Have you been thinking about generating a second income? A “side hustle” can help you pay bills and develop some new skills. We’re not talking about applying for a second job. A side hustle isn’t about working two jobs and earning a small hourly wage.
We’re talking about a side income that will grow over time. The goal is to develop valuable skills that will help you make money to pay bills and perhaps eventually replace your main source of income.
What Is a Side Hustle?
A side hustle is an activity you can do, besides having a job. More people are finding this an attractive option as employers often only offer part-time jobs and as the Internet makes it easier for you to connect with clients or customers.
You can work on your side hustle whenever you have some free time, or approach it like a real job and plan this activity like a regular workday. You might only earn a little extra cash in the beginning but could end up running a successful business if you keep at it.
The advantage of developing a side hustle is that you can choose what you want to do. This is definitely something you should look into if you aren’t satisfied with the field you currently work in but can’t quit your job and change careers.
Exploring Ways to Make Money on The Side
What do people do to earn money on the side? Everyone has a different set of skills. These are a few examples of side hustles you might want to consider:
• Making crafts and selling them online. Depending on what you are good at, you could sell clothes, soaps or even furniture.
• Are you good with animals? Offer to walk pets, clean up after them, or train them.
• People live busy lives. Get paid to babysit their children, cook for them, clean their home or run errands for them.
• If you are artistically-inclined, you could offer your services as a graphic designer or sell your art.
• Are you good with words? You can get hired to write content, edit or translate. If you have your own blog, sign up for affiliate programs to monetize it.
• Tutoring is another good way to make money on the side and could lead to a teaching career.
• Video editing is fairly easy to learn. You can make money as a wedding videographer or even create ads for local small businesses.
• Are you addicted to Twitter? Major brands usually go through marketing agencies for their social media campaigns but local businesses will pay you to manage their social media accounts.
• A tech-savvy person could make money fixing computers, phones, TVs and other devices. If you have some solid coding skills, people will pay you to create websites and apps!
• Coaching is an industry that is growing at a fast pace. You can become a personal coach and help your clients achieve their fitness goals or get their dream job.
• There are plenty of opportunities to make money by helping people with odd jobs around their house, lawn care, small repairs and even installation services.
What makes a good side hustle?
A good side hustle should be something where there is room for growth, whether it is personal growth from doing something you enjoy, or the possibility to grow your activity and turn it into a profitable business.
Look for something that will open up new possibilities for you, whether you end up turning it into a full-time business or gain enough experience to become eligible for your dream job.
Choosing the Right Side Hustle
You need to take some time and reflect on your strengths and dreams to determine which side hustle would be right for you. Putting in the time and efforts required to grow your side hustle will be a lot easier if you get to do something you like and if this hard work will help you achieve goals you care about.
What is your dream job?
What would it take for you to get up, be excited about going to work and feel fulfilled when the day is done? It’s fine if you can’t answer these questions – in fact, a side hustle can help you figure out what you want to do. But having a general idea of what you would like to do will make it easier to find a side hustle you are passionate about.
You also need to be realistic when choosing a side hustle. Take an inventory of your skills to determine what you can do. You should go over your schedule and figure out how much time you can dedicate to your side hustle. And don’t forget that some activities will require an investment in supplies or equipment.
Look for an activity that would be a good match for your lifestyle. For instance, a side hustle that allows you to make money from home would be a plus if you have children. If you have a dream job in mind, try finding a side hustle that is as close as possible to this job or that would make a difference on your resume.
Pros and Cons Of Having A Side Hustle
People who have a side hustle will tell you that you need to get one for a number of reasons:
• Earn more cash for bills or spending money.
• Develop some valuable skills that will make you employable.
• Find out what you are passionate about.
• Spend your free time doing something you love, especially if you have a creative side.
• Grow as a person, develop some entrepreneurial skills and learn to organize your time.
However, there are some drawbacks to engaging in one of these activities:
• You can quickly get burnt out if you work too much.
• This can result in poor performance at work and the stress can impact your life at home.
• You won’t have as much free time for hobbies or socializing.
• Some side hustles represent too much work for little pay.
Keeping Your Side Hustle on The Side
Don’t forget that your side hustle is not a full-time job. The first skill you will learn once you get started is to manage your time efficiently.
Your day job comes first. This is your main source of income and the responsibilities you have towards your employer should be your priority. Your end goal might be to quit your day job and start your own business, but remember that you need your job for now.
It is wise to keep your side hustle a secret. Your boss might feel that you are competing against the company you work for if you are moonlighting on the same market. Your boss might also fear that working on the side will result in a decreased performance at work.
It is best to keep your side hustle quiet. Other people might decide to steal your idea, and you will feel foolish if the activity you bragged about doesn’t work out in the end.
The Six-Month Review
A side hustle can become very personal and it can be difficult to look at your results objectively. You will have to invest a lot of hard work and need to know when to walk away when the grinding doesn’t pay off.
The best thing you can do is go into your side hustle with some clear goals in mind. You should have some monetary goals to work towards and a list of skills you want to hone or acquire.
Keep track of how much time you spend on your side hustle, how many clients you find, and how much money you make. You should review all this data after six months to decide if your side hustle is worth it.
You can decide to walk away if you find that your side hustle isn’t taking you anywhere or represents too much hard work and stress. You can also decide to adopt a new strategy, limit the amount of time you spend on your side hustle or work on perfecting some skills so you can charge more for what you offer.
If you find that your side hustle is a success after six months, don’t quit your job yet. Look into growing your side hustle and set some new goals. You could decide that your end goal is to turn your hustle into a business or get your friends involved so you can help more people.
Ideally, you should schedule weekly reviews as well. You don’t necessarily have to look at everything you have accomplished so far, but weekly reviews will help you stay on the right track and maintain a balance between your job, your free time and your side hustle.
The key to being successful with your side hustle is to find something that you can offer and that people are willing to pay for. This is a business model where you are the main asset and need to work on improving yourself as much as you need to work on growing your customer base.
