Economy
Startup On A Budget? Side Hustles To Boost Your Cash Flow
The entrepreneurial spirit burns bright in many, but a common hurdle stands in the way: funding. Bootstrapping a business or relying on personal savings and limited resources can feel like building a rocket ship out of cardboard.
Statistics from SCORE reveal that a whopping 28% of small businesses fail within the first year, and lack of funding is a major culprit.
But fear not, aspiring entrepreneur! The world of side hustles offers a powerful solution. A side hustle is a secondary income stream you can build alongside your main job.
This isn’t just about making a few extra bucks for that weekend getaway. Side hustles, when chosen strategically, can be the launchpad for your dream business.
For this, you have to validate your area, build your skills and network, and find your startup. Stay with us and learn about the top side hustles to try as an entrepreneur.
So, you’ve chosen to explore the exciting world of side hustles! But with so many options and the realities of daily life, how do you ensure your side hustle thrives and fuels your startup dreams?
Tips for Success With 4 Side Hustle
So, you’ve chosen to know about the side hustle options you have as an entrepreneur.! But with so many options and the realities of daily life, how do you ensure your side hustle is growing and helping your startup dreams?
The Perfect Side Hustle Match
Know Your Strengths – Take a skills inventory. Are you a whiz with graphic design software? A coding maestro? Using your existing skills minimizes the learning curve and maximizes efficiency.
Passion Projects Pay Off – Consider your interests. Do you love baking intricate cakes? Perhaps a custom cake side hustle is a perfect fit! Aligning your hustle with your passions makes it more enjoyable and sustainable.
Time Management is Key – Be realistic about your available hours. Can you dedicate evenings and weekends? Early mornings? Choose a side hustle that fits comfortably within your existing schedule to avoid burnout.
Your Brand & Client Base
A Compelling Online Presence – Create a website or utilize platforms like Upwork or Fiverr to showcase your skills and experience. Invest in high-quality visuals and clear messaging to establish yourself as a professional.
The Networking – Don’t underestimate the power of your network! Connect with friends, family, and former colleagues. Spread the word about your side hustle and offer referral incentives.
Competitive Rates Attract Clients – Research the market rates for your chosen side hustle. While undercutting the competition might seem tempting, offering competitive rates ensures your value is recognized and attracts high-quality clients.
Your Time & Money
- Schedule Like a Boss – Develop a realistic schedule for your side hustle. Block dedicated work hours in your calendar and treat them with the same respect as your main job.
- Track Your Hustle – Keep meticulous records of your income and expenses. Utilize accounting tools or spreadsheets to monitor profitability and identify areas for optimization.
- Minimize Expenses – Look for cost-effective ways to operate your side hustle. Explore free online tools, barter with other businesses, or utilize resources from your local library.
The 4 Common Side Hustle Ideas For Startup Owners
If you are running a startup, your main focus is building your dream business. Side hustles can provide the financial fuel and practical experience needed to reach the finish line. Here are four common categories of side hustles perfectly suited for startup founders:
Skills that Pay the Bills
Freelancing Freedom – If you possess in-demand skills like writing, editing, graphic design, or virtual assistance, freelancing platforms like Upwork or Fiverr can be a goldmine. This allows you to leverage your existing expertise for immediate income while potentially attracting future clients for your startup.
Online Tutoring or Teaching – Are you a math whiz or a language maestro? Share your knowledge! Online tutoring platforms like VIPKid or Cambly connect you with students worldwide, offering flexible hours and the potential to build a loyal student base that could translate to future customers for your startup.
Consulting Expertise – Don’t underestimate the value of your startup experience! Offer consulting services in your area of expertise to established businesses. This provides valuable income while allowing you to test your ideas and network with potential partners or investors for your startup.
Trading As A Side Hustle – If you think you have a knack for trading, then you can go for digital gold, which is cryptocurrency. As a beginner in this sector, you can opt for tools like intermagnum app to keep an eye on the market and invest in the currency that has long-term potential. Invest and forget and use the tool to check when the price of that digital gold is sky rockettimg. This is the time you sell it for a greater amount and earn thousands of dollars.
Turning Stuff Into Cash
The Sharing Economy Advantage – The sharing economy is booming! Do you have a spare room or unused storage space? Platforms like Airbnb or Neighbor allow you to rent out these underutilized assets for passive income. This can benefit location-independent startups, offering flexibility while generating revenue.
Craft Your Passion into Profit – Are you a culinary whiz or a crafting enthusiast? Sell your homemade creations online through platforms like Etsy or local farmers’ markets. This allows you to turn your passion into profit while potentially attracting a customer base that aligns with your startup’s target audience.
Declutter and De-clench – Everyone has unwanted items gathering dust. Host an online garage sale through platforms like Facebook Marketplace or local classifieds. De-cluttering your space generates income and frees up resources you can reinvest in your startup.
From Side Hustle to Startup Star
Blogging for Business Growth – Start a blog related to your startup’s niche. Share industry insights, establish yourself as a thought leader, and attract potential customers organically. This builds brand awareness for your startup while potentially generating income through advertising or affiliate marketing.
Your Startup’s Showcase – The power of video content is undeniable. Create a YouTube channel to showcase your startup’s product or service, offer tutorials or explainer videos, and connect with a wider audience. This not only promotes your side hustle but also lays the groundwork for your future startup’s marketing strategy.
Social Media Savvy – Do you have a knack for social media engagement? Offer social media management services to businesses. This allows you to hone your marketing skills while potentially attracting clients who could become future investors or partners for your startup.
Odd Jobs and Microtasks: Filling the Gaps with Flexibility
Delivery on Demand – Platforms like DoorDash or Uber Eats offer flexible delivery options for food and groceries. This can be a great way for your startup to earn extra income during off-peak hours, providing much-needed flexibility.
Be a Part of the Testing Revolution – Websites like Amazon Mechanical Turk offer microtasks like data entry, online surveys, or user testing. While the income might be modest, these tasks can be completed in short bursts, filling the gaps in your schedule.
The Helpful Handyman – Do you have a knack for fixing things? Offer handyman services through local classifieds or online platforms. This uses your existing skills for immediate income while potentially building a customer base that could translate to future business for your startup.
Summing Up
Side hustles offer options for startup owners. You can leverage your existing skills through freelancing or consulting, monetize underutilized assets by renting out space or selling creations, build an online presence with a blog or become a social media management guru, or fill free time with quick income through odd jobs.
A well-chosen side hustle can be the financial springboard your startup needs. So don’t wait; identify your strengths, explore your options, and turn your entrepreneurial vision into a thriving reality!
By Dipo Olowookere
The escalating tension in the Middle East as a result of the attacks on Iran by the duo of the United States and Israel had little or no effect on the Nigerian Exchange (NGX) Limited on Friday.
The domestic stock market witnessed bargain-hunting yesterday, as investors mopped up equities that could experience price appreciation in the coming days.
Customs Street was up by 0.76 per cent during the trading day, with four of the five major sectors closing in green territory.
The industrial sector appreciated by 3.06 per cent, the banking sector increased by 0.84 per cent, the consumer goods index grew by 0.51 per cent, and the energy segment rose by 0.08 per cent, while the insurance counter lost 0.50 per cent.
When the closing gong was beaten to signal the close of trading activities, the All-Share Index (ASI) advanced by 1,498.54 points to 198,407.30 points from 196,908.76 points, while the market capitalisation gained N962 billion to close at N127.361 trillion compared with Thursday’s N126.399 trillion.
University Press appreciated by 10.00 per cent to N5.50, Guinness Nigeria also soared by 10.00 per cent to N385.00, Royal Exchange jumped 10.00 per cent to N1.87, May and Baker surged by 9.93 per cent to N41.50, and BUA Cement improved by 9.18 per cent to N270.00.
Conversely, RT Briscoe lost 9.17 per cent to trade at N10.40, Learn Africa depreciated by 8.33 per cent to N8.25, NGX Group crashed by 6.12 per cent to N176.50, Haldane McCall moderated by 5.78 per cent to N3.91, and AXA Mansard shed 5.63 per cent to close at N14.91.
Market participants exchanged 591.0 million shares for N35.0 billion in 53,066 deals during the session versus the 549.8 million shares valued at N44.7 billion traded in 55,465 deals in the previous session, representing a spike in the trading volume by 7.49 per cent, and a cut in the trading value and number of deals by 21.70 per cent and 4.33 per cent, respectively.
The activity chart showed that First Holdco, after the sale of 70.8 million units worth N3.5 billion, Access Holdings traded 67.2 million units valued at N1.7 billion, GTCO exchanged 33.6 million units worth N4.0 billion, Ellah Lakes transacted 27.1 million units for N329.2 million, and Sterling Holdings sold 25.2 million units worth N194.6 million.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has moved to tighten credit discipline across the banking sector, directing all financial institutions to deny additional loans and banking facilities to large borrowers whose existing loan obligations are classified as non-performing.
The directive, issued in a circular dated March 12, 2026, was signed by Mrs Olubukola Akinwunmi, Director of Banking Supervision, and addressed to all deposit money banks operating in the country.
Under the new policy, any borrower whose loan facility is recorded as non-performing in the Credit Risk Management System (CRMS), the CBN’s centralised credit database, or flagged by any licensed private credit bureau, will be immediately ineligible for new credit.
The measure takes effect without transition, applying across all banks simultaneously.
The apex bank’s restrictions extend beyond direct lending. Affected borrowers will also be denied access to contingent banking facilities, including bankers’ confirmations, letters of credit, performance bonds, and advance payment guarantees, instruments commonly used in trade finance and large-scale commercial transactions.
Banks have additionally been directed to obtain further realisable collateral from affected obligors to adequately secure their existing exposures.
The apex bank did not specify a timeline within which this additional collateral must be obtained.
The CBN defines large-ticket obligors as borrowers whose combined exposures across all banks exceed the Single Obligor Limit, or whose outstanding obligations materially affect a bank’s Capital Adequacy Ratio (CAR) or otherwise pose systemic risks to the broader financial system.
The policy is grounded in Clause 3.2(d) of the Prudential Guidelines for Deposit Money Banks.
The identification of such obligors will be based on data captured in the CRMS and reports from licensed private credit bureaus, according to the circular.
In issuing the directive, the CBN cited the heightened risk that large non-performing obligors pose to individual banks and the wider financial system.
The regulator stated that the new framework is designed to limit contagion risks and reinforce responsible lending practices across the sector.
The move reflects a broader regulatory effort to address the rise in non-performing loans (NPLs) within Nigeria’s banking sector and to ensure that institutions with significant credit exposures to distressed borrowers are not further endangered by extending new facilities to the same counterparties.
Compliance is expected from all deposit money banks with immediate effect.
The CBN did not outline specific sanctions for non-compliance in the circular, though supervisory penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 would ordinarily apply.
By Aduragbemi Omiyale
The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has blamed the federal government for the high energy costs in Nigeria.
In a post, the former Anambra State Governor said if the central government, led by President Bola Tinubu, had planned for the future, Nigerians would not be paying through their nose for premium motor spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel.
Disruption in the supply of crude oil on the global market has caused consumers to pay more for petrol and diesel in the country.
The United States and Israel waged war against Iran, killing its Supreme Leader, Ayatollah Ali Khamenei, about two weeks ago in airstrikes.
This has triggered tension in the Middle East, with Iran firing missiles at its neighbours, and closing the Strait of Hormuz, a small water path between Iran and Oman, where one-fifth of global crude oil supply passes through.
Before the crisis, PMS was selling at N835 per litre and crude oil was below $90 per barrel. But oil rose above $100 per barrel, causing the price of petrol in Nigeria to hit over N1,200 per litre.
Reacting to the development, Mr Obi said Nigeria felt the shock despite not being attacked because the government failed to plan.
“Many people wonder why any adverse development in the global economy quickly impacts Nigeria. A recent example is the tension involving Iran, which led to an increase in global oil prices and, subsequently, a rise in petroleum prices in Nigeria.
“A few weeks ago, petrol was selling for less than N1,000 per litre, but today it costs over N1,200 per litre. Diesel, which was also priced below N1,000 per litre, is now over N1,500 per litre. These rapid increases illustrate how quickly external shocks can affect the Nigerian economy.
“The reason for this is straightforward: most countries, whether they are oil-producing or non-oil-producing, maintain strategic petroleum reserves to cushion against supply or price shocks. This means that when there is a disruption in the global oil market, they can release part of these reserves to stabilise supply. However, Nigeria lacks such a buffer, so the impact is felt almost immediately.
“The underlying issue is a lack of planning. Countries that engage in planning create buffers against shocks, while those that do not remain vulnerable to them. The old maxim remains true: when a country fails to plan, it has already planned to fail,” he wrote.
Earlier this week, the Minister of Finance, Mr Wale Edun, said the country’s economy was strong enough to absorb external shocks, saying the over 4 per cent growth in the gross domestic product (GDP) in the fourth quarter of last year was a testament to that.
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