Let’s say your real goal is to quit your day job and start your own business. That’s a big step for most people. Such a big step that so many never actually make the leap. Instead, they just talk about it… often for years…
How about instead of “starting a business”, you go for something a little easier. A side hustle. Something you set up and run alongside your day job. A way of making a bit of money on the side without leaving the security of your day job. Something you can just start and not worry about how it works out.
Interested? Then this guide is for you.
Why Should You Start A Side Hustle?
There are four big reasons for starting a side hustle. I’ll start off with the one that removes the stumbling block to starting a full-time business.
#1 The Risk Factor
It doesn’t take much investigation to realise that a business startup is risky. You can mitigate the risk as much as possible by pursuing a low-cost small business idea, but quitting your day job to work on a new business full-time, is always going to be a big challenge.
It’s an unavoidable fact that it takes time for a business to generate an income. It’s even worse if you’re leaving a high paid job, have no savings and have a family to support. Your low-cost startup doesn’t look quite so “low-cost” when it’s replacing a full-time salary.
Enter the side hustle. Okay, it does involve working in your spare time, but it’s your side hustle and you can work on it as much or as little as you want.
You’re still supported by your day job, so your risk is minimal. Instead, a side hustle is a superb way to test out your business ideas.
If, for example, your aim is to start your own clothing brand, start off with the side hustle of a design blog! It would be a receptive audience for testing your design ideas. These followers could be future customers when your brand launches. Your side hustle is your promotion network – a huge head start for a clothing company.
#2 It Can Make Money
Let’s face it, most of us could do with some extra cash. There’s always a wicked pair of shoes you’ve got your eye on for the Christmas party season.
Giving up on your lattes isn’t really going to make much difference to your spending power. And boy, it would suck the joy out of life!
Instead of scrimping on costs, I’d chose to make more money every time. There’s no limit to the amount of money you can potentially make from a side hustle. And if it doesn’t work you just quietly shut it down and try something else. Or you really lose out on is your time…
#3 It Opens You Up to New Opportunities
Starting something new makes waves. They could just be little ripples, a few new contacts here and there. But who knows? Change makes opportunities happen. It’s really that simple. Your blog connects with someone new. They enjoy your writing; your ideas help them solve a problem and they become regular followers.
It’s little things like this that lead to job opportunities or partnerships in a new enterprise. Ripples that become waves…
#4 Helps You Find Out What You Really Want to Do
The great thing about a side hustle? It’s non-committal. You can try things out. Have a bit of fun whilst your day job takes care of all the bills. If, at the end of the day, you decide your “voice coaching business” or “Italian food blog” isn’t going to take off. It doesn’t matter. You still have your day job.
It’s a good way to find out what you enjoy doing. Explore your skills and discover the life you want to lead. You may find you prefer your day job or you decide you want to write about travel from a beach in Portugal.