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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