Looking to pad your wallet? Or maybe you have a dream of working in a particular job that you’ve not thought that you could swing as your full-time job. Perhaps the most obvious yet very beneficial solution to these problems is to start working a side hustle. This is something that you do as an alternative source of money to your main job. Depending on the type of job you’ve been employed to do, your side hustle can take many forms. Some people have theirs running at the same time as their main job while others prefer to run it during their free time.
As you choose a side hustle, it’s imperative that you consider the amount of time you’ll be free and your capacity to run it without affecting your normal productivity rate. At the end of the day, the goal is to increase your financial independence and not to kill your main source of income. Some people, however, have all it takes to start an alternative source of money like freelance writing, providing virtual assistance, or even opening a mobile welding business, which can be quite lucrative, but they’re still undecided. If you’re one of these people, then here are some of the reasons why you should take that opportunity:
1. Quick Profits
The main advantage of investing in a side hustle is the ability to rake in lots of profits within a short period. Remember, to open a traditional business set-up, there are a lot of upfront expenses to be met—but with a service-based side hustle, you rarely need a lot of money to start and keep your business running.
Take, for example, a part-time freelance writer. Such a person will only need a computer—which most people have these days—and a strong internet connection. In this case, all the money received from writing maybe be regarded as profits because there’s barely anything to pay, especially if you’re working from the comfort of your couch.
2. Fewer Competitors
One thing that discourages many people from starting their own businesses is the idea of facing a lot of competition. Inasmuch as that’s one of the obvious factors that you are bound to deal with, some areas in particular are known for being highly competitive, which is not ideal for start-ups. However, if you start a service-based side hustle, you can be sure that you’ll face minimal competition.
A service-based side hustle, more often than not, will require your talent and special skills as a person rather than any knowledge you learned in school. The mere fact that you’ll be using your talent to make money means you’ll face less competitors. In fact, you can use your special skills to create a new product or service that will give you a better chance of raking in high profits. You’ll be surprised by the number of people who have already turned their side hustles into full-time jobs because of the impressive growth rate that they experienced.
3. Builds Your Financial Stability
One myth that has been passed from one generation to the next is the idea that being employed equates to financial stability. Many young people, for that reason, focus more on being employed by established companies rather than finding ways of getting the best out of their special abilities. The truth is that there are many self-employed people who earn several times more than those working in offices. Don’t get it twisted though—being an employee is not a bad thing, your mentality is what should be kept in check.
Even if you’re earning a decent salary, there is always a chance that you could add more zeros to your income by starting a side hustle. Monetizing your talent is a great way of building your financial stability. Of course, the more you earn, the easier you’ll find it to pay your monthly bills and finance those loans. As you’ll realize, debts are what always pull someone behind in their financial plans, but side hustles can help you resolve this issue.
4. Financial Security
The idea of losing your current job can be very frightening, especially if you don’t have anything to support you while looking for another source of income. This is the situation in which many people find themselves and it can be quite dangerous. A side hustle gives you that much-needed financial security. As such, in case you lose your job today, you’ll still have a reliable source of income and something to keep your busy.
5. It’s Empowering
For someone who has never been a business owner, it can be quite intimidating to take the route of side hustling. What many beginners are uncomfortable about is the idea of being the final decision maker. Of course, for some people, it’s fun and an enjoyable experience, but lack of enough managerial skills can scare off most first-timers. However, once you get over that initial tension, your side hustle could bring out the best out of you.
For one, making all the decisions by yourself can be very motivating. It’ll not only improve your productivity in this particular job, but also in your main line of work. In fact, if you’re looking to rise through the ranks, a side hustle is a great way of testing and sharpening your leadership skills.
Some people believe that working on something else after their working hours might affect their work performance. On the contrary, this is one way of learning about responsibility and it’ll come in handy as you continue growing in your career. However, make sure you manage your time well to avoid eating into your resting hours as this could adversely impact your productivity.
6. It Builds a Foundation for Your Future Business
As an employee, you’re expected to accomplish your duties within your area of specialization. Inasmuch as you’ll play a crucial role in the success of the business, the truth of the matter is that there are many players involved. In other words, you might not be aware of what it actually takes to build an established company because you’re limited to the knowledge within your department.
Failing is part of running a business, which you might not learn working your eight-to-five job. Therefore, if you’re looking to be self-employed in future—and this should be part of your plans—then it’s recommended that you start with a side hustle. The benefit here is that you’ll have something to support you in case you fail—an inevitable occurrence. Before becoming successful entrepreneurs, many business owners failed several times while trying to find their ideal positions in the market.
There is nothing wrong with leaving your current job and joining the self-employment fraternity all together. However, you’ll be risking a lot here, especially during these tough economic times. The wisest thing to do would be to start building your future business (as a side hustle) while you still have a constant flow of income. Apart from giving you enough time to prepare, it’ll also strengthen your resilience as an entrepreneur.
7. A Sense of Purpose
If you’ve been in the same role for several years, then you already know that this can easily kill your sense of purpose. At some point you’re likely to lose the meaning of your work, and this can significantly reduce your productivity. Having a side hustle can help reinvent that sense of purpose and motivate you to perform better. It’ll also ensure that you generate your passion for the job once again, which is a benefit both for you and the company.
8. New Opportunities
It’s amazing how many opportunities people let go of because they’re too focused on their daily job to realize. Regardless of your industry of specialization, there’re always innovations coming through that make for a perfect investment opportunity. Having a side hustle, preferably within your career path, exposes you to these things and the fact that you already have a personal business makes it easier to implement whatever ideas you have in mind. This is where you can exercise your creativity and let people appreciate what you have to offer. In fact, such approach gives you a competitive advantage as it makes a standout in your niche.
Starting a side hustle might not be your priority at the moment but it should be one of your future plans. Having another source of income apart from your regular job is very beneficial both for your confidence as an employee and an upcoming entrepreneur. It also gives you enough room to experiment new ideas without the fear of failing. Many people have ended up turning their side hustles into full-time jobs and you could also have the same outcome if you plan yourself properly. Another huge advantage is the fact that you’ll have a chance of grabbing new opportunities whenever they come and use them to showcase your creativity to the public. In the long run, this could give you a competitive advantage over other players in the industry.