Everyone seems to talk about side hustles nowadays, but what are they, and is a side hustle the right choice for you?
Have you been daydreaming about quitting your current job and starting up on your own? Being your own boss is an appealing prospect for many people, but the risks involved are often off-putting. Running your own business means that you have no guaranteed income, and you are responsible for every aspect of the day to day running of the company. While some people relish the level of risk and responsibility that comes from being self-employed, others dislike the uncertainty that it brings.
A side hustle is a way of making extra cash in your spare time on top of your regular job. Having a side hustle can be a great starting point for any dreams of becoming an entrepreneur that you have been harboring. A side hustle lets you dip your toe into the life of an entrepreneur without taking on as much risk. By starting a side hustle, you can continue to work and receive a regular paycheck from your current job, while earning extra cash from your side hustle.
Of course, not everyone dreams of becoming an entrepreneur. For other people, a side hustle starts as a way to earn some extra cash. This then proves to be so successful that they choose to progress the side hustle further into a business.
The Pros and Cons of Side Hustles
As with everything in life, there are both good and bad points associated with running a side hustle. Here are some of the things to consider:
Pro: You can test the water and decide if running a business is the right choice for you, without investing large sums of money.
Con: You may have invested some money in starting the side hustle and then decide that it’s not the right choice for you.
Pro: You can run the business around your day job and other responsibilities.
Con: You may struggle to find the time to run your side hustle on top of your other commitments.
Pro: You can turn your hobby into a money-making opportunity.
Con: You may fall out of love with your hobby if you are working to order rather than for enjoyment.
Pro: You can earn money in your spare time.
Con: You may experience burn out and feel run down as you will miss out on time to relax at home in your spare time.
Pro: You can run the business from a spare room at home.
Con: You may feel crowded by work if your side hustle is cluttering up your living space.
Pro: Your side hustle could be successful enough for you to turn it into a full-time business venture eventually.
Con: As your side hustle starts to grow, you may feel stressed out trying to balance it while working your regular job.
Pro: Your side hustle could be a massive success from the start, and you could receive tons of orders and find your products in high demand very quickly.
Con: You will need to find the time to fulfill all these orders as well as doing your regular job. Demand could outweigh the time, materials (and energy!) that you have available to dedicate to your side hustle.
Pro: You will pick up lots of experience and skills needed to run a business.
Con: You may strongly dislike the responsibility levels and extra work that is involved in running a business yourself.
These pros and cons should illustrate that there are many positives and negatives when it comes to setting up a side hustle. The most important thing to do is to look at the bigger picture and assess your priorities. This should help you decide if it’s the right choice for you, and if any negatives you identify are outweighed by the positives you could gain from the experience.
Which Side Hustle is Right For You?
The internet has meant that there are massive amounts of different options available for side hustles. The digital age has provided unlimited potential for connecting with people and a vast number of ways to work. The only limit is your creativity and imagination!
Thanks to the internet, it has never been easier to reach people across the world, which creates a vast pool of prospective customers for your business. This means that there are lots of ways to run a successful side hustle, which could then turn into a profitable work from home business venture.
With so many different options available, you may feel overwhelmed by the choices available to you. Working out which side hustle you should opt for can be a tough decision, so here are some things to consider when deciding:
Do you have a skill that people are always complimenting? For example, are you an excellent artist that is frequently praised for your drawing or painting skills? If so, this could be an excellent opportunity to create work to sell online and at art exhibitions. Sometimes, local coffee shops and restaurants will display artwork on their walls that is for sale. This could be a great way to get exposure for your work and make some sales too.
In the age of mass production, many people are seeking out handmade items both for themselves and as gifts. In response to commercialism and items manufactured in bulk, many people are turning to individually created products for authenticity. Supporting artisans and craftspeople has become a growing trend and one which people are happily prepared to spend extra money on. The success of online marketplaces such as Etsy is a testament to this desire for handcrafted items. If you love crafts and have a talent for it, then this could be a very lucrative option for you to pursue. As well as Etsy, you could also sell on a local level at craft fairs, and in gift stores.
If getting creative isn’t your thing there are loads of other side hustles you could try. How about running an online shop and using drop shipping, so that you don’t need to store the goods at home? Alternatively, you may decide to combine something that you are passionate about and a subject that you are knowledgeable about with making some extra cash. This could be something such as buying and then re-selling antiques or collectibles for a profit.
If you love animals, then pet sitting, or dog walking could be a viable idea for you to pursue to make some extra cash.
Thinking about what your priorities are should help you to decide on the right side hustle for you. Do you want to transform a hobby that you love into a lucrative income booster, or is your focus on making money? You should also consider how much free time and cash you are prepared to commit to your side hustle.
The Practical Side of a Side Hustle
As well as the fun side of running a side hustle and topping up your bank balance in the process, there are also some practical points to consider. There are sure to be some essentials that you will need to make your side hustle work, and specific procedures and rules to follow.
Get The Right Tools for The Job
Not having the equipment you need can be frustrating, so try to look ahead and predict what you will need to put your plans into action. As your new venture is not your main income source, you can choose to launch your side hustle whenever it is convenient for you to do so.
Technology is likely to play a big part in making your side hustle a success. Product research, selling items online and communicating with customers can all use up a lot of your data. Therefore, you may find it useful to use a plan such as SMARTY unlimited data so that you can stay connected.
If you are selling items online, you will need a camera that can take decent pictures, to present your products at their best. Nowadays, a cell phone camera should be more up to the job, but you will need to do some research into which phones offer the best cameras.
To keep your venture running smoothly, you will need to carry out some research into the paperwork and procedures you will need to follow. You may need to get insurance to protect you from potential issues with your side hustle and the products you sell or service you provide.
You may also want to look into the tax implications of running a side hustle. With the right information, you can take care of the official side of your venture correctly and avert any trouble surfacing further down the line.
Creating a side hustle is an ideal way to take your first steps towards being a full-time entrepreneur. The reduced level of risk makes it the perfect way to decide if running a business is the right choice for you.