South Africans consider side hustle to supplement income: report
As South Africa enters a year of Covid-19 and lockdown restrictions, many people have considered a side hustle to help them with their finances.
This is according to a study conducted by retailer Game stores. The retailer gathered the information by asking its consumers just how much they thought a side hustle could supplement their income in 2021. The research was conducted in December 2020.
A side hustle is generally freelance work to supplement one's income.
According to the report, almost a third of those surveyed said they estimated that they could earn an extra R20 000 (or more) a year.
The report also stated that the Covid-19 pandemic saw large reductions in people’s salaries or job losses, and many realised the need to be self-sufficient without having to rely on an employer. “Over half cited this as their main reasons for wanting to start a side hustle.”
Game vice president of marketing Katherine Madley said the retailer conducted the research to understand customer behaviour.
“Game researched to better understand how much consumer behaviour has shifted in the last year as a result of Covid-19, and where their priorities currently lie.
“I also think people have realised that they are more driven to take charge of their lives – nearly half of those surveyed said they want to follow their passion in 2021,” she said.
She said the research insight will help the retailer with its merchandising strategy.
“It is encouraging to see that despite the difficult times South Africans have experienced in the last year, they are still optimistic that a side hustle can help them through 2021,” says Madley.
The research revealed that a side hustle would allow people to generate extra income to help the needy or fund further education, indicating an overall desire for self-improvement and giving back.
Game also partnered with technology entrepreneur, Luvuyo Rani, to gain insight into what it takes to start a side hustle in South Africa in 2021. His top tips are:
Embrace the Gig Economy
“Make use of platforms like websites, microsites, messaging platforms, and social media as part of your tools when creating a profile for your business.”
Have a Content Strategy
“Make sure you are focused on how best to create and share your content, in a way that speaks directly to your target audience and creates interest and talkability.”
“Focus on what makes you unique and use that to fuel you to boldly follow your passion.”
Commit to Lifelong Learning
“Learning is a lifelong journey, especially in a society that evolves at such a rapid pace – and incredibly important as we move toward the 4th industrial revolution.”
Find a Mentor
“Be confident enough in yourself to ask the important questions – there is always something new to learn and there is always someone willing to work with you and teach you.”
Be Prepared to Make Mistakes
“No one person knows all the answers. The important thing is to keep a positive attitude, even when you make mistakes.”
Prioritise Your Wellbeing
“Exercise as often as possible, make sure you are sleeping well, drink enough water, pray or meditate, and remember to be grateful.”
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