Is your dwindling bank account giving you a lot of stress? Do you have so many financial responsibilities and not enough money to sort them out? Is your day job not earning you enough money? Have you been thinking of ways to earn an extra income? All great reasons to start a side hustle.
In a study conducted by Ipsos, 69% of South Africans worry about money.
The good news is that if you have been having trouble with money, you can throw all these troubles out the window by starting a side hustle. That will not only earn you an extra income but will also secure a future for you and your family.
Why Side Hustle?
What’s your reasons to start a side hustle? The Side Hustle is for people who want or need to earn some extra money outside of their day jobs.
Maybe you need a few extra rands to make ends meet. You may want to pay off debt. You want to save for a rainy day or for your children’s education. Or you simply want to treat yourself to a nice vacation or a new car without feeling guilty about it.
Maybe you’re looking for a way out of the corporate world, an escape plan. That’s the ultimate financial freedom, right?
That’s how I got started down this entrepreneurial path, and it’s the best choice I ever made.
There are a ton of distinct benefits to using your non-work hours more productively. This is your chance to get excited and make something happen. Exercise your brain and explore your passions! It’s science: filling your days with meaningful activities is the path to happiness, Great reasons to start a side hustle.
A small side project is the perfect place to learn and master new skills because you have little risk of failure.
In a large company, you may not get the chance to exercise your mind and learn new skills very often. Which is why it’s so crucial to continue your education away from the office.
“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.” – Pele
If you rely solely on one source of income, you’re pretty much screwed when that source of income stops.
New data from the Old Mutual Savings & Investment Monitor, reveals that more and more people are living from pay cheque to pay cheque.
According to the report, only 30% of the respondents are saving for emergencies. A Budget Insurance survey revealed that only 19% of South Africans would be able to survive for three months if they were to lose their income. To me, that’s a frightening and depressing statistic.
A side hustle is one way to build up your emergency fund so you never find yourself in that position. Even more reasons to start a side hustle!
It’s dangerous to rely on one company or one paycheck. In today’s world, there’s no such thing as job security. And even if your side hustle makes very little or no money to begin with, who do you think is more attractive on the job market? The person who spent their spare time watching TV or the person who spent their spare time learning and applying new skills in the real world?
Most people are drawn to side hustling because they want to supplement their income. But simply setting up a side hustle isn’t going to make you rich overnight.
As long as you’re wise about how you use your extra income, you’ll no longer have to have all your eggs in one basket. And you can stop relying on a single revenue source (aka your paycheck).
If you have debt, you can pay it faster. And if you’re planning on buying something significant (such as a house or car), you’ll have more options. You could even use the money to make more investments and take some financial risks.
Help you Grow
As you start and build your side hustle, you’ll definitely have opportunities to meet new people. Gain new experiences, many of which you wouldn’t have encountered otherwise.
As you master new skills, learn from your mistakes, overcome some challenges, and get out of your comfort zone, it’s inevitable for you to grow more as a person.
Let’s say you’re interested in photography. Side hustling is a good way to establish connections with wedding planners, event hosts, location managers, dress designers, caterers, etc. before jumping in head first. You might be invited to shoot a location across the country or abroad. You could even meet up with other photographers. Share tips and tricks, and gain some good friends along the way. From there, you could be invited to speak or teach at conferences, consult about your tools and processes, and hire an entire team to help you scale your business. All this will then help you improve your skills in marketing, organizing, planning, and time management. You’ll even gain confidence in yourself. Become a more savvy business owner, and become a better leader.
What fires you up? What gets you up in a flash at 6:30am? Are you sitting on an idea that is simply too good not to try out?
A side hustle is the perfect place to get creative and see where your passions may lead you.
There are bloggers who write about their home DIY projects. Instagrammers who document their calligraphy and lettering skills. And Youtubers who share graphic design tips.
It’s helpful to think of side hustles as a truly unique opportunity to do what you enjoy doing. To express your creativity and personality, and to be compensated for it all at the same time.
Making the time to side hustle
Determining why you should start a side hustle is one thing. Finding the time to actually work on your side hustle is another thing entirely.
If you’re looking for ways to make time for a side hustle, you may actually find that you have more free time than you think. Spend some time analysing what you currently spend your time doing.
I bet that there will be at least 20 hours wasted on fruitless tasks like Netflix, Facebook and games on your phone. Even if you have excellent time management skills, you may still uncover free time you didn’t know you had and ways to make time for a side hustle.
Should Everyone Have a Side Hustle?
While side hustling represents an great opportunity for many, that doesn’t mean it is right for everyone.
First, keeping a side hustle up and going is hard work. It takes time, energy, and other resources to do. So don’t underestimate this part of the equation.
Plus, you need to make sure that a side hustle doesn’t detract from your primary job. When you are working for your employer, they deserve your full attention during your shift.
If your current job is already demanding, and you feel stretched to the brink, then adding something else to your plate isn’t a wise move. While a side hustle takes work, it shouldn’t represent another stressor in your life.
Ultimately, side hustles represent great opportunities, but you have to make sure they fit into your life before you take one on. But, if you can manage it, it’s certainly worth exploring.