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 Adedapo Adesanya
The chief executive of the Central Securities Clearing System (CSCS) Plc, Mr Shehu Yahaya Shantali, says Nigeria’s shift to a T+1 settlement cycle goes beyond faster transactions and is intended to deepen long-term growth in the capital market.
Speaking at a ceremony marking the commencement of T+1 settlement in Lagos, Mr Shantali described the development as a strategic milestone that goes beyond faster transaction timelines to reinforce the market’s structural strength and future readiness.
According to him, the shortened settlement cycle reflects years of investment in infrastructure, technology, and stakeholder collaboration aimed at transforming Nigeria into a globally competitive investment destination.
Nigeria recently became the first market in Africa to adopt the T+1 framework, reducing the settlement period for securities transactions from two days to one.
According to the boss of the securities depository firm, the shortened settlement cycle reflects years of investment in infrastructure, technology, and stakeholder collaboration aimed at transforming Nigeria into a globally competitive investment destination.
“These investments are not solely for T+1 settlement but to position Nigeria’s capital market for sustained growth and longterm competitiveness,” he said.
The migration from T+1 settlement is expected to enhance liquidity, improve capital efficiency, and reduce counterparty risk across the market.
Mr Shantali explained that the T+1 transition represents the culmination of a decades-long evolution from a manual, paper-based system to a fully automated, technology-driven post-trade environment.
He recalled that investors previously waited several months to complete transactions under the old system, but successive reforms, including transitions to T+5, T+3, and T+2, steadily improved efficiency and market integrity.
The latest upgrade, he said, builds on extensive preparations undertaken over the past three years, including system enhancements, process optimisation, and market-wide readiness assessments coordinated by the SEC and industry stakeholders.
On his part, the Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said the reform signals Nigeria’s readiness to compete at the highest levels of global finance, noting that the country transitioned from T+2 to T+1 within six months.
“The era of T+1 has begun,” Mr Agama said, adding that shorter settlement cycles are critical to attracting global capital and strengthening investor confidence.
He noted that leading markets such as the United States, Canada, and India have already adopted T+1 settlement, while several European markets are preparing to migrate, making Nigeria’s transition a crucial step in maintaining international relevance.
By Adedapo Adesanya
Many private sector operators have yet to experience the anticipated gains of President Bola Tinubu’s reforms as they continue to grapple with inflation, energy costs and exchange rate volatility, the Director-General of the Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, has said.
Mr Oyerinde acknowledged that the removal of fuel subsidy and liberalisation of the foreign exchange market reflected the government’s commitment to market-driven economic policies and improved transparency across sectors.
He said the reforms had enhanced fuel availability, reduced recurring supply disruptions and signalled policy consistency to both local and foreign investors, but noted that while there are indications of improved investor confidence, many domestic businesses, particularly Micro, Small and Medium Enterprises (MSMEs), continue to contend with operational challenges.
The NEC chief said the depreciation of the Naira had increased production costs, affected competitiveness and heightened operational risks for many businesses.
“Many private sector operators are yet to experience the anticipated gains of the reforms as they continue to grapple with inflation, energy costs and exchange rate volatility,” he said in a recent interview with the News Agency of Nigeria (NAN) while assessing the administration’s economic performance.
Mr Oyerinde said declining consumer purchasing power and increasing production expenses had placed pressure on businesses, with some firms adjusting investment plans and operations in response to prevailing economic conditions.
On infrastructure and refining, the NECA DG said developments in housing, industrial investments and local petroleum refining had created opportunities and contributed to improved fuel supply.
He, however, identified power supply as a major challenge facing businesses, citing persistent grid instability and reliance on alternative energy sources.
“In spite of the ongoing reforms in the power sector, insufficient electricity supply remains the number one constraint to business productivity and competitiveness across the country,” he said.
Mr Oyerinde said that although some macroeconomic indicators, including foreign reserves and government revenues, had shown improvement, the gains were yet to be broadly reflected in business operations and household welfare.
“Inflation, high energy costs, multiple taxation, logistics challenges and weak consumer spending continue to constrain productivity and limit business expansion,” he said.
He said employers remained cautious about large-scale recruitment amid high borrowing costs, foreign exchange volatility and rising operating expenses.
According to him, sustainable job creation will depend on deeper structural reforms that reduce the cost of doing business and improve access to affordable finance.
He urged the government to prioritise stable power supply, lower energy costs, tax harmonisation, policy consistency and foreign exchange stability to accelerate economic recovery and strengthen investor confidence.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded its best performance this year on Tuesday, June 2, closing higher by 1.89 per cent.
During the session, the NASD Unlisted Security Index (NSI) went up by 81.62 points to 4,406.30 points from the preceding day’s 4,324.68 points, and the market capitalisation added N48.48 billion to close at N2.636 trillion compared with Monday’s N2.587 trillion.
Business Post reports that the bourse recorded five price gainers and one price loser, Geo-Fluid Plc, which fell by 1 Kobo to N2.87 per unit from N2.88 per unit.
Conversely, Nipco Plc gained N31.57 to sell at N347.27 per share versus N315.70 per share, FrieslandCampina Wamco Nigeria Plc grew by N9.86 to N196.51 per unit from N186.68 per unit, Central Securities Clearing System (CSCS) Plc improved by N3.13 to N76.10 per share from N72.97 per share, Food Concepts Plc added 27 Kobo to sell at N2.95 per unit compared with the preceding day’s N2.68 per unit, and UBN Property Plc expanded by 17 Kobo to N2.20 per share from N2.03 per share.
Yesterday, the volume of securities transacted by investors depreciated by 91.4 per cent to 307,363 units from the previous session’s 3.6 million units, and the value of securities dropped 75.9 per cent to N42.8 million from the preceding session’s N177.4 million, while the number of deals went up by 13.5 per cent to 42 deals from Monday’s 37 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.3 million units exchanged for N4.4 billion.
GNI Plc also finished as the most active stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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