Why You Need A Side Hustle.
The phrase ‘Side Hustle’ refers to making extra money from a business apart from your full time job or regular business. A side hustle has become very important as the world revolves; relying on only source of income has become obsolete especially if you want out of the rat race. Technology has also made it easier to juggle different businesses, or a career and a business.
There are so many good additional income opportunities available, with some even paying more than many day jobs.Getsmarter.com
There is no right time to start a side hustle nor a scale to weigh when or how to start it, the important thing is to start. A lot of hard work, persistence, multi-tasking and resources is required. A side hustle can also distract you from your full time job and this should not be so because your employer pays you for high performance at your job.
Maintaining a work life balance should also be strictly considered to avoid burning out. Planning and time management is therefore the most important key in ensuring your side hustle is successful and your family/social/personal life remains intact or existent.
With the onset of the corona virus pandemic, businesses around the globe slowed down and most even had to stop operations. New businesses were borne out of boredom, necessity and even hidden passions. Suddenly everyone realized the importance of a side hustle as jobs were lost, salaries cut down while the bills mounted.
Let’s explore 7 reasons why you need a side hustle;
Make Extra Income
We all need extra income to keep up with responsibilities, needs and luxuries. Having a side hustle is one way to build to ensure that you have extra money from a different source monthly.
Unleash your creative side
A lot of the jobs we do pay the bills but we are not necessarily passionate about them. A side hustle can begin as a hobby or a way of discovering our passion and with time we begin to realize profit from it.
Diversify your income streams
In the world we leave today, no individual can afford to depend on only one income source especially if you want to be wealthy. Most experts recommend a minimum of 3 income streams and much more as your income increases.
“You’re going to be a lot more stable if your income doesn’t come from one source.”Bjork Ostrom
Build long term wealth
Building wealth entails delayed gratification, discipline, saving, investing and reinvesting. I recently read an article that summarizes the process of building as; make enough money, save enough money and invest money appropriately. A side hustle comes in here as it helps you in making more money, save some of the money and invest a good part of the money.
Personal and Professional Growth
Having a side hustle is a very important way to grow yourself personally as it helps you develop your skills. Professionally, a side hustle adds to your resume since it can also count as work experience in future.
Full ownership and accountability
Taking ownership and accountability of your side hustle is the only way to ensure its success. If it succeeds or fails is totally up to you and dependent on your daily decisions as you will not generate any profit instead you would have incurred losses.
Networking is a must for any business person no matter the size of your business. ‘Word of mouth’ marketing is the best form of marketing and it’s only possible as you grow a network of people who have patronized and were satisfied with your business or know you really well.
“Networking is not about just connecting people. It’s about connecting people with people, people with ideas, and people with opportunities.”Michele Jennae
I would not be doing this topic justice if I do not mention that a lot of side hustles fold up between 1-3 years because a lot of individuals get tired, bored or simply can’t cope with the pressure. So having a side hustle is not an easy venture especially at the beginning but with time, persistence, building structure, networking/marketing and discipline; success is achievable.
I personally have started over 12 side hustles in my lifetime and I can only boast of 2 successful ones as of today. However, I learnt lessons, gained experiences and built a larger network from all my failed side hustles.
Let me know in the comment section if you have started a side hustle before, did it fail or succeed or did it become your main business!!!