In the current scenario of increasing competition for every upcoming job in the market, the appropriate question should be “when” instead of “why”. Anyways, we will look into why you should start a side hustle.
Side businesses are not a recent phenomenon. There are thousands of success stories who patiently spent an hour here and an hour there in a day to build a solid side business. The additional income brought in by this business can help you achieve your financial goals faster.
Why should you start a Side Hustle?
1. Identify what you are great at
More than the money that you are going to make from your side hustle, one of the key wins from starting something on the side is identifying what you are great at.
Most of the side hustles started by people rely on what comes to them naturally. So when you zero down on your business idea and start spending time on making it profitable, you are going to identify as well as strengthen your skills.
Your friends or family might have come to you for advice on a specific subject because you are good at it. If you can address the subject beyond your friends and family and take a fee in exchange for your expertise, your side gig is born.
2. Make better use of your time
Yes, there are amazing shows on Netflix that you can binge watch. There are many movies that you want to catch up on. After your 9 to 5, the rest of the waking hours are in your control.
You can decide to spend it anyway. But if you are working on a side business at your own pace, you will build great self-confidence which will help you shine better at work and everywhere. You will not only get additional income but also a new and solid experience of running a business on your own.
Even if it fails, you have a story to tell instead of watching one.
3. You are your own boss
I am not saying this in the cliched internet marketing- digital nomad – laptop entrepreneur – quit your job and travel kind of way but on a more practical note. If you do things right and push yourself to hustle harder, you can be your own worst boss.
Some of the most successful brands in the 2000s have become bankrupt and irrelevant right now. If something like this can happen to a company that has cross-functional teams, think about your job. If you / your company is not updating according to the upcoming trends, you may go out of business.
Even if such an unfortunate thing happens, you will have a working side business idea that you can spend time on, to make it your full-time job.
4. Meet your financial goals faster
Let’s say you find some currency notes inside your old book that you almost forgot about. You did not budget this into your inwards but now it’s a bonus income. You will love to spend that on something that you wanted to buy without feeling guilty.
Starting a side business can give you this opportunity regularly and you can choose to save or spend depending on your goals.
It will take a long time to make your full-time income from your side business. But even if you start making 10% – 20% of your full-time income, it adds up pretty well to help you meet your financial goals faster.
Money is not the only factor that helps you lead a meaningful life. It is all about the experiences of you and your loved ones on the journey. So this extra cash from the side can go towards your travel adventures or your passionate hobbies or anything worthwhile.
5. Build your personal brand
You have a chance to write your own story. When people ask what you do, you can proudly say that you are working on something you are passionate about.
Normal day jobs are dime a dozen but when someone is working on a side hustle, their stories become very interesting and personal brands are built the same way.
Before you know it, you will be sharing your story on how it all started which will inspire many to give shape to their ideas.
If you have an interesting reason on why you started your side hustle, we would love to hear (probably feature you as well). Let us know in the comments.