The covid-19 pandemic has changed a lot of things in our daily life especially how we work. Most companies were forced to let go some of their staff. As a result, many lost their source of income. These are people who were doing very well on their job. So, for many, survival trumps everything else. This highlights one key idea that everyone needs to understand and this is the fact that everyone needs a side hustle. It does not matter the money it brings, having a side hustle is crucial. You will find below 5 reasons why you need to start a side hustle.
1. Need For Multiple Streams of Income
While this is an obvious reason, we still need to address it. As an investor, you learn about diversifying your investments. This allows you to reduce your overall risk without sacrificing any potential gains. This is a well-understood concept and most people get the gist.
So, why rely on a single company for all of your income?
When we think about someone taking on two jobs, it is usually because he or she needs more income. Perhaps they are working a low paying job and need supplemental income. But side hustles don’t have to be second jobs. They can be businesses you do on the side that doesn’t conflict with your day job. Your focus should be to find something that doesn’t distract you from the your day job, but still offers you an opportunity to earn more. If you are looking for side hustle ideas, you can check 14 businesses you can start with little or no cash and side hustles you can start now.
2. Opportunity To Have Fun And Earn Extra Income
There are side hustles that marry your passions with a way to make money. For some people, driving is fun. So, why not sign up as an Uber or Lyft driver. This gives you an opportunity to driving strangers around and then make money doing so. As an Uber driver, you can turn on your app on your way home and make a little extra cash,. In addition, you will get a chance to meet with interesting people. So, what is your passion? Embrace the opportunity to earn some money while having fun at the same time.
3. Opportunity To Create Passive Income
If you choose the right side hustle, it can be entirely or partially passive. Your job is active. If you don’t show up, you don’t get paid unless you are on a paid vacation. An example of a partially passive side hustle is publishing an e-book. The best part is that you can do most of the work on your e-book at night after work but the book will continue to generate income for you after you publish it. Depending on the focus of the e-book, it may eventually make more than you do at your full-time job. The key here is that you only have a limited amount of time. So, if you choose to build something with some passive potential, it will be like hiring your own workers.
4. It Is A Machine You Can Crank Up
When you are working a typical job, you can’t “make more” by simply “working more” unless your company pays for overtime. Even if this is the case, you may not be able to rely on this whenever you need an extra income. However, when you have a side hustle, you can add and subtract hours based on how you feel or what you need.
For instance, if your side hustle is driving for a rideshare company, you can take on jobs on an a la carte basis. You can’t do this with a regular job but you can do that with a side hustle. If your side hustle is something more entrepreneurial, such as making stuff to sell online, you can use that time to make more things, research what might sell better, and “work on” the business. It may not translate directly into money, like driving for Uber, but it has an indirect benefit.
5. Opportunity To Create Your Personal Brand
As you probably know, most people tie their identity to their work and who they work for. This, most times, impact how you behave. This is because you can be fired by your employer if you don’t behave better. So, every day, you seek to better behave. This is especially hard with social media. Before social media, you could be yourself in private and even if it would have upset your boss, he or she would have no idea. Today, nothing is hidden. All your business is out there and you can’t be yourself publicly. Otherwise, you may put your career at risk.
Having something that is yours means you can tie your identity to something that no one can take away. So, when you start your side hustle and tie your name to it, it is one of the best ways to get your name out into your industry. One way to do this is to create a portfolio page online. The online portfolio will help you to display your works and show off what you can do for potential clients.
In Summary
Side hustles are a great way to protect your income and enjoy some personal fulfillment. If you find something you enjoy working on, you will be learning new skills and probably build your personal brand. In this case, the extra money will simply a bonus. So, what are you waiting for? Start a side hustle today.
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