Business Series 2 : The Benefits of a side Hustle

So what really is a side hustle?

It's an income stream that you generate on the side after your regular job. Given the right energy and resources , it can well become your regular job. Nothing beats the thrill of having your own business. However, you will still have learning opportunities as you grow. I prefer to call problems learning opportunities, because that's really what they are.

Benefits of having a side hustle:

There are obvious benefits to having a side hustle. I think the most important one is the possibility that you can be your own boss, create and do something you love or have a sense of financial security. So let's explore them a little bit more.

1. Be your own boss: This speaks for itself. The possibility that you can be your own boss and make your own decisions independently, is a huge relief and motivational reason people start a side hustle.

There are millions of people who go to work, come back after a long tiring day and start working on their side hustle. I think that that is so motivating and inspiring .

2. Deep sense of satisfaction: For those of you who create with your hands, you know what I mean. The ability to create something you love, the peace of mind when you're creating it and the feeling you get when someone buys it can best be described as a deep sense of fulfilment.

However, it is also important to remember that you are only human and that you need to take care of yourself and your family. From my own experience I can say , do not let your hobby or side hustle become an obsession.

Nurture it and help it grow. If it takes off exponentially then hats off to you! Until then, have a side hustle or two but make sure you save the money.

3. Financial Security : I remember when I started making money, I blew most of it all up. Financial responsibility did not exist in my vocabulary and I still have to be very strict with myself. However, for many people that is not an issue and they exercise a lot of restraint. In our world today, you need to have two incomes to be able to live comfortably. Some people even work two or three jobs to make ends meet. If you were able to use your side hustle to generate money and then save that money, you could grow your financial portfolio!

The benefits of a side hustle, far outweigh the drawbacks. If you know how to work with your hands like sewing, carpentry and other hobbies, you can easily find a market for it on Etsy. The reason I bring up Etsy a lot is that Etsy has a ready customer base. If you were to start your own independent website, it would take a lot of time tweaking the SEO and promoting through ads etc.

Examples of Side hustles:

1. Selling online

2. Earning through Affiliates

3. Blogging

4. YouTube - through ads and sponsorships.

5. Podcasts

I won't go into details for the others as my Business series discusses things that I personally have experience with. There are many more ways to earn money through side hustles and you can find some very creative ways online. I will however say this, there is no formula for overnight success. It takes consistent effort and dedication for something to start showing results. Don't Give up just yet!

Next Tuesday's topic : Choosing what to sell