Having a Side Hustle: Is this the right choice for you?

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All About Having a Side Hustle: Is this the right choice for you

According to the Bureau of Labor Statistics, more than 8 million people have a side hustle! That’s a pretty big number! If you haven’t jumped on the bandwagon, what’s holding you back?

Hopefully, this article will help you. Here, we’ll look at what a side hustle actually is, the pros and cons of a side hustle, how to get started, side hustle ideas, and tips for success in the side hustle world. 

What is a side hustle?

A side hustle is basically just a side job; typically it’s a part-time job that accompanies your regular, full-time job. It’s usually a hobby or passion. Most people start a side hustle to make a little bit of extra money; however, some people do it because they love what they are doing!

For example, a knitter who sells her knitted afghans as a side gig has a side hustle. Usually, someone who is knitting afghans is passionate about knitting. People who are doing something they love are often hoping that their side hustle will eventually replace their regular job.

What are the benefits of a side hustle?

Here are some of the benefits of having a side hustle. Of course, the main one is the extra money, but many people do it for the intrinsic value.

  1. More Opportunities – A big plus is the fact that side hustles give you a chance to meet new people and do new things.
  2. Flexibility – You have the chance to be your own boss, set your own schedule, and have control over your work/life balance.
  3. Doing something you love – This is probably the second biggest reason people do side hustling. Enjoy what you do in your spare time!
  4. Boosting your resume or full-time job – Many people use the opportunity of a side hustle to build their skills and abilities, which benefits their full-time job.
  5. Maintain Job Security – People love the fact that they can keep their full-time benefits and other perks while doing something they love to do on the side. Eventually, their hobby may turn into full-time biz!

What are the drawbacks of having a side hustle?

 

Fear of Failure

Many people hesitate to start a side hustle because they fear failure. Don’t let this hold you back. There will be setbacks; learn, and grow from them! Keep an open mind, and view each mishap as a learning opportunity, a chance for you to become better at what you do!

Remember what Thomas Edison said about failure? He said that he didn’t fail to make the light bulb 10,000 times; rather, he succeeded in finding 10,000 ways it did not work. Find a way to view your failure as a success!

Lack of the Right Skillset

Learn what you need to know to do the side hustle well. There are many free learning opportunities online. You can take free typing classes, print off keyboard shortcuts to streamline your work, or seek out a mentor in your field of interest. Don’t let learning hold you back. You can do anything you set your mind to!

Lack of Time and Energy

It does take additional time and energy to have a side hustle, but don’t let that stop you. Start with something small and gauge how much time it took you. Do something you enjoy, and it won’t feel like work. There are tons of time management resources and applications that you can find online to help you manage your many projects.

Lack of Motivation

It does take the right mindset to succeed in the side hustle business. Have a sound support system; find the right group online or turn to your supportive friends and family for encouragement. Things will never be perfect. Find satisfaction in your side hustle, so you will find what you do to be fun!

How can I get started with a side hustle?

To start your own side hustle, start with one of the many ideas presented in this article. There’s enough to fill a landfill if you click on all the hyperlinks presented! The process is pretty basic.

  1. Brainstorm to find the right side hustle for you. What field excites you? What skills and experience do you have?
  2. Identify your goals. Create SMART goals. What is your aim for your side hustle? Write down what motivates you and put it where you can see it.
  3. Determine how much time and effort you have available to invest in your side hustle. Do you want to use startup cash? Many side hustles don’t require any money upfront.
  4. Join the right freelancing forum. Many freelance forums have been listed in this article to get you started. Find the right one for you. What makes you the most comfortable?
  5. Find the right opportunities in the forum of your choosing. Submit proposals and land jobs. Deliver your work and build a strong customer base.
  6. Once you are set, repeat the last step, and watch your profit grow!

What are the best side hustle ideas for 2020?

  1. Driving for Uber or Lyft
  2. Blogging (Get started with a blog!)
  3. Freelance Writing (Upwork, People Per Hour & Fiverr)
  4. Doing Graphic Design (99Designs)
  5. Being a Virtual Assistant
  6. Proofreading/Editing
  7. Website Building
  8. Food Delivery with Postmates (up to $25/hour)
  9. Dog Walking or Pet Grooming (Rover.com)
  10. Babysitting or Caregiving (Care.com)
  11. Notary Public Service
  12. Lawn Care or House Cleaning
  13. Affiliate Marketing
  14. Answer Questions Online (JustAnswer)
  15. Airbnb
  16. Selling/Reselling on eBay or Amazon
  17. Participating in Focus Groups
  18. Tutoring
  19. Being a TaskRabbit
  20. Selling on Etsy or CafePress
  21. Selling Photographs Online
  22. Podcasting
  23. Taking Online Surveys (Swagbucks or InboxDollars)
  24. Being a Customer Service Agent
  25. Being a Mystery Shopper
  26. User Testing
  27. Dropshipping

Want more side hustle ideas?

Check out these resources for hundreds of other side hustle ideas not listed above.

Where can I find freelancing jobs?

Interested in starting a job as a freelancer? Ready to find the best platform for you? This list is the top 10 places for freelancers to find work.

  1. Flex Jobs
  2. Fiverr
  3. Upwork
  4. Freelancer
  5. Guru
  6. Blogging Pro
  7. Media Bistro
  8. 99 Designs
  9. People Per Hour
  10. Amazon’s Mechanical Turk

How much money can I make with a side hustle?

How much money you make depends on many factors. How much time are you devoting to your side hustle? Which one did you choose? How much money did you invest in the side hustle? 

According to one study done by Earnest, most side hustlers earn less than $500 a month; the average Lyft driver makes a little over $350/month. Starting out, you can expect to make less than $1,000/month, but many people, once they get the hang of things, earn over $10,000/month! That’s not too shabby for a side gig!

Top Tips on How to Be Successful with Your Side Hustle

  1. Produce high-quality output for your clients; don’t be sloppy with your work. Proofread everything before you submit it.
  2. Invest in your education and skillset. Branch out and learn something new. If you can expand upon your resume, you are that closer to making it big!
  3. Learn how to balance your work/home life well. Practice solid time management skills; consider using helpful work-from-home apps.
  4. Meet or beat deadlines; review your assignment requirements thoroughly; deliver what your client wants.
  5. Be patient. Making the big bucks doesn’t happen overnight; don’t give up too easily.
  6. Don’t complain, whine, or argue with your clients; don’t pester or call your clients repeatedly. Respect their time. Maintain a solid set of ethics.
  7. Consider the tax implications of freelancing or having a side job. Typically, freelancers are treated as self-employed individuals for the IRS. You will be responsible for your income tax AND self-employment tax (15.3%). 
  8. Aim to make the life of your clients easier; go the extra mile!
  9. Provide feedback for your clients; always thank them; treat them with the respect they deserve.
  10. Avoid becoming dependent on your side hustle earnings. Treat it like a savings account or extra spending money. It may not always be the same amount, so don’t count on the earnings being steady.
  11.  Keep your clients up to speed on where you are and what you are doing. When corresponding with clients, suggest ideas on how to make things easier for them.
  12. Always reply promptly to emails; don’t ever fail to respond to an email just because you don’t want to talk about something.

To Sum Things Up…

Want more information about freelancing or working from home? Check out this article for tons of resources that can help you out. 

Pick a side hustle that you will love doing, something that will motivate you to keep going. Don’t’ forget to give it time though; success doesn’t happen overnight, and make sure you are amply successful before quitting your day job! 

Have fun with your side hustle! Now pick a side hustle, get going, and make that extra dough! Start small and grow from there! Your success will be evident before too long, though. Just give side hustling a chance. You’ll be glad you did.

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