WITH many of us fed up in our 9-5 office jobs, it appears that more and more people are turning to side hustles to bring in some extra cash.
Google searches for ‘side hustle’ have increased by 58% in the last year, and with the Bank of England reporting that the UK is heading towards a massive recession, the desire to build multiple revenue streams is proving very popular.
Jack Griffiths, is the co-Founder of the luxury loungewear company Snuggy, which is making a whopping £1 million a year.
But the savvy side hustler experimented with a range of successful side hustles and businesses before finding major success with the hooded blankets.
Now he has shared his top tips and tricks for those wanting to make money online.
Jack told LatestDeals.co.uk: “I have been working solely on Snuggy for the last three years, and all of my time is dedicated to growing this brand.
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“For anyone thinking about getting involved in business, the story of Snuggy shows what taking a risk can do for you.
“When we started the business, we had no plan or long-term goals. We wanted to make some quick money over winter. Within the first few weeks, we sold a shedload of products, much to our surprise.
“What’s more, our customers wanted to know where to get more, if they could get them in different colours, and so on. It kept on snowballing, and we quickly realised we had a good opportunity to run with the wind and grow something big.
“That was when we changed our mindset completely and decided it wasn’t just a little winter project, we were going to turn Snuggy into a big global brand.
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“Sometimes you just stumble upon a winner and you have to take the plunge to make it a success. That’s what we did with Snuggy and now we couldn’t be happier”.
But it hasn’t always been smooth-sailing for Jack – he has always been focused on making money and has explored a variety of different side hustles in his time.
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He explained: “When my friend Joel and I were 18, we went on holiday to Magaluf and saw an opportunity to make money selling tickets to boat parties.
“We found a way to take advantage of the way the process worked. We earned a 10 Euro commission for every ticket we sold, and there was no set wage or guaranteed income.
“As you get paid according to what you earn, we were motivated to go out there and work endlessly as our earning potential was uncapped.
“When we came back to the role the following year, we decided to put posters up around the area, offering ticket-selling jobs to new workers. We explained the role, interviewed and trained them and offered them 5 Euros for every ticket sold.
“The commission was 10 Euros, but as we were offering training and giving them tips on where it was best to sell, we kept 5 Euros for every ticket sold by all our team members.
“Looking back, this was surreal as we had up to 15 people coming to our daily meetings, some of them 10 years older than us, and we were earning 5 Euros for every ticket they sold without us having to go and do the work ourselves.
"We didn't really do anything special, we just had the courage to take a risk and give it a go!”
I have always been focused on making money.
But ticket selling isn’t the only business Jack has been involved in, as he continued: “I owned an events hire company, a car air freshener brand and more recently, I was part of a hot tub company that built high-quality spas in customers' gardens. This was something no one in Europe was offering at the time.
“I have always been focused on making money. I had a paper round from the age of 11 up until I was about 14. I used to get up every morning at 6 am and ride 10 miles on my bike, delivering papers for an hour, to earn just £12 a WEEK.
"I genuinely believe having that sort of work ethic from such an early age is so valuable. I could make a long list of side hustles that I did when I was young”.
If you are looking to start your own online side hustle and aren’t sure where to start, Jack has shared his top tips.
He added: “Alibaba is my go-to for starting any business or side hustle. It’s great to browse even if you don’t have an idea yet. For anyone that doesn't know what this is, it's a wholesale platform that you can browse through to find products to buy in small or large quantities. You contact the manufacturers directly and speak to them about prices, minimum order quantities, packaging, shipping, etc.
“If you can find a product that is selling well in the UK and also find a supplier who can provide it at a competitive price, then take a punt, try and negotiate a low minimum order quantity to start with so you minimise the financial risk & place an order.
You do not need to jump ship completely and quit your job straight away.
“There are pages and pages of “trending products” on the site that you can search through and give yourself some inspiration from. Once you have an idea, get chatting with a couple of the manufacturers & don’t be afraid to ask lots of questions.
“In the early stages of sourcing products from Alibaba, I always used to look for small ones that I thought would sell well and wouldn’t cost a lot to ship from China. The shipping and freight side of it can often put people off as it’s a bit of an unknown territory. However, really small products can give you a bit more flexibility in using air freight, sea freight or even railway.
“Finding a good product to sell on eBay or Amazon without being flooded out with competition can take a while. I would look for a 'best-selling' product or a product with a lot of reviews.
“Have a look at the negative reviews on the product and take those points into account when launching the same product. You don't have to invent something new; just focus on improving something old.
“Amazon and eBay are great marketplaces to test if a product will sell or not; it is a lot easier to start there as opposed to starting a brand and trying to bring in your customers through advertising”.
If you are someone that doesn’t want to take the plunge and quit your day job, but are wanting to start a side hustle in your spare time, Jack has shared his top tips.
He advised: “Start local – find a service or a product that might be of interest to your local area and make it something that you can do on a weekend or for a couple of hours after work. It doesn't have to be something you are passionate about, it can be anything – making cakes, jet-washing driveways, dog walking and so on.
“This starting point will give you an understanding of how to treat customers, gain sales and earn money outside of your 9-5. Use social media to comment, like, message people and generate interest in what you are doing; it's FREE!
“Another tip would be, DO NOT worry about what people might think. The biggest barrier people face when starting a business or side hustle for the first time is: 'Oh, I wonder what they will think about me if I do that, what if it fails’ and so on. If you stay in your head, you’ll never get anywhere.
“Limit the risks where possible – if you have an idea for a business, but you are putting it off because you have a full-time secure job, get started on your idea in your spare time. You do not need to jump ship completely and quit your job straight away.
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“Start your business as a side hustle; just get started in your spare time. You only need to decide whether to quit your job when business is going so well that you run out of time and it makes sense financially.
“Be prepared to sacrifice parts of your social life to start a side hustle. The saying goes, 'If it was easy, everyone would be doing it'. Most people don't want to make the sacrifices needed to pursue a better lifestyle”.
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