I’ve been following some compelling research, as well as compiling some of my own into something more and more people are considering in an effort to find more meaning, freedom and flexibility in their work: Side-hustles.
I'm sure the concept is not new to you. What I'm talking about doesn’t necessarily have to be a complete side-business, or even make that much money. A side-hustle is all about your personal growth, development, and entrepreneurial creativity. Think about what you would supplement your current work with if you had the chance. Maybe you want to start a podcast related to your business, write a personal blog, organize people's closets, or sell crafts on Etsy. The possibilities are endless. Whatever your imagination can think up, it’s all about finding your passion and following it through — without the major commitment of leaving your current work or investing all of your time into something you’re not certain of.
According to a recent study, about 37% of adults in the U.S. have a side-hustle. In Canada, my sources indicate this is becoming a more attractive option for people as well. The way I view a side-hustle is different from what we might call moonlighting. That can serve a purpose too, but while side-hustles provide supplemental income on top of your "real" job, they are not the same as a part-time job, with your employer determining the hours you work and the income you make. A side-hustle is free from those constraints, giving you autonomy to decide how much you want to work and how much money you're likely to earn. The more you hustle, the more opportunity to top up your bank account. So, let's talk a bit more about why side-hustles are so alluring, and how can they can be life changing. Here are three ways a side-hustle can be a really great idea:
1. Adding Savings and Security
Of course, one of the most alluring aspects of a side-hustle is making money in addition to your current salary (or, if you don’t currently have a job, making money off something you’re passionate about). Depending on what your side-hustle is, there’s potential for earnings, and that extra money is a great way to start shoring up your savings, or pay off your debt. Or, you can invest the money into your current business!
Making a little extra cash on the side can also help alleviate some financial stress, making your day-to-day happier, rather than filled with worry about making ends meet. It can provide you with a safety net should something happen to your regular day job. And hey, if you want to use that money to treat yourself, go for it! Your side- hustle is all about you doing you.
2. Gain and Diversify Skills and Experience
Let’s say you decide to start selling your craft projects online. It’s a great way to engage your creativity and make a little extra money — but you’ll also probably develop new skills along the way without even realizing it. You’d learn how to communicate with customers, market your brand, determine your pricing, and much more. These are incredibly useful skills for the business world, skills that are transferable to other jobs besides your side-hustle. And who knows? The more experience you gain with these skills, or whatever skills you develop from your personal side-hustle, the more clarity you could gain on whether or not your current career is truly what you want to do.
3. Test the Waters!
As mentioned earlier, a side-hustle is a fantastic way to dip your feet in the waters of other ventures without a full commitment. If you’re not ready to leave the security of a full-time job, or you’re just not sure what you really want to do, side-hustles can help you get there. Maybe you’re considering a career in professional writing — create a blog, and see how it makes you feel! Not sure if consulting is for you? Do it on the side!
Whatever you decide to do with your side-hustle, remember that the point is your satisfaction. If you find you’re not enjoying your side-hustle, you can start a new one! Or decide that side-hustles just aren’t for you. That’s what’s so great about them — they’re flexible ways for you to gain experience, learn what you love, and test out what you’re interested in, without committing all your time, energy, and finances to them. One more thing...recent research shows that some of the happiest and most fulfilled people have side-hustles!!
So, what are you waiting for?
Want some support while you get your side-hustle up and running? I have just the thing! Learn more.