Earning an extra income outside of your 9-to-5 is a common trait in this uncertain economy. Not only does it give your bank account the extra mileage, it also comes with the opportunity of being able to expand your skill set, or embark on an entirely different career path. According to the Old Mutual annual survey, which tracks the financial attitudes and behaviours of working metropolitan households in South Africa, people are becoming increasingly resourceful to overcome financial shortcomings.
Old Mutual research manager, Lynette Nicholson, says that a growing number of people are finding ways to supplement their incomes by having more than one job. This phenomenon has led to the term “slashers” being coined, which refers to people who have a slash between several job titles, like a writer/plumber.
According to an online survey conducted by Old Mutual, rising prices and the ailing economy are driving South Africans to work multiple jobs to generate extra income for various reasons. 55% of people use this extra money to support their lifestyles, 45% save for a rainy day and 43% use the money to pay off debt.
The online survey consisted of 943 participants who earn a monthly salary of R5000 or more. 37% of participants were slashers. In this group of slashers, 13% stated that their additional job was similar to their permanent job, and 24% stated that they did something completely different from the work they usually do.
Among this group, Old Mutual also found that the disassociation of careers ranged from occupations in manicuring, trading in vegetables, garden services, making custom jewellery and photography. On coping with the added pressure of having an additional job, an overwhelming 63% stated that they enjoy having more than one job, while 42% revealed that, though they do not have time for an additional job, they persevere because they need the extra money.
An interesting finding noted by the survey, is the increased entrepreneurial drive found in metropolitan households, where 39% of the 1000 households questioned, were considering starting their own businesses. Nicholson says these findings are welcomed as entrepreneurship, and the small business sector is regarded as the engine of growth, which is essential to create jobs and reduce unemployment.
Thinking about getting a side hustle? Here are a few pointers to help you make extra cash.
1. Make sure you love what you do
Whether it’s similar to what you’re already doing, or completely different, make sure you have a vested interest in your side hustle. As clichéd as it sounds, and considering it’s the main reason why you would have a side hustle in the first place, money alone isn’t enough. Being passionate about your additional job will sustain you when you feel discouraged or exhausted.
2. Prepare to make sacrifices
While this sounds daunting, putting the extra effort into your side hustle will come at the expense of free time, a thriving social life, and sleep. You won’t need to put these on the back-burner forever, but going the extra mile will result in better returns in the end: extra cash flow to spend on the things that matter to you the most.
3. Use social media and networking
Social media provide endless opportunities to reach your intended market and network with people who can help your venture grow. While it does not promise overnight results, it can help build your client network through engagement and finding like-minded people more easily.