Intro to Side Hustles: What are they and why are they important?
In today’s society, you have a large probability of meeting someone who has a side hustle. In America, roughly 39% of the population have a side hustle. There may be a multitude of reasons as to why they have a side hustle but for me, I personally work side hustles for extra income, personal fulfillment, and to just give myself an extra safety net against the current uncertain job market. What is a side hustle though? Why is it becoming so important for people? Let’s take a deeper look.
What is a Side Hustle?
To us at SideQuestWeekly, a side hustle is anything that can bring in supplemental income alongside a normal full time job. It can range from blue collar services like lawn mowing, pressure washing, painting or maybe economy gigs like Uber, Airbnb, and DoorDash, or even online businesses such as reselling, dropshipping and much more. No matter what it is, it's just another way of bringing in some extra money outside the traditional 9 to 5.
Types of Side Hustles
Freelancing: This is typically an online type of work and is a wide variety including writing, graphic design, programming, or consulting. This type of work is usually a bit more competitive and hard to obtain without the right connections or proper marketing of your skills.
Gig Economy Jobs: This includes delivery services such as Instacart, DoorDash, Spark or driving for Uber/Lyft, or even renting out a room or house on Airbnb. The entry point for delivering/driving services is minimal (unless you don't have a vehicle). Airbnb is also minimal if you have a spare room in your house/apartment and your lease allows subletting. Otherwise it may be costly to enter. However, Airbnb is my personal favorite of hustles.
Ecommerce: Another favorite is selling products on platforms such as Etsy, eBay, Mercari, Amazon, or Shopify. The point of entry for this varies. If you are using Etsy, eBay, or Mercari you really just need the products to sell and the platform takes a percentage of the sale. Amazon has a fees plus percentages of sales and Shopify is a subscription service plus processing fee. Ultimately what you sell and how much you put into it is up to you but it can be a fairly low cost to start.
Tutoring or Teaching: Providing educational services, whether online or in-person, in subjects you excel in. If you are proficient in something and able to obtain a side hustle like this, it can be fairly lucrative.
Content Creation: This includes starting a blog, YouTube Channel, Social Media presence and then monetization through ads, sponsorships, or affiliate marketing. The entry for this is low considering but so is the pay at first. To get successful, you need to be willing to put in the time and effort and be consistent.
Why Are Side Hustles Important?
Other than being able to earn extra money to offset debt, unexpected expenses, or help build a nest egg, side hustles also play a role in both personal and professional development. Here are few examples as to why they are important in today’s world:
Financial Security
One motivation for starting a side hustle is financial security. With the cost of living continually rising and economic uncertainty looming, having an additional income stream can provide a much-needed safety net. This extra income can help pay off debt, build savings, or cover unexpected expenses.
Fun Fact: 56% of Americans are unable to afford an unexpected expense of $1,000.
Skill Development
Side hustles often require you to learn and develop new skills, which can be beneficial in your primary career. For example, running an online store (dropshipping is a good one for this) can teach you about digital marketing, customer service, and inventory management. These skills are transferable to other jobs and can enhance your resume, making you more valuable to your current or future employers.
Pursuing Passion Projects
Many people have passions or hobbies that they don't get to explore in their full-time jobs. A side hustle provides an opportunity to turn these passions into something productive and potentially profitable. Whether it's photography, writing, or crafting, a side hustle allows you to do what you love while earning money.
Networking Opportunities
Engaging in a side hustle can expand your professional network. Meeting new clients, collaborators, or customers can open doors to opportunities that you might not encounter in your day job. Networking through a side hustle can lead to new business ventures, job offers, or partnerships allowing you to even grow your side hustle into a full fledged business.
Flexibility and Independence
Side hustles offer the flexibility to work on your terms. Unlike traditional jobs, where you might have set hours and responsibilities, a side hustle can often be tailored to fit your schedule and preferences. This flexibility can be particularly appealing to those seeking a better work-life balance if that is what you are looking for.
Diversifying Income Streams
Relying on a single source of income can be risky. If you lose your primary job, you might find yourself in a precarious financial situation. A side hustle diversifies your income streams, reducing reliance on one source and providing greater financial stability. If you do it right, you can have the potential to have passive and semi-passive income streams from your side hustles.
How to Get Started with a Side Hustle
Starting a side hustle requires careful planning and consideration. Here are some steps to help you get started:
Identify Your Skills and Interests: Choose a side hustle that aligns with you current skills, interests, and available time.
Research the Market: Understand the demand for your chosen side hustle and identify your target audience. If you are trying something like a blue collar service, don't be afraid to reach out to get pricing for your area.
Set Clear Goals: Determine what you want to achieve with your side hustle, whether it's earning a specific amount of money, developing new skills, building a portfolio, or starting a business.
Create a Plan: Outline the steps needed to start and grow your side hustle. This includes setting a schedule, budgeting for any initial costs, and marketing your services or products.We typically recommend starting with cash in hand if you require any start up costs. This minimizes your risk of putting yourself further behind financially.
Start Small: Begin with manageable projects or a limited product line to test the waters. As you gain experience and confidence, you can expand your efforts and increase rates accordingly.
Leverage Online Platforms: Utilize online marketplaces, freelance websites, and social media to reach a broader audience and streamline operations.
Stay Organized: Balance your side hustle with your full-time job by staying organized and managing your time effectively.
Conclusion
Side hustles are more than just a trend; they are a significant part of the modern work landscape. They offer financial benefits, personal growth, and the opportunity to pursue passions. Whether you're looking to supplement your income, develop new skills, or find an outlet for your creativity, a side hustle can be a valuable addition to your life. So why wait? Start exploring your options and take the first step towards your own side hustle journey today.
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