How to Start a Side Hustle

How I stopped working at the age of 20 and how you can start your side hustle too! 

So then, this is a bit of a funny one, technically I haven’t stopped working as I am still very much the CEO and founder of Pegasus Estate LTD and am still working however I no longer work for anyone else and only work as when I wish to. Which to be honest if you add up my hours that I work over the month (it isn’t very much!).

It comes with many pros and cons, it sounds like an absolute dream, which it is and it has been my dream to be living my current reality ever since I was a little girl and I will be forever grateful for the life I have managed to create and will never take it for granted. 

Don’t let it fool you though, there are days when I crave a 9-5 job, being told what to do, not having to think for yourself, knowing you have a comfortable wage which cannot fluctuate each month, having colleagues to talk to on a daily basis, being able to stop at 5pm and not have to think about work until 9am the next day, oh and what I would do to have a proper holiday and to be honest the list goes on. I am definitely not complaining and would never look back but I just want to open people’s eyes to the reality a little bit more.

I now have all of the time in the world to enjoy the stuff I want to do, having that blessing at the age of 20 is pretty crazy! Every morning I remind myself of how lucky and grateful I am.

My tips going forward if you wish to be able to take a little time off of your work or looking to stop work as early as possible is to create a side hustle and invest your pennies! Investing is the best thing you can do for you and your future. Aspiring entrepreneurs with a strong drive can look to a side hustle as a stepping stone toward financial freedom. Your side hustle can also allow you to focus on what you’re most passionate about if you don’t get that satisfaction from your full-time work. It can give you the flexibility (and extra savings) to travel the world, care for the environment, or pursue causes in a more meaningful way.

So where did mine start? Even when I was 17 and at college I had a side hustle alongside my Saturday job. The best thing you can ever do is create multiple income streams. 

When I started Pegasus Estate I was working full time in a corporate role, my evening and weekends were where Pegasus Estate was born, meaning I had my main basic income from my employed job and then any profits from Pegasus as an extra. I kept this up for a year and then went part time alongside the business, this was for a little bit of extra security until I felt the time was right. In November 2019, my partner and I could afford to go into the business full time and we haven’t looked back since. 

The best way to eventually become your own boss is to start a side hustle and build your self-employed income, while you still have the safety and security of your day job.

Of course I understand that business isn’t for everyone, but that doesn’t mean you can’t create a side hustle/second income stream too. There are many other ways to make your money work for you. However, building a side hustle to profitability with a limited amount of time outside of your day job is never easy. It takes ruthless prioritisation, a psychological shift in how you view what’s most important in your life and the willingness to get very creative on a daily basis. 

If you’re planning to start a side hustle, here are 10 steps that’ll help you get more traction, while you keep your day job and only source of dependable income.

1. Prepare for the long haul 
2. Identify your skills and areas of interest 
3. Discuss the idea with friends and family as they can give you tips and potential ideas
4. Differentiate yourself from your competition 
5. Define your goals 
6. Set yourself milestones 
7. Keep up your motivation for your day job 
8. Build a sustainable income until quitting your main job 
9. Also remember to delegate your work outside of your expertise 
10. Just got for it 

So far, the data still shows that most new businesses have a pretty low chance of achieving success. However, that shouldn’t deter you from pursuing more meaningful self-employed work. The best time to build a business is when you have a full-time job that covers all of your living expenses. Think of your regular employment as hedging against the risks you’re taking as you test the viability of your side hustle.

So then, what’s stopping you, go out there and get hustling!