Side hustles. Are they worth it?

 

Side hustles. Are they worth it?

It seems like everyone’s got one. Or they want one. Or maybe they’re not bothered.
With the current status of the world turned on its head … I’m wondering, is a side hustle a must-have to get through tough economic pressures, or is it a waste of time?

The 9-5 struggle is real.

Who wouldn’t want to kick up their feet, work from the beach and never set foot in an office again?

Supplementing your usual day-job with a side hustle is an easy way to pursue your true creative passions – and, if you do it well – make some rainy day money (or even enough to quit that day job!)

As the modern-world heads into it’s first crisis facing the COVID19 pandemic, the majority of us have been sent to “work from home” indefinitely and the economy has spiralled resulting in uncertain job security for A LOT of us.

So, when the economy spirals, and your 9 – 5 is up in the air… could a side hustle be your safety net?

I’ll be honest, there’s been many times I have thought “why am I even bothering” during this first year of trade.

Rain started out as a bit of fun, a “passion-project”. It filled a need (the need for clothes I wanted my kids to wear) and then it quickly turned into something I was serious about.

My side hustle. 

A way to help pay for the various expenses of life. A way to keep me at home with my babes for longer. 

And for me, it’s been a year of learning.

When we all got sent to WFH last week, I thought – at least I have rain (if my 9-5 suddenly was no more) to contribute. And it got me thinking, if we all had a hustle, would we all have that “rainy day” income sitting there for an unexpected event?

Well, let’s look at some pros and cons of having a side hustle.

Most side hustles are just that – something you do on the side.
This means that all the money you make, can be saved (or spent, whatever your goal)

You can explore new paths, without cutting ties to your income.
Been wanting to try something new? Since setting up a side hustle can be fairly low in cost, why not give what you always wanted to a go, and see where it lands… who knows, you could be quitting that day job sooner than you thought.

It’s a great way to get creative.
You don’t have to sell a product. Maybe you want to walk dogs. Maybe you want to promote other companies products using your social channels. Maybe you want to create a social club, a collective, or sell someone else’s unwanted household items.

Some things just aren’t worth your time.
Avoid anything with a high start-up cost. You’re probably not going to sell 10,000 dog collars in 2 months on a website nobody knows about.

Don’t get involved in a pyramid scheme.
Getting rich quick only works for the person at the top. It’s looks like an easy way to create an extra income, but most of the time, it costs you.

So here’s my advice, if you’re thinking of starting your own side hustle (or maybe you’re questioning whether to continue)

  1. Decide what you want to do and how much time you are willing to contribute. When you’re getting started, be prepared for hard work and late nights.
  1. Set goals. What do you want to achieve with this new venture? Extra cash? Paying off debt? Quitting your 9-5? Your goals will determine what your hustle looks like.
  1. Competitors, industries, who’s doing it near you? Start-up costs, marketing, social – it all has an effect on how fast that hustle gets off the ground.

  2. Get it done! No time like the present - and all you need is an idea, some goals and WIFI..

But wait.. are they worth it?

In my experience. Yes.

Extra cash is extra cash honey.

1 comment

Thoroughly enjoyed reading this, very inspiring and great insight 💕

Velma Witana April 10, 2020

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