Should You Start A Side Hustle (infographic)

If you’re similar to a growing number of young professionals and recent grads, you’ve found that your regular income isn’t quite enough to cover all your expenses. This is partly due to the amount of debt they’re carrying in combination with the skyrocketing cost of living. With a side hustle however, many people find financial freedom that allows them to splurge on luxuries, cover excess costs, and save for their futures.

Even if you’re comfortable with the amount you’re making, it may be a good idea to double check your budget and savings against what you plan on spending money on in the future. Recent college grads are some of the most frequent visitors of car dealerships. And after a car, major purchases like a home, vacation, and childcare are on the horizon. And coming up with the money for these purchases is only half the battle. The other half is a demonstrated history of financial stability in the form of credit. That means having even more savings put away to give you a buffer against unforeseen accidents and expenses.

If you’re still not convinced, consider these reasons for having a side hustle:

Reasons to Have a Side Hustle

Competition in the Workforce

As the number of people with college educations reaches an all-time high, the rivalry in for jobs is fierce. Not only does this make it more difficult for average people to get high paying jobs, but it also means companies don’t need to offer a competitive compensation packages to get the attention of top-performers.

Cost of Living

As mentioned before, the average price of a home has continued to climb at rates disproportionate to wages. The housing market is a large factor in setting the cost of living in an area, and it has become harder and harder for someone to afford a home with one salary alone. A side hustle could be just what you need to afford the necessities in life with a little extra.

New Skills

Depending on what you’re good at, you may choose anything from a skill based side hustle like selling crafts to an asset-based side hustle like renting a room. Whatever you choose, you’ll gain new proficiencies and tricks with your trade. This is fulfilling on its own, but it also means that you’ll make yourself more valuable at your day job.
Related: The Success Of The Entrepreneurs Who Started Late (infographic)

Explore Passions

If you’ve always wondered whether you would be good at something or wished you majored in something else, side hustle give you the opportunity to find out what you’re capable of. And unlike working your day job, no one is forcing you to do your side hustle, so you can say no to things that don’t interest you or align with your beliefs. Who knows? You may find that your passion for something is so profitable, you’re able to quit your primary job altogether.

Networking

Whether you’re driving socialites around in your uber or joining fellow bloggers online, you’ll have tremendous opportunities to meet others. These people will not only be exciting and often like-minded, but they may open doors up for you in other areas of your career. It will be satisfying to interact with people outside of your usual social circles, and may even discover interests and passions you never suspected you had.

Meaning

If you feel burnt-out or uninspired at your day job, having a side hustle can help reinvigorate your creativity and fill your time with more purpose. Even if you aren’t starting a non-profit or self-help website, you may find that working in a job that directly connects you to your clients and customers is incredibly meaningful.

Categories of Side Hustles

So, now that you’re motivated to pursue a side hustle, let's discuss some of the kinds of side hustles that you can have. There are many possible side hustle out there, so think about these categories of hustles will help you get brainstorming. Though there are also many great resources online for ideas on side hustles.
Related: The Side Hustle Economy: 25 Ways to Make Extra Dough

Creative Jobs

These side gigs rely on having some creative and technical skills combined. Jobs that fall under this category include Etsy Crafts sellers, photographers, bloggers, and freelance designers. If you have some ability with anything from Photoshop to clay, this may be the category of job you want to stick to. What’s great about these creative jobs is that they are the least likely to really feel like work.

Gig Economy Jobs

These jobs are made possible by a host of apps like Uber, TaskRabbit, and Favor. It doesn’t require much skill or startup cost, though the ability to scale these are minimal to non-existent. If you think you’d like doing small favors or driving people around as a laid-back and satisfying side job, many of these types of jobs are great options for you.

Skilled Jobs

These are often side hustles that you could also get a job doing, or went to school for. They require a bit more extensive knowledge in an area to be profitable and successful. However, these freelance jobs are some of the most likely to one day be your full-time gig. Jobs in this category include coders, marketers, consultants, accountants, and financial advisors.

Sharing Economy Jobs

Similar to gig-based jobs, these are made possible only recently by apps and websites like AirBnB and the car rental app Turo. While you can rent rooms, your car, or even tools to others, this does require you having usually expensive items to spare. However, these jobs do have the added benefit of requiring little time or work.

There are limitless possibilities out there for ways to gain extra income. And many of side hustles available now only exist because of one creative and driven person. If there isn’t anything that really interests you about a side hustle you’ve heard of, you may just invent the next big thing. But if you’re still not sure, Self Lender created this great infographic to help you decide whether or not you should have a side hustle. Check it out below:

Flow Chart: Should You Start a Side Hustle?

Read Next: Turning Your Hobby Into A Business Through Knowledge Commerce

No comments:

Post a Comment