Key considerations when starting a side business (not just for summer!):
As you can see, while it makes sense to make hay while the sun shines, summer can also be a ‘low’ season for other industries, offering up the opportunity for entrepreneurs to research and prepare their new side-hustle in time for high demand during autumn and winter, such as tutoring and seasonal gifts.
While the above ideas are quick side-hustles you can get off the ground quickly, don’t forget the essential business requirements you need to have in place while operating a side business.
Make sure your day job allows for a side business
Check your employment contract to ensure you’re legally allowed to have a side-hustle. If you’re an employee, you have an obligation not to compete with your employer, which is governed by common law under the implied duty of fidelity. Some employers will include express terms in your employment contract, stating you’re not allowed to compete with them, or that you need to ask their permission to start a side-hustle. If you’re not competing with your employer, then they shouldn’t unreasonably refuse permission. In some cases however, your employer might have concerns that your side-hustle will impact your productivity at work if you’re not resting outside of working hours.
Be mindful of any licences and insurance you might need
These will depend on the type of side-hustle you’re operating. All businesses must follow legislation that governs what you can and cannot do when it comes to selling goods and services. Do your due diligence when it comes to knowing what you’re obligated to have in place for your industry.
Don’t forget tax