Secrets of the SIDE HUSTLE

Work freedom. Unlimited income potential. Expert tips for turning on the taps to extra cash while maintaining your full-time gig

- LORA GRADY

At a time when many are struggling to make ends meet, more Canadians are starting their own side hustles to bring in extra income.

A side hustle is a gig (think walking dogs, babysitting, starting a YouTube channel) that brings in extra money outside of someone's regular job, which is still their main source of income.

In a 2023 survey from RBC, 88 per cent of respondents agreed that one income isn't enough thanks to inflation and a side hustle provides income that gives them more financial freedom.

Having a side hustle comes with a lot of benefits, including the freedom to work around your own schedule and unlimited income potential, says Roger Pierce, Toronto-based entrepreneurship expert and host of "The Unsure Entrepreneur" podcast. Then there's the autonomy. "The ability to make your own decisions without a boss is very appealing."

Brad Poulos, a lecturer in entrepreneurship at Toronto Metropolitan University and author of "The Small Business Operator's Manual," says it's important to assess how much time you can dedicate to your side hustle without compromising your main job or neglecting family and self-care.

Then, think about any passions you'd like to pursue, whether it's music, art, language or flower arranging. Pierce suggests taking stock of your skills, interests and hobbies.

Finally, you'll need to assess demand. "Does anyone want what you're selling?" Poulos asks.

Before making a big commitment, spend some time doing customer discovery and find out what kind of market exists, Poulos suggests.

You'll also want to consider the "unit economics" of your idea, which means looking at price, costs, and figuring out how much you can realistically make.