Why Side Hustles Are a Good Idea?
Did you know that 45% of Americans have side hustles? Millions of people who, in addition to their full-time gigs, have some kind of work on the side. While side hustles have been a thing since the 1950s, the idea of having a source of revenue outside of one’s day job took off in the early 2000s. The internet is mainly responsible for this trend, as social media has made it possible and relatively easy for people to get their products and services in front of the masses. If you weigh whether or not to start a side gig, here are six great reasons that might well turn your “maybe” into a “let’s go!”
First, having a side hustle is a great way to increase your financial security. At the very least, a side hustle is an additional revenue stream, allowing you to diversify your cash flow and protect yourself from relying on one source of extra money. Many start side hustles and grow them to a degree. As Forbes Magazine has famously said:
There are no downsides to a side hustle. There are only benefits to building more than one source of income may be through online business or by being an affiliate marketer or business formation in Facebook Marketplace etc.
Even if your side hustle doesn’t end up supplanting your primary source of income, it will certainly make a difference to your overall financial picture by adding up a bit of money as a supplemental income. According to recent statistics, the average side hustle brings in six hundred and eighty-six dollars a month. That’s an additional eight thousand, two hundred and thirty-two dollars a year! For many, this could mean a couple of vacations contributing significantly towards college savings or a new car.
What’s more, side hustlers who devote, on average, twelve hours a week to their side hustle earn a median of one thousand one hundred twenty-two dollars per month. That adds up to a whopping thirteen thousand four hundred and sixty-four dollars a year. So even with taxes, side hustles tend to bring in extra money that impacts financial security.
Another great reason to start a side hustle is that it can be the stepping stone you need to make a career change. If you’re anything like most people, you did not know what you wanted to do when you were seven and never looked back. That kind of career trajectory is the exception, not the rule. What happens for most of us is that our interests, passions, and areas of expertise grow and evolve. I think my career path is not atypical in this regard.
When I was five, I wanted to be a singing waitress. This, according to my mom, came out of nowhere. I’m not even sure why I thought that was a thing. In high school, I worked hard on my academics and had menial jobs. I had no clue what I wanted to be when I grew up. In college, I majored in psychology and thought I might be a therapist. Then, lacking any clarity about my career, I took the LSAT my senior year and went to law school. My path seemed pretty certain from there, so I went to a big law firm in San Francisco. After that, life took me to Cleveland, Boston, and then back to Cleveland. Law firm life it was, as I specialized in employment law. After my daughter was born in 2003, law firm life did not seem to work for me. So I started a human resources consulting business and did that for many years. When I discovered coaching, I thought it would be fun “on the side.” Now, it’s not only my full-time jam, but it truly feels like my life purpose.
I share all this because I did not enter the world of coaching until my late forties. I’m now in my early fifties and have career and life purpose clarity I could not have imagined twenty years ago. It goes this way for many of us. And you know what the perfect entre is into exploring a new career path? A side hustle. Here’s why.
A side hustle is, by definition, something you begin dabbling in. You get to bring a “let’s give it a go and see what happens” mentality. You don’t need to quit the nine-to-five or ditch the steady paycheck and employer-sponsored benefits. Not yet, anyway, and maybe not ever. But, as I did, you might just find that your side hustle is what you want to turn into your career.
Third, viable side hustles are beautiful vehicles for exploring your creativity. By definition, starting something new requires a lot of new things. But, even if you don’t think of yourself as a natural creative, I guarantee that starting and growing a side hustle will require you to exercise the creative part of your brain. And yes, you have one. We all do. It’s the right hemisphere of your brain. Deciding on a business name, an offer, and how to communicate that offer is part of the side hustle journey. And they all require right-brain thinking.
For those who more strongly identify as creatives, side hustles can be an incredible vehicle for exploring and discovering this part of themselves. Your side hustle can be a creative expression. Whether you decide to teach art, sell art, leverage your creative writing skills, create vision boarding workshops (yes, that’s a thing!), take family pet photos (also a thing), or do anything else that engages the right half of your brain, you can create an opportunity for expression that simply might not be possible in your day job or other parts of your life.
Fourth, being a business owner is a proven way to grow your confidence. Yes, it’s scary at times. It necessarily involves “putting yourself out there,” something that can drive fear into the heart of many a side hustler, especially those who tend towards introversion. And, it’s absolutely a way to flex your courage muscle.
Courage does not mean doing something without fear. It means the opposite: feeling fear and doing the thing anyway. Positive psychology research tells us that when we practice courage, we grow our confidence.
You might be wondering why confidence matters. In their best-selling book The Confidence Code, Katty Kay and Claire Shipman explain how confidence correlates more strongly with professional success than competence. They back this up with studies, research and statistics. These all show that women are, overall, less confident than men. They also show that people are more influenced by those who exhibit confidence than those who are smart, skilled, and excellent at what they do. In other words, confidence matters.
And the way we grow our confidence is through taking action, often outside of our comfort zones. Here’s where starting a side hustle comes in. It requires what I like to think of as a “bias to action.” It only works if you do the work of setting it up properly. And being clear on what it is that you offer and how. And communicating your offer wide and far, so you can make sales. There’s really no way to start and grow a side hustle without increasing your confidence.
Fifth, having a side hustle is a great way to create more flexibility. Who among us doesn’t want that? So many of us have been raised to think that our professional lives must look a certain way. Go to school. Get a degree. Get a job. Work 9-5, 8-6, or whatever the case may be, for the rest of our lives. When you think about it, this is a pretty inflexible view of your life. But starting and growing a side hustle will invite you to question your assumptions about what is possible for your professional life. You will have additional income that in and of itself will afford you more freedom in your life. You will also have a taste of what it’s like to be your boss, which is a way to have more flexibility in your days, schedule, and life.
Side hustles also require flexibility in how you think about things. It’s often the case that side hustlers start with one idea, and then it morphs over time. The side hustle you have in year two of your business will almost certainly not be the same side hustle you had when you first launched it. In starting to be more flexible in how we approach our businesses, solve problems that arise along the way, and think about issues in our lives, the more flexibility we will create for ourselves.
And sixth, starting a side hustle is an excellent way to explore your passions. Many of us dabble in various hobbies, going an inch deep and a mile wide. Picking a hobby or an interest and turning it into a side hustle is a surefire way to set yourself on a path of discovery. How much does this thing light you up? Can you think about it and talk about it for hours on end? If you find that the answer is yes, this is a great sign that you’re well on your way to side hustle success.
Yoga was a passion and a hobby for over a decade before I decided to get certified as a yoga teacher. I loved everything about the practice: the physicality, the philosophy, the intellectual side of the practice, and I talked about it, thought about it, and read about it constantly. After I started teaching yoga, my passion grew. It led me to write a book about yoga philosophy, published less than a year after I started writing it. This opened more opportunities in the yoga world, and my yoga teaching side hustle continued to thrive.
Side hustles are truly incredible vehicles for creating many personal, financial, and professional opportunities for ourselves. They provide more financial security. They can help you make a career change if that’s something you want. They allow you to explore your creativity and your passions. They breed confidence and flexibility. The ROI of starting and growing a side hustle is immeasurable.
In conclusion, side hustles are a great way to supplement your income while still having the flexibility and freedom to do what you love. Finding the right one for you takes some research and dedication, but it can be gratifying once you do. You’ll need specific skills to make your side hustle successful, so don’t hesitate to invest in training if necessary. Additionally, legal requirements may come with running a business, so consult an expert on this before embarking on your journey. Finally, juggling any additional workload requires careful organization and time management – something I’m confident we can all achieve! So why not give a side hustle a go? You never know where it might take you!
Frequently Asked Questions
How Do I Find The Right Side Hustle For Me?
Finding the right side hustle can be a daunting task. After all, it’s important to pick something you enjoy and have an aptitude for so that your efforts don’t go to waste. Fortunately, there are several ways to determine which side hustle is best for you.
First, think about what you’re passionate about or what skills you possess that could translate into a lucrative endeavor. For example, if you love cooking, becoming a personal chef or launching a catering business might be ideal options. If coding comes naturally to you, consider developing websites or apps on the side. By honing in on areas where your talents lie, you’ll be able to channel those strengths into generating income.
It’s also helpful to examine other successful people making extra money from their side gigs. What do they do? How did they get started? Can their success story provide insight into how you should approach your venture? Researching and understanding what has worked (or not) for others can help guide your journey toward finding the perfect side hustle.
Using these tips will give you greater confidence when selecting the right opportunity for yourself – whether it involves tapping into existing interests or learning new ones along the way. With the guidance of knowledge and experience from others, you’ll soon find the perfect fit to maximize both enjoyment and profits!
How Much Extra Income Can I Make From A Side Hustle?
Side hustles offer a great way to supplement your income and gain extra financial security. They can be ideal for people who want additional cash but don’t have the time or desire to commit full-time to a second job. So, how much cash can you make from a side hustle? The answer is that it depends on several factors.
Your success with a side hustle will depend on many things, including the type of business you choose and how much effort you put into it. While some companies require more upfront investment, all side gigs can make excellent profits if managed correctly. Additionally, the amount of work you’re willing to do also plays an essential role in determining your earnings potential as a side hustler.
You may wonder whether it’s possible to make extra income through a side gig to turn it into something sustainable or profitable long-term. Fortunately, there are plenty of inspiring stories about people who have made their dreams come true by starting and growing successful small businesses while working part-time jobs alongside them. With dedication, hard work, and strategic planning – plus the right combination of skills – anyone has the potential to build considerable wealth over time through their side venture.
What Skills Do I Need To Start A Side Hustle?
Side hustles are a great way to get extra cash and can be incredibly rewarding. But if you want to start one, you need more than just enthusiasm — you’ll also need the right skillset. So it’s important to consider what kind of side gig best suits you and your talents.
The most successful side hustles share specific characteristics: they require minimal upfront costs; have low risk; offer flexibility in hours worked; and generate good returns for the time invested. To ensure that yours fits this criterion, ask yourself whether it utilizes any skills or knowledge you already possess. It is only possible to start a business from scratch if something unique sets it apart from the competition.
Think carefully about what resources are available at your disposal – such as existing contacts or networks – that could help quickly get your project off the ground. You may even find that exploring similar businesses gives you valuable insight into how they operate and allows you to identify gaps in their approach, enabling you to differentiate yourself from them.
No matter how much research is done beforehand, starting a new venture always involves some degree of risk, so understanding the risks associated with setting up a shop is essential before jumping in head first without proper preparation. Taking calculated risks will give you an edge but remember to determine potential exit strategies should things not go according to plan. Launching a side hustle has never been easier with these considerations in mind!
Are There Any Legal Requirements I Need To Consider?
When considering taking on a lucrative side hustle, it’s essential to consider the legal requirements of starting a business. Depending on the type of side hustle you’re looking at; there may be specific laws and regulations that apply.
For example, if you plan to start a small online store selling products or services, you’ll need to ensure your business is registered with local authorities. This will allow you to collect customer taxes and stay compliant with any other applicable laws. Consider getting insurance for your business if anything goes wrong.
Additionally, some businesses require special licenses or permits before operating legally. If this applies to your situation, it’s essential to research what steps are necessary to obtain these documents so that your side hustle doesn’t run afoul of the law.
Overall, understanding the legal implications of launching a new fun side hustle is critical for anyone who wants their entrepreneurial venture off the ground efficiently and successfully.
How Do I Balance My Side Hustle With My Other Commitments?
Side hustle ideas can be a great way to supplement your passive income and explore different interests. However, it is essential to make sure you can balance this additional workload with your existing commitments.
The most critical thing when juggling multiple activities at once is time management. Consider how much of your free time and decide what proportion you should go towards each task or project. Then, dedicate specific days or times for focusing on one activity while being flexible enough to respond if something unexpected arises. Prioritizing tasks according to urgency and importance can help keep everything organized and manageable.
It’s also helpful to set realistic goals so that the pressure doesn’t become overwhelming – don’t put too much pressure on yourself! Take regular breaks throughout the day, step away from screens where possible, and try mindfulness techniques like breathing exercises or meditation to give yourself some mental space between work commitments.
Finding ways to stay physically and mentally healthy is vital to successfully managing side hustles and other obligations in your spare time.