Side hustles have become a very crucial topic on the internet, especially when it comes to personal finance blogs.
Understanding that our generation has little or no job opportunities is enough reason to start a side hustle, white collar jobs are now very hard to find and those that have it are easily replaceable due to the increase in work standard.
While you look forward to new job opportunities, it is very important that you learn a skill or trade that can help keep you afloat, this is where entrepreneurship and side hustle(s) come in. while working on your game plan for your side hustle, take into consideration your employer’s contract to make sure you are not breaking a rule that could cost you your job.
So, here are five reason you should start a side hustle;
THE CHANCE TO BE YOUR OWN BOSS
I can’t think of anything better than being my own boss. There’s no one there to tell you exactly what time you have to be at work, no one to report to for regular performance reviews, no one to call in to when you need a sick day, and, my personal favorite, no office politics to tiptoe around.
While becoming your own boss is a very exciting thing, keep in mind that you still need to maintain a strong sense of discipline. Although there’s no one to answer to if you run your own side hustle, you still have to keep working hard and for your new business or your income will certainly suffer.
TO DIVERSIFY YOUR INCOME
Wages in many countries have been effectively stagnant for years, and the cost of living increases daily. Having a side hustle helps increase, diversify your income and balance your standard of living.
The best reason to cultivate additional revenue streams is so that your finances aren’t completely ruined if you lose a source of income. For those with traditional jobs, the loss of employment can be devastating. If you have another income stream, it reduces the overall impact of a job loss. While your additional sources of income might not completely replace what you lost, it can help cushion the fall — especially when combined with unemployment benefits and other resources.
Income diversity can also help you shore up your finances by allowing you to use the extra income toward investing or building an emergency fund. If you have a main source of income, you can pay your bills with that and use your secondary sources to build a cushion for you. This can protect you down the road when you run into other financial issues.
IT WILL GIVE YOU AN OUTLET FOR YOUR PASSION
This isn’t mandatory when choosing your side hustle, but I do recommend you select something in a field that you’re passionate about.
Well, because you’ll work harder on something you love and it will give you an outlet to take part in your passions.
NETWORK BUILDING OPPORTUNITY
Business networking is an extremely valuable way to develop your knowledge, gain knowledge from the success of others, get new clients and tell others about your business.
Many successful entrepreneurs got to where they are now because of the help they got from others along the way. A strong professional network enables you attain goals that you’d never achieve on your own, it could also help you turn your side hustle to a fortune company.
IT WILL MAKE YOU MORE CREATIVE
When you’re working for someone else, it can sometimes feel draining. You get home and all you want to do is “decompress”.
After a while, you realize that it’s been months since you’ve done anything new and exciting. But if you look forward to coming home so you can work on your side hustle and it’s something you’re passionate about, then you’ll instead feel energized and you’ll push your limits and try new things constantly.
Although very important, you have to create a balance between your daily job and your side hustle in a way one doesn’t necessarily affect the other.