What You Need to Know About Side Hustles

November 19, 2019

Do you want to earn some extra money doing
what you enjoy on your own time? Consider
pursuing a side hustle, which can be defined as
any type of work undertaken in addition to
a full-time job.

Generally, side hustles are freelance or piecework in
nature. Depending on how much time and
energy you put into a side hustle, you could
earn a significant supplemental income.

Think about your side hustle options…
Do you have any hobbies or special skills that
have earning potential? Think about turning
them into income-generating opportunities. For
example, if you enjoy baking or cooking, you
might be able to find catering gigs for local
events or organizations. If you’re talented at
knitting, making jewelry, or crafting another kind
of item, you could look into selling your goods
using an online e-commerce site.

Perhaps you’d like to work a side hustle that
doesn’t involve formal education or specialized
skills. In this case, you have plenty of options
that are still profitable. Some ideas include dog
walking/pet sitting, running errands, driving
people around/making local deliveries, secret
shopping, taking online surveys, tutoring,
renting out property, caregiving, cleaning, and
blogging. Consider searching for and
downloading apps on your smartphone that are
designed to help you find small tasks you can
do locally at various rates. Research online for
more side hustle ideas: You might be surprised
to discover just how many money-earning
opportunities are available to you.

Know the benefits…
Side hustles are different from part-time jobs
worked at night or over the weekend. Working a
side hustle means turning your interests,
talents, and skills into potential sources of
income. Since you are your own boss, you
have the flexibility to determine when and for
how long you’ll work.
Working a side hustle also gives you the
opportunity to explore your passions without
giving up the financial stability that your full-time
job provides. So not only will your bank account
benefit from extra cash flow, but you can
pursue your financial goals faster. And your
overall life satisfaction might get a boost from
knowing you’re doing work that you care about
and/or fills your time.

…and the drawbacks
Working a side hustle (or multiple side hustles)
could conflict with your day job. Some
companies have policies that prohibit
moonlighting, but this is typically true only in
cases when you’re performing work that is
similar to what you do for your employer. Avoid
potential issues by checking with your
company’s HR department to find out whether
your employer allows you to pursue outside
work.

You should also be wary of over-committing
yourself. Jumping into a new side hustle
requires that you invest a portion of your spare
time to bring in extra money. Between working
your primary job and your side hustle(s), you
could easily end up having less time for
yourself to relax or socialize at the end of your
workday. This can take a toll on your physical
and mental health, so it’s important to find
balance. Don’t take on more work than you can
realistically handle.

Consider the potential for growth
If you’re dreaming of growing a side hustle into
your primary source of income, you’ll need to
be prepared to commit to it. Set a time frame in
which you’ll dedicate your energy to growing
your side hustle. Research your competition
and establish your unique edge. Come up with
a business plan that will serve as a roadmap as
you move forward. It will take time and hard
work, but you might be able to turn your side
hustle into a full-time job

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