A side gig or side business is when any form of work is done on the side of a regular full-time job. It is typically freelance or project-based work and provides the worker with a supplemental income that can often prove to be very lucrative.
Work of this type is normally completed in early mornings, evenings and weekends – basically, any time that does not impact regular working hours. When starting a side business, people can choose to work as a part-time basis for a company, as a freelancer or as a contractor.
Many different people choose to pursue side gigs – stay at home mums who need some extra income, professionals looking to go freelance full-time, digital nomads, or even students who need some part-time work on the side of their studies.
Side gigs have many benefits as they usually provide more flexibility and freedom and also allow people to explore their passions, rather than just focusing on work they have to do to earn money.
Typically, side gigs are seen as a core part of the so-called ‘gig economy’ that has experienced a significant boom in recent years. In 2019, a report in the UK from the Trades Union Congress and the University of Hertfordshire found that the gig economy in Britain had more than doubled in size and accounts for 4.7 million workers.
Although many people view the gig economy as a precarious income choice, its popularity is continuing to grow, especially due to COVID-19 which is causing many professionals to look for alternative jobs.
So, what are the main benefits of a side gig? How can you find them? And how can Xolo help you get set up? Let’s find out . . .
Benefits of a side gig
The idea of starting a side hustle can be very tempting indeed, with the extra income it can generate being seen as a real bonus. If you can find a niche topic that you are passionate about, can connect with a relevant audience who is in need of your skills and can prove yourself adept at meeting their needs and solving their problems then work can soon start pouring in.
Alongside the financial aspect, there are some serious advantages to the gig economy:
- Work/life balance: Side gigs are the epitome of flexibility. It is work that only represents an additional part of your income and therefore you can schedule it around your own life and commitments. You can set your own hours, work as much or as little as you like and have the freedom to fit it around your busy lifestyle – perfect!
- Risk avoidance: Most side gigs are established in the knowledge that they are simply a nice extra, rather than anything concrete. This means that initial investments are typically quite low and the risk factor of it not working is low as well. You can easily quit without the pressure that usually comes from starting a new job.
- Toe in the water: The freelance lifestyle is becoming more and more coveted. Hard-working professionals are being increasingly drawn to the idea of working for themselves and the number of big companies relying on freelancers is rising as well. Setting up a side-gig is a great way of trialling this lifestyle and exploring if it is a viable option for you. Most of us aren’t comfortable with the idea of just quitting our jobs to become a fully-fledged entrepreneur. A side hustle lets you explore the market, build up a customer base and gain confidence before you jump with both feet into the freelance world.
- Personal interest: Not many of us are lucky enough to work a job that we are completely passionate about. Whereas side gigs can be appealing because they oftentimes don't feel like work. Many people pursue them because they align with their interests or allow them to engage with their favourite hobby. In this way, a side gig can be a great investment into your mental health as well as your finances.
- New opportunities: The more you engage with the world the more opportunities will come your way. Regardless of your initial goals, side gigs are nearly guaranteed to create unforeseen and exciting opportunities, friendships and pathways that won’t necessarily come to you otherwise.
Setting yourself up for the hustle
If you have decided that having a side gig is the right path for you, then setting yourself up for success and potential future growth is very important. One of the easiest ways to do this is to connect with Xolo Go.
When you set up a freelance business with Xolo Go, it takes just five minutes to signup, there are no upfront costs, you can issue invoices easily under a legal entity and then BOOM, you’re good to go!
The good news is that if your side gig grows into a more successful entity that you originally anticipated, then you can easily transition to Xolo Leap. This will allow you to own a full legal entity which you are in charge of and you can then create and build your own brand to truly stand out from others.
Another benefit of partnering with us is that Xolo Go is an international service and we have customers from almost all European countries. You never know where your next client might come from so it makes sense to ensure you can handle international enquiries.
Where to find work
Not all side gigs are created equal and there are many different pathways or industries that you could pursue. Whether you are considering being a personal assistant, a graphic designer, an online tutor, a copywriter, a translator, a delivery driver or even a pet sitter, the key is finding work in the first place.
Check out Xolo’s blog on the top freelance marketplaces available.