JOB BANK: LONG LIVE THE SIDE HUSTLE
The number of people turning to 'side hustles' to generate extra cash has grown by 49% since the start of the pandemic and in the face of the cost of living crisis. Data from website hosting platform GoDaddy and the University of Kent has revealed that the challenges of the pandemic, combined with the cost of living crisis, means more people have set up their own companies to supplement their income.
Starting a side business is one of the smartest financial moves you can make right now. Even if you aren’t worried about losing your job, a side hustle can be a great source of extra income to keep debt to a minimum, save money and invest.
The study, which analysed data from more than two million micro-businesses, shows a third of businesses with fewer than ten employees are now run as side hustles, compared to 20.8% in March 2020. It's in tougher times when the cost of everything is rising that innovative business ideas are born, and those ideas can often turn into successful full-time businesses or vocations.
Cameron Langstow from Plaistow, East London, works part-time as a postman, and launched Bark + Shout, a pet accessory company, in April 2021.
“I started Bark + Shout as I didn't have a clear career path and needed a way to make extra money. My day job helps pay the bills, and whilst I try to reinvest the extra income from Bark + Shout back into the business to help it grow, it's certainly helpful to know it's there. Running the business fully online means I can reduce costs and build an enterprise with a long-term trajectory. The success we've had so far means I'm hoping to be running Bark + Shout full time by the end of the year”.
You may have an idea for a business but not know how to balance it with your current job - especially if this is your first time launching a business. A side hustle is one way to improve your financial future, and the extra income generated can help you reach major financial goals. However, be prepared: - your side hustle could grow to become your main hustle and transform your whole life!
With the rise of platform technologies and increased use of freelancers, contractors, and “gig” workers by companies, it has never been easier to start a side hustle to generate income alongside of a full-time job. Nearly a quarter of a million UK workers are currently running a variety of side hustles ranging from driving for ride sharing companies, renting out their houses, or selling online.
One reason for the surge in side hustles is the ease of starting one. For example, to become a Lyft or an Uber driver, all you need is a valid driver’s license, decent car, non-egregious driving record, and a short online application. To become Deliveroo rider, it is a short application and all you need is a bike and insurance! Even side hustles that are more specialised, such as freelance graphic design or web development, can launch within a day or two by creating a profile on Upwork, Fiver, or other platforms. To rent a room on AirBnB is also very quick to launch.
Every side hustle has different start-up and running costs. It’s also important to consider how much commitment, time, and money you’re willing to put into a side hustle. The best way to get a sense of what they are is to speak with people involved in the hustle. Ensure there is an element of training. Do they offer business leads? Would you need to generate your own leads for business? This is especially important if you’re venturing into a brand-new field. It may take much more time to ramp up when you are responsible for generating your business in areas like personal fitness training. For those starting a product-based business, like an e-commerce store, try producing or ordering a small amount of inventory, (there are many commerce-oriented websites that can show you the ropes) and putting up a small store on a site such as Amazon or eBay.
Becoming a Freelance Recruiter as a ‘side hustle’
Becoming a freelance recruiter can be a great career path and can give you all these rewards, and more. It is worth noting that freelance recruiters have been established for over 50 years.
So how do you become a freelance recruiter?
Its pretty easy! As a freelancer, you are running your own business. Therefore you will not only be in charge of finding clients and candidates, but also marketing, sales, and accounting as well. Even though you could set yourself up as a sole trader, most companies will only work with limited companies.
Finding clients as a freelance recruiter
As a freelance recruiter, you have 2 important tasks, finding clients, and sourcing candidates.
One way you can find clients is by hunting for companies who are actively hiring. Try looking at job boards such as Indeed and Linkedin and find companies that are hiring. Consider Lead Generation tools such as Apollo and Dripify to further gain data to reach the client. You will then need to contact them, pitch your services, and see if they want to work with you. If they agree, then you will need to set up payment terms. The general rule of thumb is to charge between 15% and 25% of the candidate’s annual salary. However, being competitive at 10% can be profitable! That could be a commission of £3,000 on a £30,000 salary.
Sourcing candidates to fill the position
You can also use tools such as LinkedIn or social networks to search for candidates. By focusing on a niche you should know exactly how to pitch to candidates. Once you have found candidates you will need to coordinate as many interviews as possible for the position. Another way of finding candidates is to list your own jobs on job sites such as Indeed and utilise their CV databases. This can be at an additional cost, but very much worth the return. Once you have learnt the basics, Bullhorn and Volcanic are brilliant additions to develop a site and have a CRM to attain an Applicant Tracking System.
You have found the perfect candidate and your client has hired them. Now is the time to get paid. Becoming a freelance recruiter can be a challenging career path but it does come with a lot of freedom and is very rewarding.
You can make a lot of progress doing recruitment as a side hustle in just a few weeks, but it’s important to block out time for it in your calendar, so you make real progress. Schedule at least one hour a week — or more if you’re in a hurry to get started — when you’re not accountable for doing something else, so it really happens.
The future of Recruitment as a side hustle is here with Job Bank
After considering the facts it’s easy to see why an ambitious person would choose to go into recruitment, whether you want to make £1,000 per year or £150,000 Per year! If you are one of the few who want to take on a new challenge and have unlimited options, then freelance recruiting could be your ideal next move. Job Bank are in a fantastic position where they offer the business in a box for a freelance recruiter. A website, recruitment CRM, various methods, and stages of training with a major advantage of live contracted job leads, working with clients such as O2. Furthermore, Job Bank even chase up invoices and payments on your behalf!
Recruitment is not for everyone, this is a fantastic affordable way to find out and if this side hustle is for you, and can you make it in your main hustle! Job Bank is a great place to learn the ropes, find your balance, and grow your confidence. We have created hundreds of successful Recruiters! When you are ready, we'll be here to help you take the training wheels off so you can ride with freedom and reach your true potential.