Before we even begin, here’s one reason why you should have a side hustle – it’s 2017!
In today’s clime, it’s all about the side hustle: the jobs, gigs and hobbies you do in your free time. The world of work is changing. Putting in all of your time and energy to a job is beginning to sound like the worst idea. Companies aren’t loyal. I’m not even sure where we got the idea that they should be loyal. This isn’t marriage because they are loyal to one thing… profit. However, while some companies see their people as the path to profit. Others don’t.
With BIG companies doing massive layoffs at all levels, the high unemployment rates, depressed wages, and globalization, you have to start hedging your bets when it comes to how you make money. No matter how much money you make, having only one source of income is dangerous. The reason is because our cost of living usually rises with our income. When we make more, we tend to spend more. We get more foodstuffs, that bigger house, that nicer car, have a few kids, eat out more, etc.
To diversify their income, many people invest in stocks. That’s great, but you have no control of when or how they grow. For a lot of people, stocks are just a form of gambling and luck without the fun and excitement (unless they go up of course). You might as well put 50K into a ponzi scheme promising you 30% returns monthly, then hope and pray your money doesn’t fly away with the promised profit.
Side hustles are anything that can bring in extra money. Most people do/have their side hustle before or after their 9-5 job or on the weekends. However, your side hustle shouldn’t just be a second job. Taking on another low-paid internship or more hours stacking supermarket shelves is just going to leave you resentful at more sacrificing of your Narcos-watching time. Good side hustles are in something you’re passionate about, or something you’d love to make a full-time career one day, or things which will give you the tools to make your dream career a reality.
but the important thing to note today is to have a side hustle and here are 8 reasons why:
1. Your bills are paid
The number one fear anyone has is failing professionally and personally. Professional failure is committing at a job that takes all your time and energy and still remain lower rank in the grand scheme of things. Personal failure is not making enough money to pay their basic bills like rent, car, smart phones or even food.
If you start your business as a side hustle and your main hustle aka your job is paying you enough satisfy all those need, you’re not worrying about money and operating from a mindset of scarcity. Instead, you’re building your business from a place of abundance. The focus isn’t on what you don’t have or might not have. The focus is on what you do have and what you might get. That’s a healthier place to build a business
2. You learn new skills.
With a side hustle, you’re constantly learning new things. Whether you’re designing websites, writing a blog, coding, or managing a freelance writing career, you are continuously learning and improving your specific skill set.
I recently started creating content on our company’s blog. Even though it is quite a new project, I had a headstart because I’ve been managing and editing my own for years. I was able to tap into my knowledge writing catchy headlines, editing, understanding what an audience wants to read, and consistently brainstorming new post ideas. Ideally, your full-time job is related to your part-time gig and these areas of expertise will make you better at both.
3. You can leverage your employer’s brand
Imagine that you are a blogger and you work for an established Publicity firm with years of goodwill and customers, as well as an online presence. Don’t you see an opportunity somewhere?
Knowing this, you can also use projects you’re doing at work to create case studies and stories for what you do as a side hustle. I’ve found that side hustlers are usually the highest performers in their main hustle. Excellence is part of their DNA. They aren’t trying to leech off of anyone. They see their employer as their biggest client, but not their only client or only source of income. And as a result, they do their best to service that client at a high level because the quality of work they do there becomes part of their brand even if they eventually create another brand.
4. Jobs are getting less and less stable
Remember the days of old when a person stayed in the same career for 30 to 40 years? No? Me neither. But apparently that’s how it used to be.
You’d graduated from college, land a job, work your way up the company ladder and eventually retire from the corner office after a lifetime of singular dedicated work. That dedicated loyalty to your company was equally matched by your company’s loyalty to you.
But that reality is no more. The fear of not being able to enter the password to your work computer is real. Layoffs happen nearly every day somewhere across the economy and new college grads will have at least 10 job changes over the course of their long careers.
5. Creative outlet
Side hustling can serve as an outlet for all of your unused creative energy. People easily lose themselves to the daily grind of work, bills, kids, and financial struggles. Don’t let the mundane slowly chip away at your once vivacious life. Take time to focus on your passions again. Pick up wood carving and sell your items on Etsy. If you love plants and gardening, side hustle as a landscaper. If you love writing, Get paid to write for blogs with topics you’re passionate about. Use your side hustle to help you live a dynamic and fulfilling life again.
6. You create a Backup Plan
Your side hustle could even become a large enough income generator to sustain you if you lose your full-time job. Or minimally provide some peace of mind and cushion if your job situation is tenuous. More and more people recognize the benefits and security multiple streams of income provide, especially during times of uncertainty. And you never know — you may become one of the lucky ones who turn their side hustle into a full-fledged business once their side hustle earnings consistently outpace their 9-5 paycheck.
7. You enlarge your list of personal clients and networks
For your side hustle to be successful, you need to find new clients and grow your professional network. You can learn from other people’s career paths and insights at every stage of your career. Meeting new people helps you grow as a professional
8. You become happier and more confident.
When you are working a side hustle, you have (to) become a self-starter. You have to learn new skills, meet new people, and build your brand and business on your own. This autonomy makes each accomplishment feel even better. Knowing that you can be your own boss and meet your goals on your own will increase your confidence.
If you want to get started with side hustling, ask yourself the following questions:
- What do I very often bring to the table?
- What are my unique skills? What is normal to me that people praise me for being good at?
- What will people pay me for? Or what are people already paying me for?
- How much time am I willing to devote to the side hustle?
- What is the minimum amount I’m willing to work for?
These questions will help shape what type of side hustles you may want to try. The good thing about side hustling is that you can try different things before knowing what works best for you. There’s no need to quit your job or make any long-term decisions that may hurt you in the process.
I believe everyone needs a side hustle. Something you do outside your job to keep life interesting, keep your mind sharp, and maybe even earn some extra income. Ultimately, there is no reason to be stuck living on a meagre salary alone when there are so many different opportunities for making money on the side. Start by asking yourself what brings you joy, then figure out how to make money doing it. If you have a passion for your side hustle, the money will likely follow.