Did you know that nearly half of employed South Africans engage in side businesses? In this episode of the “My Money, My Lifestyle” podcast, I chat about the growth of the side hustle with my guest, business coach and mentor Willem Gous.
Willem is the author of Side Hustle Success, which is packed with useful insights and tips for anyone wanting to start a side hustle, with a particular focus on Africa and developing economies. In the book, Willem lays out a simple yet effective five-step process to start a side hustle.
Our conversation explores practical strategies for starting your side business on a shoestring budget without taking on too much risk.
We discuss the importance of testing any business ideas quickly, because if you wait for funding or try to come up with that perfect plan, it can stall your progress.
Willem shares insights from his book, highlighting that potential entrepreneurs should leverage their existing resources and focus on understanding customer needs rather than getting bogged down in traditional business planning.
Listeners will learn about the significance of setting time limits for their side hustles, the value of starting small, and the power of listening to customers to identify viable business ideas.
Willem shares some practical examples, including how one woman turned her baking hobby into a thriving business without the need for initial funding, and how another entrepreneur started a clothing brand without owning any stock.
We also chat about the psychological barriers that can often hold back an aspiring entrepreneur, and Willem provides actionable advice on how you can overcome these challenges.
The bottom line is that if you can’t start your business in five minutes, you may need to move on to a different idea.
This podcast will help to demystify the side hustle journey, encourage you to take action, embrace experimentation, and hopefully find financial freedom through entrepreneurship.
Further reading: More articles on side hustles can be found here.