Over time, the term “side hustle” has risen in use. For many, what began as a word referring to earning a little additional money outside of regular employment has evolved into a way of life.
Side hustles can range from working on freelance assignments after hours to driving for ride-sharing businesses on weekends. According to the report, 36 percent of side hustlers who earn additional money from a side job every month make more than $500. Making ends meet was the primary motivator for most side hustlers, and it can be one of the main reasons you need one as well.
However, side jobs aren’t just for covering expenses. There are several reasons why you should start a side hustle, even if you can live comfortably off of your primary income.
Here are 5 reasons you should start a side hustle;
1. To Diversify Your Income
The first reason is the most obvious, yet it’s still worth discussing. When individuals talk about diversification, they usually mean diversifying their investments. Diversifying your holdings can lower your overall risk without surrendering possible benefits. It’s a well-known topic that’s been repeated frequently enough that most people comprehend its meaning of it.
When we think of someone working two jobs, we generally think of someone who needs more money. Maybe they have a low-paying job and need some extra cash, so they take on a second job. A second job, I’d say, is only a “side hustle,” and having two streams of income is preferable to one. It’s all about risk diversification.
If you have a well-paying “first” job, however, taking on a much lower-paying second job is perilous. That second job will take time and energy away from you, and it may not be financially worthwhile. If you earn $60,000 a year working in an office, it may not be financially prudent to take up a second job as a bartender at night. Because bartending takes time and energy away from you at night, when you may need to relax for the next day, this is the case.
2. It Can Help You To Be Creative
When you become an adult, people want you to “grow up.” Adults can still have fun, be creative, and utilize their creativity, in my opinion. This is another reason why you need a side hustle if you feel the same way I do. A side hustle might assist you in becoming more creative. It’s fantastic to have a place where there are no regulations. I know folks who create fiction books in their spare time, for example. The novels are then published under a pseudonym. What’s even better is that they’re getting paid to do it. It’s even better that they’re being compensated for doing something creative like writing fiction.
3. It Makes You Extra Money
I had to add this to my to-do list. It’s true that a side business may help you supplement your income. I was able to earn an extra $6,000 in a year when I initially started freelancing writing as a side job. And it was only part-time!
Even though I now run my own firm, I continue to freelance write. Security, financial independence, and the capacity to be creative while still being compensated. That one is up to you to figure out. The nicest part about having a side business is that you can do whatever you want with the money you make. I understand how difficult it is to attempt to balance everything on one salary, especially if it isn’t a large one. You could utilize your primary income to cover your expenses and your side hustle to fill in the gaps if you had a side hustle. You may pay off debt, put money aside for an emergency, or even begin investing.
4. There are Chances of Massive Improvement
You can’t “earn more” by merely “working more” when you have a regular job. Even if you are an hourly employee, it is unlikely that you will be able to request and receive more hours on a regular basis. If you’re close with the person who schedules hours, it could be doable for a while, but it’s not something you can count on. This is especially true if you are employed on a pay basis. More labor might result in a greater end-of-year bonus, a better chance of promotion, or anything similar. It does not imply that you will make more money.
You can add and subtract hours dependent on how you feel or what you require when you have a side business. You may take on work on an a la carte basis whether your side job is driving for a ridesharing firm or delivering meals for DoorDash. If you have some free time, check out the apps to see what jobs you may perform to earn some money.
You won’t be able to accomplish it with a normal job, but you can do it with a side hustle. If you have a more entrepreneurial side hustle, like producing items to sell on Etsy, you may use that time to produce more things, research what would sell better, and “work on” the business. It may not immediately translate into money, like driving for Uber does, but it does have an indirect effect. Working more at your day job for a better chance of a raise or promotion is similar, but with your side hustle, you have more control.
5. It’s Fun
There are side hustles that are solely for the purpose of making money, such as driving for Uber or Taxify, and then there are ones that combine your interests with a method to earn money. That’s not to suggest that driving for Uber or Taxify isn’t enjoyable; it can be, but the real test is whether you’d do it for free. You may claim that you’re coupling your passion (driving strangers around) with a means to generate money if you do it for free.
Many professionals I’ve met drive for Uber because they love it. They earn a little additional money while chatting with other individuals, mainly during their travels home. From university-level dance teachers to Master Electricians to full-time drivers to retirees, I’ve met a diverse range of intriguing folks. They all expressed delight in the freedom of driving, the opportunity to make a few dollars, and the ad hoc aspects of the business. That’s an example of more transactional labor, such as “perform an hour of work, get paid.” Others, on the other hand, are as close to a “side hustle” as you can go.