The Art of the Side Hustle

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In the wake of the COVID-19 pandemic and a rapidly changing economy, many people have sought alternative ways to earn money and gain more control over their financial future. The side hustle has become a popular path, offering both financial relief and a sense of autonomy.

What Is a Side Hustle?

A side hustle, also known as a “side gig,” is a secondary source of income pursued alongside a main job or commitment. It’s an entrepreneurial endeavor often driven by passion or skill, offering a way to earn extra income while doing something you enjoy.

Types of Side Hustles

There are endless possibilities when it comes to side hustles, reflecting the diverse skills and interests people have. Whether it’s freelance writing, pet sitting, selling handmade crafts, or offering tutoring services, a side hustle allows you to invest your energy in something personal and potentially profitable. What sets it apart from a part-time job is the creative freedom and personal fulfillment that often come with it.

Many (most) side hustles don’t require an office lease because they can be performed virtually, in the field, or from your home.  And if the time comes where you need to meet with clients, without inviting them to your home……you have options, like the Day Pass, Virtual Offices,  or Meeting Rooms at The Works.

It’s Not Just About the Money

While extra income can certainly help cover bills, fund vacations, or build a savings account, side hustles also offer something more. They provide a platform for personal growth and the satisfaction of turning a hobby into a stream of income. Whether you’re baking, taking photos, or tutoring, a side hustle can help you share your talents with the world while getting paid.

Why Do People Start Side Hustles?

For some, it’s about covering living expenses or paying off debt. For others, it’s a way to save for big dreams like buying a house or retiring early. Side hustles offer financial flexibility and the power to work toward personal goals on your own terms.

Considerations when dealing with your employer

Before starting a side hustle, consider your current employment situation. Does your employer allow side gigs? Are you under a non-compete agreement? It’s essential to know the implications and whether you need to disclose your side hustle to your employer to avoid conflicts.

The Digital Side Hustle Boom

Thanks to the rise of digital platforms, starting a side hustle has never been easier. Websites like Etsy, Amazon, and Shopify make it simple to sell products, while platforms like Upwork and Fiverr connect freelancers with potential clients. Social media channels allow for showcasing services or products to a wider audience, helping to grow a loyal customer base.

Popular Side Hustles in the Gig Economy

 

Driving for Uber or Lyft: Ridesharing offers flexible hours and a steady income, but it also comes with downsides like job insecurity and lack of benefits.

Advantages 
One of the primary advantages of driving for Uber and Lyft is the flexibility it offers. Drivers can set their own schedules, allowing them to work as much or as little as they want. This flexibility is especially appealing to those with other commitments, such as students or parents. Additionally, driving for these companies can provide a steady stream of income, with drivers often earning competitive rates for their services.  Another advantage is the opportunity to meet new people and explore different parts of the city. For social individuals, this can be an enjoyable aspect of the job, as it allows for meaningful interactions with passengers from diverse backgrounds.Signup here to Drive for Uber Signup here to Drive for Lyft.

Disadvantages
One major downside is the lack of job security and benefits. As independent contractors, Rideshare drivers do not receive benefits such as health insurance or paid time off.  You’ll also be responsible for covering their own expenses, including gas, maintenance, and insurance. These expenses can be tax-deductible, talk with your account for details.Driving for rideshare companies can be exhausting (physically and mentally). Long hours on the road, the stress of traffic, and managing demanding intoxicated passengers can take a toll on drivers.

Flipping Products: Whether it’s real estate or retail products, flipping items for a profit has become a lucrative venture. By purchasing discounted items and reselling them, you can create a profitable side hustle with minimal upfront costs.

When Your Side Hustle Becomes More

Some side hustles can grow into full-time businesses, leading to the decision to quit your day job and pursue entrepreneurship full-time. While this leap requires careful planning and financial stability, it can also lead to a more fulfilling career and a greater sense of purpose.

“Don’t quit your day job” holds true though…….until you are certain that it’s time! A good indicator is when you’ve reached a revenue target or landed a large client that is going to consume a HUGE chunk of your time and energy.

The Side Hustle for Students

For students, side hustles offer an opportunity to make money while balancing studies. Whether it’s freelancing, tutoring, or starting an online store on Etsy, eBay, Amazon, etc., the options are endless, and some have turned their ventures into significant income sources.

Your Employer and your Side Hustle (and how to handle it)

• What will your employer think of your side hustle?
• Do you have a non-compete agreement that could derail your ambitions to earn more income?
• Should you tell your employer?
• What if you don’t notify your employer, but you were supposed to?

Balancing Passion and Practicality

Not every side hustle will lead to financial independence, and that’s okay. Some side hustles are passion projects that bring joy and fulfillment without a big paycheck. Whether it’s blogging, creating art, or playing music, these endeavors can enrich your life in other ways.

And maybe the intention wasn’t to leave your day job, but to pay for your weekend golfing or finance that trip to Europe you’ve been dreaming of.

Avoiding Burnout

It’s easy to get caught up in the excitement of a side hustle, but it’s important to maintain balance. Managing multiple commitments can lead to burnout, so make sure to carve out time for rest, relaxation, and self-care.

Burning the candle at both ends can sometimes leads to poor performance on both sides of the coin.  The result could be performing poorly at your side hustle because of your commitments with your full-time “real” job, and vice versa.  The potential of crashing and burning is real.

What’s Next?

If you’re ready to take the plunge into the world of side hustles, go for it! If you’re still unsure, keep it in mind, but remember, a side hustle requires commitment. Success comes from fully investing your time and energy into your venture.

If a Side Gig is in your future, Good luck!