The What, Where, How and Why of Side Hustles
‘Side-hustle’ - everyone talks about it, everyone wants one, some have one (or two, or more). You want in, but aren’t sure how? We’ve got the perfect guide to the what, where, why and how of the side-hustles.
First, let’s figure out what is considered a side hustle.
A side hustle is any type of work undertaken in addition to one’s full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather than a typical day job worked in order to make ends meet.
A side hustle is not the same as a part-time job. While a part-time job still entails someone else (your employer) calling most of the shots (including hours worked and what you’ll be paid), a side hustle gives you the freedom to decide how much you want to work and earn.
One thing to consider is if you’re an employee or an independent contractor. To understand the difference, check out this resource. This resource will be very useful in either case.
So what are the common reasons why one would want to embark on a side hustle journey?
Extra income. Who doesn’t want to be more financially secure and have more spending money?
Passion. You are passionate about an idea, so you go to sleep thinking about the idea of creating analog laptop chargers. Instead of quitting your job, you start building the prototype in your basement.
Developing skills. You are looking to develop your skills as a web designer, or a personal coach, or a pastry chef. So, there is no better way than to practice while also earning extra income.
Eventual career change. Perhaps you are considering a career change, but not quite ready to dive headfirst. Get your toes wet by starting a side hustle doing what it is you look to switching to eventually.
Hobby. You are looking for an outlet for your creative juices. Spend all your free time making cute crochet kittens that all your friends are dying to own? You could start a side hustle selling them on Etsy or eBay.
Now, let’s see what types of side hustles are there?
Hobby-based. Cookie bakers, quilt makers, photo takers - apply within. If you love doing something, have done it as a hobby and have had friends comment on how “you should totally sell those”, you could start a hobby-based side hustle.
Knowledge-based. Are you an expert in a specific field? Can you share your experience and knowledge for the benefit of others? You could freelance as a consultant, a tutor, a coach, create an eBook or a course and share it on an existing platform.
Gig economy-based. Use your free time and existing platforms wisely. Drive for Uber or Lyft, walk dogs, babysit, pick up tasks on Task Rabbit, guide tours through ToursByLocals. There are plenty of platforms that rely on independent contractors to perform services.
Sharing economy-based. Do you have something other people may want or need temporarily? Rent out your car, house, clothing, tools through an existing platform and earn extra money in the process.
Online. Already spend a lot of time online and attached to your device? Use this time with purpose and make money by becoming an app tester, filling out surveys, reselling products on Amazon or eBay, taking on the role of a virtual personal assistant, getting into affiliate or multi-level marketing.
So, now that you are familiar with the types of side-hustles, let’s determine if a side hustle is right for you.
If you are even considering the idea of a side hustle, it is likely because you are looking for extra cash. You must remember that there are other ways to earn extra income, and perhaps getting a part-time job is the better choice. To decide you should ask yourself these questions:
Do I like consistency, reliability, and stability?
Do I get discouraged easily if things don’t go as planned?
Do I have a full social calendar and value my free time?
Do I get thrown off my game by unexpected situations?
If you’ve answered yes to 2 or more of these questions, you may need to rethink this whole side hustle thing and consider getting a part-time job instead.
Now, ask yourself these questions:
Do I thrive under pressure?
Am I persistent and maybe even stubborn?
Am I easily inspired and motivated?
Am I a self-starter?
Am I good at organization and time-management?
Am I interested in exploring other careers?
If you answered yes to 3 or more of these questions, a side-hustle could be just right for you!
And lastly, if you are thinking of getting a side hustle because your budget is tearing at the seams, instead of jumping headfirst into a new venture, you could always just work on adjusting your spending and improving your saving skills.
If you’re thinking about starting a side hustle, click below to buy “The 2019 Ultimate Guide to a Solid Side Hustle” and start making extra income now!