You’ll Probably Need to Pay Tax
In the UK, anything that turns over £1000 per year needs to be declared through self assessment. That’s the first thing to know about, but it’s best to go over the government’s advice regarding this in your own time.
We also highly recommend finding an accountant to take care of any tax related concerns you may have, as they’ll be able to provide much more actionable and specific advice for you.
Get this out of the way early on and you won’t have to worry about retroactively trying to correct your tax returns and payments (as well as any fees) when you’re two to three years deep.
Your Customer Base is Likely to Be International
When selling via the internet, or offering freelance services in the same way, you’re likely to come across customers and clients outside of the UK. You don’t want to limit your ability to bring in a healthy revenue here, so get ready for international customers ahead of time.
You’re going to need to offer multiple payment methods that operate in various regions, and you’ll need to find a shopping method that allows you to send overseas as well. It may cost a little more, but you can always charge the shipping method to the customer – which they’ll be happy to pay when you have a quality product they’re keen to try!
You’ll Likely Need More Time for the Hustle in Future
It’s rare for someone with a side hustle to require the same amount of hours year after year. The busier your side hustle gets, the more customers or clients you get, and the bigger your business demands become, the more time you’re going to need on your side. And if you’re unwilling to give up the career you have alongside, this is something you’ll need to approach carefully from day one.
What will you need to do to ensure you can take your current timeframe of two hours a day all the way up to four hours per day, or even five to six? Think about your outside responsibilities and how they may need to be managed, such as childcare, elderly care, and any social concerns that may need to take a backseat.
Want to start a side hustle? Make sure you keep these three things in mind as you start.
