Ah yes, the old American adage of work, work, work. Fortunately though, work is often rewarded. But nevertheless, there is a lot of discussion these days about having a side hustle: something that’s income generating that’s outside of your primary occupation. In other words, a second job.
Why might you want a side hustle? Let’s discuss:
More money
Simply put, a side hustle is working more, and if you do it right, you’ll get paid for your efforts. Of course, getting a side hustle that’s an hourly job will pay immediately, but many won’t pay for sometime. An example of this is starting up a new business, where you can bankroll the business as a side hustle to eventually generate money as the business grows.
Regardless of when the funds come in, starting and cultivating a side hustle is a great way to earn extra money. Especially if the side hustle allows you to work during hours that you can’t normally work. An example could be a primary care physician whose office is only open 8 AM – 5 PM for patients. They could have a side hustle writing teen adult vampire fiction that they develop during their off hours. After publishing on Amazon with lots of marketing, their side hustle could start to pay off.
More passion
A side hustle can be something that you’re truly passionate about. In a way, that’s also called a hobby. But what about considering ways to make that into a side business?
For example, perhaps you are an engineer at a tech firm and yet you love plants, particularly easy-to-care-for succulents. You could start a plant nursery on your patio that sells plants at the farmer’s market on the weekends. This way you get to fulfill your passion for gardening and make a few bucks at the same time.
Develop yourself professionally
Just because you are doing something on the side doesn’t mean you can also use that time and effort to feedback positively to your main career. One example would be an engineer teaching a college course at the local college. While this doesn’t immediately benefit your day job, I think it looks great when I’m reviewing a candidate’s CV.
Another example could be starting a non-profit. While this technically goes against the requirement of generating income, a non-profit is very similar to a business in the requirements to get one off the ground and can also feedback to your professional life in a very positive way.
Career change
Lastly, a side hustle is a great way to test the waters on a career change. This is actually a well-worn path for many people, that first started their “passion projects” as a side hustle and then it evolved into a full-time job. An example could be an e-commerce site that you started in your garage for some niche area (say, fountain pens?) and it’s gotten to the size that you can replace your full time job.
Ultimately this is a fantastic way to migrate into a new career path while minimizing the risk involved in getting started.
Where to go next…
Ultimately, if you decide that having a side hustle is the thing for you and your family, go for it! Let me know what you’re working on in the comment section below…
I’ll be sharing with you guys our side hustles in some coming weeks. Also, sharing about what happens when side hustles don’t work out.