I am a staunch advocate for side hustles. There are lots of stories about how Gen Z and millennials are increasingly taking on second jobs and side gigs. The main reason is usually to earn extra cash, but there are also other benefits, like learning new skills and making connections.
Starting a side hustle was hugely beneficial for my own career and well-being. I spent my 20s working in different tech teams and feeling overworked, underpaid and out of place.
I struggled with a toxic work culture where offensive jokes were constantly made and brushed off as “banter”, where I received more comments about my outfit choices than the goals I reached, and where all-male groups would often exclude me from social events.
Having my own business helped me pursue work I found meaningful, express my values and ambition and maximise my earnings potential. It took me from being “just another woman of colour” in tech to being a recognised entrepreneur, opening up opportunities I couldn’t have imagined.
In the process, I learned that having a side business comes with its own risks and challenges.
It can certainly take a toll on your full-time job and your health. But if you approach with care, you can build something sustainable. Here’s what I wish I knew.
Have a clear picture of your goals
In 2016, I quit my job at a tech start-up after realising just how much its culture was affecting me. I wanted to stay in tech, because I thought the industry offered the best path for maximising my earnings (compensation packages tend to include equity stakes on top of salaries).
But I didn’t want to join another company and team that looked great on the surface only to be toxic underneath. I also wanted a greater degree of flexibility.
So I decided to forgo full-time employment, and initially even the side-hustle route, and instead committed to starting my own business. Being based in the UK made this decision easier (I could access free healthcare), as did being in my 20s, since I wasn’t yet all that worried about saving for retirement.
Be flexible
Over the course of a year working as a full-time entrepreneur, I tried and failed to raise funding dozens of times. The setbacks made me miss a lot of things about working for an employer: being part of a team, having people around to solve problems with, getting a regular pay cheque and benefits.
I decided to go back to working for a company while continuing my business on the side.
Being an entrepreneur doesn’t have to be all or nothing. For me, having a side hustle was the best of both worlds: I got the chance to be my own boss sometimes, but with greater financial security overall.
For me, having a side hustle was the best of both worlds: I got the chance to be my own boss sometimes, but with greater financial security overall
I didn’t have to pour as much time and money into my venture, and I found the payoff to be just as satisfying. The key is, if you’re not achieving the results you want, think about what can change.
Work on a problem close to your heart
One of the most common questions I get about side hustles is, what should mine be? Well, consider what you care about. Creating a product or service based around a personal experience makes it a lot easier to tell a compelling brand story and connect with prospective customers and clients.
For me, I wanted to help teams tackle bias so I created workshops to promote inclusion. I would write LinkedIn and Medium posts focused on the lack of diversity in tech, talking about the frustrations I’d faced in my career.
These resonated with other under-represented professionals on the internet – and they became my first community members, helping me promote my brand within their companies and land my first training clients.
Be proactive with your employer
More and more employers recognise that folks have multi-hyphen careers, but it’s best to get ahead of any potential issues. Read your employment contract carefully to ensure you can embark on your venture, or ask your manager.
If you need to obtain permission, write a simple one-pager explaining what your business will sell and why it won’t affect your work.
Some managers may encourage your outside gig. When my former employer was struggling to recruit more women for its engineering team and wanted diversity and inclusion training, my boss suggested they fly me out for that task.
Of course, not all employers or managers will be supportive, so prepare to address concerns.
Clarify that you will only work on your business on your own time and on your own personal devices. Create a firm separation between your job and your business. You shouldn’t be promoting your hustle on work channels unless you have permission to do so.
Create boundaries and stick to them
While you don’t want your side hustle cutting into your regular job, you will need to find enough time and energy to dedicate to your project to see results.
In my case, I separate my side hustle from my main job and my personal life. I aim to work a finite amount of time on my business each week, and I’ve created realistic time-bound milestones to measure my progress.
The side hustle route let me build a business at a sustainable pace with the safety net of a salary. I’m not letting it go anytime soon.
Bloomberg
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5