Finance
IS 2018 THE YEAR OF THE SIDE HUSTLE?
A
side hustle is a way to make some extra cash, while still maintaining a full time job. Many people should be very familiar with this concept, from their home countries, as this is often prevalent in countries like; The United States of America, Canada and the United Kingdom. Until recently, this was virtually unheard of in the Middle East, among most professionals, but times are changing, and they are changing quite quickly.
Recent changes in the UAE Labour Law, allows employees to work part time for another company, on condition that they obtain a no objection letter, from their current employer. There are many factors which are fuelling an increase in many professionals working part time or pursuing a side hustle, in this region. Anecdotal data, shows that an ever increasing number of professionals, are looking for ways to supplement their incomes. With a sharp rise in the cost of living and a relative stagnation in expatriate pay increases, many households are feeling the squeeze. Many employers have also cut essential benefits such, as school fees and the level of medical insurance coverage that they provide, leaving a lot of families with having to decide whether they remain in the region or not.
For those who choose to remain in the region, engaging in a side hustle, can be a very viable way of making ends meet. Instead of taking on a part time job with another employer, which might be easier said than done, many persons have opted to start their own ventures on the side. They have decided to put their talents and passions to work and develop a lifestyle business, which fits in with their work and family commitments. In January 2018, a few countries in the region have introduced value added tax( VAT). There has also been an increase in the cost of fuel and on and on it goes, this has led to residents having to tighten their belts and become more innovative with increasing their earning potential. With this in mind, I genuinely believe and hope that we will see an increase in people engaging in side hustles in 2018.
Educators in general are very busy people, but there is still time and space for a side hustle, if it will help to provide another stream of income. The side hustle you choose may or may not be related to your current profession. I know educators who work as makeup artists, DJs, Fashion designers, bloggers and vloggers on the side. The key is to choose something that you are good at and passionate about.
Before deciding to pursue a side hustle, make sure that you check with your employer for any possible conflicts of interest. Make sure your side hustle does not negatively impact on your ability to carry out your fulltime job. Be very transparent about what you are doing, as it is quite demanding to always be looking over your shoulder. If you are doing an activity which can be classified as a business, make sure to get it properly registered with the authorities. Doing business illegally is not worth it. Check out the many free zones that are available, to see if you can legally turn your side hustle into a formal business and keep 100 % of your profits. I do believe that, with the increasing demands being placed on the salaries of professionals regionally, there will certainly be an increase in side hustles in 2018.
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Jan- Feb 2018 | | After The Bell