BLOG – What is this thing that all these millennials are talking about recently? A side hustle? It sounds illegal. Don’t lie. You are probably secretly wanting one. There are many reasons why it looks so appealing — because it is a good idea to have one.
1. More Money
The number one reason to ever consider a side hustle is to earn a little extra money on the side. Whether it is pursuing a hobby, going into business with a friend or pursuing your lifelong dream, the result that you are looking for is more money. A side hustle is perfect for adding a little cash to your bank account while keeping your full-time job. Instead of playing fantasy football or working on your autobiography, you can invest a few hours a week to attaining financial freedom with a little bit of extra income.
2. Time to Conceptualize Your “Million-Dollar Idea”
Facebook, Google, and Airbnb did not become successful overnight. It took someone a painstaking amount of hours to launch a now billion-dollar company. During their planning stages, most major business owners kept their full-time jobs while developing their genius ideas that have taken the world by storm. Having the support system of keeping the job that you are comfortable with and pays the bills allows you the peace of mind to pursue your potential “million-dollar idea.”.
3. Being an Entrepreneur Is Hard
We have all have had friends that lived through the stages of being an entrepreneur. They started off thinking that working for themselves would allow them more free time. They went through the cycle of romanticizing the idea of owning their own business, only to see that as a business owner they are working around the clock and are never able to step away for a vacation. They have to do their taxes and are responsible for everything that happens with the business. It is too easy to misunderstand the law, or accidentally commit a white collar crime that could cause you legal trouble lasting for years. Leave it up to the corporations to employ you. Keep it as a side hustle.
4. Side Hustle Escape Route
It is hard to leave a company that you have been with for years on end or a business that you feel devoted to for whatever reason. Your days may have become monotonous, but something is keeping you sticking around. It is healthy to seek out a side hustle to keep your mind active and engaged. Perhaps considering doing something completely out of your comfort zone. If you work at a desk all day with limited interaction, maybe consider picking up a side job as a way to get yourself out and talking to other people that you otherwise never would have. Use this time to be a different type of person that you are not at your full-time job.
5. Make Your Hobby Lucrative
Maybe you design model planes in your free time or crochet hats and sweaters for your family in the winter. Your hobbies can be monetized if you are willing to invest a little extra time into seeing a profit margin. With a little bit of planning, you can put your wares or services online and attract customers that you can choose to engage with when your free time allows. Making your beloved hobby a way to make a little extra cash on the side may serve as a good incentive for you to pursue it further in the future. If it never goes further than just selling a few to your grandmother’s friends, it can still be considered a viable side hustle.
The best part of having a side hustle is creating a space in your life to allow you to explore your creative outlet. You can take a hobby and make it into a lucrative side hustle, or you can just beef up your bank account to allow you to travel more, fix your credit, or buy the newest piece of technology that you have been wanting. Side hustles don’t have to be part of your committed work schedule and allow you the flexibility to work when and where you want to in your extra time.