A side hustle is something that you can do outside of your regular day job with your spare time at home or online. This money making pursuit allows you to work at your own convenience, time and space. You can work from home or anywhere to make an extra cash each month. The cost of starting one can be minimal or no cost at all while you maximize your income benefits.
It is good to think a little bit differently from other people. Being innovative often ends up with a side hustle with a new thinking style and skill set. This is because starting a side hustle will usually push and challenge you to learn new skills such as digital marketing.
Diversified source of income. Diversifying your income is equally important as diversifying your investments. To enjoy financial independence, this should be placed on top of the list. Having a different source of income would mean a lot when you are sailing through times of economic catastrophe. Simply put. More income sources mean solid security.
Emergency source of income. Your household income may come primarily from your day job, but may not be sufficient soon at the time your kids will start their college education. This means that you won’t be contented with the amount of money you received from your day job for long. It is dangerous to rely only on one employer for your household income. The reason? If you lose your job, it might be difficult for you to buy even your meals.
Reach your financial goals. The goal of starting a side hustle and building multiple income streams is to reach your financial goals. Observe people with high income and high net worth. They do have financial goals and several income sources. They do not rely on one. They diversify.
Offer a service. Side hustles do not have to always come with a product. You can do it and be successful offering your services such as bookkeeping and being a virtual assistant. Offering a service does not need cash to start. By offering a service, you create a side business with complete control. You are in no position to control unless you own the business.
Makes you feel secure. This approach makes you less vulnerable. Avoids excessive dependence on any income source. You just cannot rely on a single sales source. The fluctuation of your life events and financial circumstance need finding a better second source of income elsewhere as a safeguard to future financial crisis.
Can grow even without hiring a staff. You can be a stand alone when you start a side hustle. For minimal operational cost, you can do it on your own, all by yourself.
Provide opportunities to meet new people. Side hustles make you want to meet new people because of the fat that you cannot grow your business without networking. You also attract like minded people.
Earn extra cash anytime. Gives you the ability to earn extra cash whenever you feel like working on your side hustle. A little more freedom can be desirable, so you can stop on your side hustle and then work again on it anytime.
Time management. You may have difficulty managing your time between family, day job and side hustle. You can easily end up getting pressured by all of them and having no actual time for anything or end up neglecting a relationship.
Focus. Your attention goes between your primary job and your side hustle. Sometimes, one of them takes up a lot of your time and focus that it is possible you might end up neglecting your regular work. Adding responsibilities and extra stress or complexity into your life may create relationship tension with a personal cost.
Lack of self-care. Spending too much time working at your day job, plus your side hustle may leave you feeling isolated and very much overwhelmed. Switching off can be a real problem, especially if both are running well. Imagine yourself with either your mobile phone or laptop at your side. You now struggle to fit your family and friends with your schedule.
Balance. Finding a happy balance may require extra effort. There can be the lack of sufficient time to devote to the side hustle.
Employer does not approve. There are companies that won’t allow their employees to have a side hustle. Some would include an assignment of intellectual property in the employment contract.
Steeper learning curve. The complexity of entrepreneurship comes with time, budget and focus. You need to spend more time with research, making more friends in networking and sharpening your skills.
Burnout. A side hustle can lead to burnout. Could be lucrative, but it will result in a burn out. Job burn out is a work related stress that involves loss of personal identity. Whatever the cause, a job burnout impacts your physical and mental health. Extremes of activity can lead to fatigue and job burnout.
Most people don’t start as business entrepreneurs. They often pick a side hustle and start doing it only after some level of work experience. At the time they need to step out on their own, they already know their target audience and what kind of side hustle they are going to start.
Because entrepreneurship is risky, you need to be brave in being the perfect employee as well as being the most flexible boss. Do not ever leave your primary day job if your side hustle is not picking up yet.
Failures are normal and you need to overcome the first few stages of having a side hustle before you decide to completely leave your day job. The drawback is time and relationships.
Never forget your regular job. It is still your bread and butter. Eventually, your employers will notice your performance and you could end up losing your regular job. Be the best that you can with both worlds.
There are advantages and disadvantages in starting a side hustle. You need to be strong and determined in achieving your financial goals.
Do not do any side hustle work on company time. If your business demands more time and work, just find additional help.