Yes, you should consider a side hustle if you’re looking for a way to make more money or a way to potentially transition to another career field.
Keep in mind that while a side hustle can be profitable and fulfilling, it can also add a lot of stress to an already busy life.
Make sure your side hustle is something you enjoy and that it provides enough income to justify the amount of effort you put into it.
But before diving headfirst into the world of side gigs, it’s essential to understand what a side hustle entails and whether it’s the right choice for you.
What is a Side Hustle?
A side hustle is a job that brings in extra income outside of your regular, full-time job. A side hustle can be in any line of work.
You could consider a part-time waitressing job as a side hustle. It might be freelancing, selling crafts, blogging, tutoring, or building a following as an influencer.
The side hustle should accomplish two things: it should make you happy and make you money.
If possible, don’t pursue a side job that will leave you drained and frustrated for your full-time career. Likewise, something that you enjoy but don’t make money at is not a side hustle. It’s a hobby.
Pro-Tip:
There’s nothing wrong with having a hobby, but I think it’s important you learn the difference between the two.
Too many people will start something and think it’s a business or a side hustle when in fact, it’s a hobby.
For example, if you’re playing video games and recording yourself on Twitch doing it, but you’re not making any money, or you don’t know how you’ll make money doing it… it’s a hobby.
If you’re playing games and recording yourself on Twitch and you have a following, sponsors, and are making money doing it, it’s probably a side hustle (or your full-time job).
What are the Benefits of a Side Hustle?
There are several benefits to having a side hustle, and before I delve into those, let me share the story of someone I know—Jane (name changed for privacy).
Jane began her journey into writing as a side hustle. She was employed full-time as a marketing director, a role that paid the bills but didn’t ignite her passion.
Writing was her true love, and pursuing it on the side provided her with some extra income while indulging in what she enjoyed most.
When she was later promoted to Vice President of Marketing, Jane discovered that her side project brought her more fulfillment than her primary job.
Ultimately, she decided to leave her marketing career and dive into writing full-time. Initially, her income as a writer was lower than what she earned in marketing, but she had enough savings to take a chance on her dreams.
Today, she not only writes full-time but also maintains a side hustle in writing because her passion is so strong that she dedicates herself to it both day and night.
This exemplifies one of the key advantages of having a side hustle: it allows you to explore something you truly love, and if you excel at it, there’s potential to transform that passion into a full-time career.
With that story, you can start seeing some of the benefits, but let’s actually break each benefit down.
1. Financial Freedom
One of the most compelling reasons to start a side hustle is the potential for increased financial freedom.
With an additional stream of income, you can pay off debts faster, save for future goals, or simply enjoy a more comfortable lifestyle.
Imagine not having to stress about that unexpected car repair or being able to take that spontaneous weekend trip without worrying about your bank balance.
2. Skill Development
Side hustles often allow you to explore new interests and develop skills that you might not use in your primary job.
This can be incredibly fulfilling and can even open doors to new career opportunities.
For instance, if you love photography but work in finance, starting a small photography business on the side can help you build a portfolio and potentially transition into a new career down the line.
Flexibility and Control
Unlike a traditional job, a side hustle often offers more flexibility. You can choose when and where you work, which can be a significant advantage if you have other commitments or prefer a non-traditional work schedule.
This flexibility means you can work around your full-time job, family responsibilities, or even your favorite hobbies.
Potential Downsides and Challenges to Consider
There are plenty of downsides and some challenges you need to consider if you’re going to be doing a side hustle.
1. Risk of Burnout
The first, and arguably the biggest, is that you can burn out pretty fast. Working a full-time job and then working some more on the side might be too much for you. This is even truer if you have other non-work responsibilities at home.
2. Potential Low Pay
Pay can be a big downside. Most hobby work requires significant effort with little reward. To further illustrate, here’s another example, this time from another person I know named Judy (name also changed for privacy).
When Judy’s daughter was born, she started a side gig making hair bows and supplies for kids. It was fun, and she was in very high demand. One night, as she was making bows until 2 AM, she realized that she was earning a profit on her supplies but not on her time. She called it quits a few weeks later.
3. You Can Lose Money
You can actually lose money on your side hustle.
An example of this is multi-level marketing ventures, which are notorious for requiring an investment from their sales representatives. What looks like a great opportunity usually ends up being an expensive lesson.
Not only will it cost you money, but it will probably cost you quite a few friends. No one, but no one, wants to get a text from someone asking them to join their nail polish aromatherapy candle basket party.
4. It Will Require You To Manage Your Time Well
Balancing a side hustle with your primary job and personal life can be challenging. It’s important to assess whether you have the time and energy to commit to another venture without burning out.
Effective time management is key here. Using tools like calendars, to-do lists, and time-tracking apps can help you stay organized and ensure you’re not stretching yourself too thin.
5. You’ll Need Some Money To Get Started
Some side hustles require an upfront investment, whether it’s money, time, or both. It’s important to consider these costs and weigh them against the potential benefits.
For example, starting an online store might require purchasing inventory and setting up a website, while freelancing might require investing in software or courses to hone your skills.
6. Staying Consistent and Motivated is Difficult
Success in a side hustle often requires consistent effort and dedication. If you’re not prepared to put in the work, you might not see the results you’re hoping for.
It’s easy to get excited at the beginning, but maintaining that enthusiasm and commitment over the long term is where many people falter. Setting realistic goals and regularly reviewing your progress can keep you motivated.
What are Some Good Side Hustles?
1. Freelancing
Freelancing offers a wide range of opportunities, from writing and graphic design to consulting and programming. Websites like Upwork and Fiverr can help you get started.
The beauty of freelancing is that you can often leverage skills you already have, making it easier to hit the ground running.
2. Online Selling
Platforms like eBay and Etsy make it easy to sell handmade or vintage items, while dropshipping through sites like Shopify can be a lucrative option. If you have a knack for crafting or a keen eye for vintage finds, this could be a fun and profitable venture.
3. Ridesharing and Delivery Services
If you have a reliable vehicle, consider driving for services like Uber or delivering food through apps like DoorDash. These gigs offer the flexibility to work when you want, making them ideal for fitting around other commitments.
4. Tutoring and Teaching
If you have expertise in a particular subject, online tutoring platforms like Chegg or teaching English through sites like VIPKid can be rewarding options.
Not only can you earn extra money, but you can also make a significant impact on someone’s education.
How to Get Started
Identify Your Skills and Interests
Start by assessing your skills, interests, and available time. Choose a side hustle that aligns with these factors to increase your chances of success and satisfaction.
For example, if you’re a night owl who loves writing, freelance writing could be a great fit. On the other hand, if you’re a morning person who enjoys interacting with people, ridesharing might be more up your alley.
Research and Plan
Conduct thorough research to understand the market and potential earnings. Create a plan outlining your goals, target audience, and strategies for growth.
Look at what others in your chosen field are doing and identify any gaps you could fill. Planning ahead can save you a lot of headaches down the road.
Start Small
Begin with manageable tasks and gradually scale up as you gain confidence and experience. This approach allows you to test the waters without overwhelming yourself.
For instance, if you’re interested in online selling, start with a few items to see how they perform before investing in a large inventory.
Key Takeaways
A side hustle can be rewarding both financially and personally. With careful planning and commitment, it can become a successful venture.
Whether to pay off debt, gain new skills, or enjoy a flexible lifestyle, a side hustle may be the perfect solution for you.
About the Author
Thomas is a full-time nurse and a full-time side hustler. He’s always looking for a new side hustle and learning about ways to make more money, save more money, and invest that money.