It’s 2022 and everything we knew about living has changed drastically. Many people have lost their jobs, businesses have been forced shut and there’s a new normal now, it’s called ‘Social Distancing’ (why do they even call it that?!) Anyway, we’ve all felt the pinch of this new normal. And it’s not cute. Losing your job suddenly or not being able to do business as usual is a major cause for stress and anxiety. But many people have taken the cue. Now is the time for doing things in new ways. The old method has been seriously disrupted. Now we have phrases like “recurring revenue streams”, “multiple sources of income” and “side hustles” which refers to a product or service that generates income apart from a formal 9 to 5 employment or business hour. For today, we will talk mainly about “Side Hustle”.
A side hustle is basically something you do to make extra income. This phrase is used mainly when you have a full time job and you do the activities “on the side”. Let’s face it, most of us barely make enough to cover our cost of living much less talk about other luxuries. And the worst part is, in the corporate world, financial growth is capped at your current salary so there’s literally no room for growth. If this alone doesn’t convince you, come with me as I share 5 more compelling reasons why you need a side hustle that actually pays:
A side hustle, at the very least, is a flexible way for you to gain experience, learn what you love, and test out what you’re interested in, without committing all your time, energy, and finances. If you’re thinking of doing business or you’re just not sure what you really want to do, a side hustle can help you decide. For example, you’re considering a career in professional baking but not yet ready to leave the security of your full-time job, starting a side hustle making custom cupcakes (or whatever your preference) is a great way to test the waters of self employment and doing business without a full commitment. If you find you’re not enjoying your side hustle, you can start a new one! Or decide that side hustles just aren’t for you. That’s what makes them so great.
2. Confidence Boost
The truth is, we learn more by doing. As an entrepreneur you’re required to wear multiple hats and as such, learn a variety of new things. Starting a side hustle will give you the opportunity to sharpen your skills and gain practical experience from the projects you work on. And having a side hustle that actually pays will increase your confidence level and help you become more entrepreneurial and take on more challenging projects. I’ve started several side hustles and every time something failed, I learned what works and what doesn’t. Failing forward helped me gain so much confidence and gave me new ideas for different types of business ventures. Today, I have a thriving business that started as a side hustle, its called The Lunchbox
3. Financial stability
Having a side hustle that pays means more income and financial stability. Lets face it, financial freedom is definitely something that we are all striving to achieve. Not having to worry about a roof over your head, food in your home and savings for emergency is pretty awesome. A side hustle can be a great accelerator to moving you closer to your financial goals. When you’re running your own small side business, you have the ability to generate extra cash to build savings and a little bit of wiggle room to do what you really want.
4. Build Real Wealth
Most of us are really stuck working so we can pay off debt. There is a common saying in my country that you “dig hole to cover hole”. It means take a loan to pay off another loan and on and on that circle of debt and poverty run. We haven’t been truly free to invest our income into wealth building activities. Having a side hustle is a sure way to make extra income that can free you from debt and set you on a path to investing and building real wealth.
5. Time is not your friend
If you’re thinking of starting a side hustle, just start already. Don’t wait for everything to be perfect before you venture. Just like you’re reading this article, there are several others researching this exact topic and devising ways to make time to work on their side hustle. You can too! It may not look like much form the beginning but hour by hour , you can start building and investing in something that can eventually turn into a real business. Like Gerald Zingraf, product manager with 3 side hustles puts it: “It doesn’t take a lot of time to build a side gig. It’s like getting in shape. You don’t go to the gym for eight hours a day a couple of times and expect to see results. Instead, you commit 30 minutes a day, five days a week, for a few months.”
What Are Good Side Hustle Ideas?
Here are 10 good side hustles to make extra money each month:
- Start a juicing business
- Start an online retail business
- Package favorite local snacks
- Become a content creator
- Launch a print on demand store
- Work as a fitness trainer
- Sell hair and skin care products
- Become an Instagram influencer
- Become a makeup artist
- Start a photoshoot business
You can add more side hustle in the comment section and if you’re interested in starting a side business, read my next post on how to start a side hustle.