In these uncertain times starting a side hustle is a must. Bringing in extra money can help in many ways. What would you use the extra money for?
Any extra money you earn could help pay debts off quicker, be added to a savings account to cover emergencies, or be used to pay for fun spending meaning your wages can remain untouched after all bills are paid.
This article will explain why it's the perfect time to start a side hustle.
Why You Should Start A Side Hustle
It is extremely easy to find reasons not to do something, but there are lots of great reasons why you should start a side hustle. Here are eight fantastic reasons to start a side hustle.
From Part-Time To Full-Time
There are many stories of people starting a side hustle only for it to end up becoming their main source of income.
For example, many people choose to start a blog. Blogging takes time to start earning money, but with patience, many bloggers can earn a full-time income. $1,000 a month is entirely achievable for an established blog. Would $1,000 a month be enough for you? There are some bloggers that earn six figures a year or more, although the majority won't achieve that level of success.
Once you have built up a regular income, you could give up the 9-5-day job and enjoy the freedom that comes with working for yourself!
Cheap To Start
A traditional business can be costly to set up. You may have to pay for stock, equipment, premises, and even staff. The beauty of most side hustles is that in many cases you can get started at no extra cost to yourself.
All you need is a computer with an internet connection, and you can start earning!
There are some side hustles that may require some initial investment, such as eBay flipping, but even that can be started with a small amount of money.
The biggest investment you will make into a side hustle is your time. Provided you can spare a few hours a week or more, then you can start earning a supplemental income.
No Barriers To Entry
These days it is amazingly easy to get started on a side hustle. If you can connect to the internet, you can earn. You could even earn using your smartphone!
Thanks to innovative ideas there are an abundance of platforms that you can use to make money. You may concentrate on one or you may work on several at the same time. The opportunities to start a side hustle are endless.
Here are some examples of platforms that could be used to build a successful side hustle:
- Etsy allows you to sell your own handcrafted goods
- Work as a freelancer on sites such as Fiverr, Upwork, and more
- Buy and sell items on eBay
- Start a blog using WordPress or Wix
- Self-publish a book using Amazon
This is just a small sample of the possible options you can pick from. Depending on what side hustle you decide to work, there will be a suitable online platform to showcase your talents on.
Reach A Global Audience
One big benefit of building a side hustle online is the ability to reach a global audience. An incredible 4.6 billion people have internet access worldwide and more are gaining access every year. That is 4.6 billion potential customers!
With that figure in mind, it is easy to see how you could build a full-time income from a side hustle. If you are offering something that people want, then there is a huge customer pool.
Earn A Passive Income
Many side hustles allow you to earn a passive income. What is a passive income?
A passive income means you are getting a regular payment for work you have previously done. For example, you create a successful blog that pays you from advertising revenue. If the blog is still active and getting traffic, then you can continue to earn advertising revenue for years after you have written the blog. This is known as a passive income.
If you succeed in building a passive income, this provides a regular income for you. This means you could work less or concentrate more on other activities.
Easy To Learn New Skills
It has never been easier to learn a new skill or improve your existing skills. The internet provides a wealth of platforms that offer the chance to learn new skills.
Some platforms are free to use whilst others have a mix of paid courses and free. Whatever skill you need, you can be sure that you will find a course for it online.
A great platform for learning that offers a mix of paid and free courses is Udemy. You can browse their available courses and start building your skill set today!
A great benefit of a side hustle is the flexible nature of the work. You can choose your own schedule, how many hours you want to work, and where to work. You no longer need to be stuck in an office.
You could work from home, a café, or even a beach!
If you have a day job as well, then you would have fit your side hustle around your normal working hours. Although this will eat into your evenings and weekends, you still get to decide for how long and when.
Should your side hustle become your full-time job, then you can decide what days and hours to work. Total freedom over your own schedule means never missing an appointment again or always been available to watch the kids in their school play.
Unlimited Earning Potential
As a freelancer there is no salary cap. There is the potential to earn an unlimited amount of money. Some bloggers earn millions every year and many other freelancers can earn on average over $63,000 per year.
Once you have honed your skills and built your customer base, there is nothing to stop you from earning as much as possible.
10 Side Hustle Ideas
Now that you know why you should start a side hustle you just have to decide what to do. To help get you started, here are ten side hustle ideas:
- Start a blog. Blogging is hugely popular, but there is always space for more. This is a great choice as you can build a passive income.
- Become a virtual assistant. Many employers use remote virtual assistants on a part-time basis.
- Work as a freelancer. You could work as a writer, proofreader, or graphic designer to name just a few ideas. Start on sites such as Fiverr to get ideas.
- Sell your own photos. Stock photos are always needed and there are lots of sites willing to pay for your photos.
- Buy and sell items on eBay. Look for quality second-hand items that you can buy cheap and sell for a profit.
- Write a book and self-publish. You could write a novel, a self-help book, or a how-to guide, then self-publish on Amazon.
- Become an inventor. Do you have invention ideas? If so, becoming an inventor is worth considering. One great idea could make you millions!
- Manage social media for businesses. Many businesses outsource their social media which could be an opportunity for you.
- Create and sell online courses. Sites such as Udemy allow you to sell your own courses, this can be a good source of passive income.
- Sell your handcrafted items on Etsy. Etsy allows you to market your handmade items to a worldwide audience and potentially billions of customers!
This list isn’t exhaustive and is just a fraction of the possible side hustle opportunities that are out there.
How To Overcome Concerns About Starting A Side Hustle
You may feel that starting a side hustle is too difficult or that you don’t have time. Don’t put yourself off. You can do it, even if you start with just a few hours a week and build up from there. In no time at all you could easily be earning $1,000 a month!
If you have a day job, family, and other responsibilities, then it is important to build a schedule for your side hustle that fits around everything. Schedule regular hours that you will work on your chosen side hustle, but remember to leave yourself some free time!
Maybe you are worried about the cost of starting a side hustle. Well, the good news is that most side hustles can be started with no investment. You can get started with just a computer and an internet connection.
A great way to motivate yourself to build a successful side hustle is to have clear goals and reasons for doing it. Most people have a side hustle to earn an extra income. However, ask yourself why do you want the money? Is it to pay off debt, build bigger savings or investments, or maybe you just want to use it as your fun money. Perhaps you want to use the money towards all of these!
Having clear goals for the extra money will help you be more successful. Read this great article on financial decision making for more advice on how to handle your money.
Remember, there is never a perfect time to start anything. Choose what you want to do and start a side hustle without delay.
Be patient, work hard, and you will reap the benefits of your hard work. Who knows one day it could be you leaving behind the day job to spend your days working at the beach (or wherever else you want!).