressure because of high inflation and interest rates, the side hustle has become a useful way to supplement monthly income.
Vanessa Mostert, head of people and culture at Stark Resources, defines a side hustle as any work other than primary formal employment, that is undertaken to earn additional income.
A side hustle usually indicates that an individual already has a primary job or main source of income, but they use a side hustle to enhance their earning potential.
South Africans are resourceful. The range of possible side hustles includes catering, tutoring, translating, affiliate marketing, pet sitting, home deliveries, backyard rentals, virtual business services, and ride-sharing services.
While side hustles can be lucrative, and perhaps even become your primary source of income, there are some points to consider before you view your side hustle as your bread and butter.
If you’re side hustling outside of your full-time job, your employer will typically require you to disclose any external interests and the nature of your outside work, to ensure it doesn’t interfere with your contractual duties.
“Whether you’re a full-time or part-time employee, under a contractual obligation or not, it’s essential to know your employer’s stance on outside work,” says Mostert. You should have this in writing before proceeding.
The terms outlined in your employment contract agreement and company policies will dictate what’s allowed. Once your employer approves outside work, they may set conditions you must stick to.
Reassure your employer that your side hustle is legal and doesn’t directly compete with their business activities. Be open and honest with your employer to avoid conflicts.
If you have an income-generating side hustle, it’s also important to understand the tax implications. Ernst Jordaan, tax specialist at IoT.nxt, cautions that you must declare the income and related expenses in your annual tax return.
Register as a provisional taxpayer if you receive income outside of your regular employment, and register for value-added tax (Vat) if your side hustle’s turnover exceeds R1 million annually.
Jordaan explains a side hustle can be structured as a company or sole proprietor. The latter is simpler and more cost-effective, and you can use a “trading as” name to market your side hustle.
Find something you're good at doing, identify a gap in the market, come up with a catchy name, and get right down to business. Who knows? Your side hustle could become your main hustle, and you could become the next great South African entrepreneur!
Maya Fisher-French is an award-winning financial journalist with a flair for cutting complex money matters to their core. “Maya on Money, Your Money Questions Answered”, is published by NB Publishers.