With years and years of statistics to back this claim up, jobs have never been as secure and stable as they have been pegged to be. With the recession hitting out of the blue, multiple times in the past, thousands of people have found themselves jobless overnight, with no clue on what to do!
However, there is a new buzzword floating around the Internet in the past few years: the side hustle. This might be the answer to such instability. It could potentially save you from having to dip into your savings for survival. And it could potentially allow you to even earn more than the job you do.
But what exactly is this concept? And how is it relevant to you? Let’s take a look.
As the name suggests, a side hustle is something that one does ‘on the side’. It is something you can take up in your free time to use it more productively and earn extra bucks to buy that much-awaited new gift to yourself sooner!
Some may confuse a side hustle with a part-time job. However, both differ to a great degree from each other. While in a temporary job, you are bound to a person or organisation and work as per their requirements. But in a side hustle, you are your own boss and can work as and when you want and for the number of hours you wish to. This surely is a wish many aim for, but few can truly cater to, seeing how it demands immense passion and self-discipline.
How to start?
Unlike misguided opinion, your side hustle doesn’t necessarily need to be something profound or empirical. It can simply be something you’re passionate about and enjoy doing. Some side hustlers are freelancers, tutors, online teachers, home-based bakers, as well as handicraft makers.
Before you make up your mind on which business to fire up, you need to make sure that you have enough time to invest, along with other responsibilities. Once that is settled, all you need to do is make a list of your hobbies and interests which could potentially become profitable businesses in the future!
You might wonder why you need a side hustle. If you’re settled in your job and are making good enough to sustain and save good amounts of money, why could you possibly need a second source of income?
Here are a few reasons why:
Why do you need to have a side hustle?
1. Multiple income sources
The biggest and most obvious benefit of starting a side business is the generation of an additional source of income. There are more than a few ways in which we can think of spending this money. If not, you can always save up for an unforeseen circumstance or buy yourself that sweet item you’ve always wanted!
Apart from that, earning extra income also reduces the stress caused by recurring loan EMIs or the inability to have funds to meet any exigency. This income from your side hustle helps in making you self-reliant and stress-free.
2. It might turn out to be a full-fledged business
There have been instances where people started with a side hustle, and received a great response with exceptionally good profits. Looking at the positive response they further went on to carry out their side hustle as a full-fledged business opportunity by leaving their routine job.
3. You have ample time to start a side hustle
Many of you might have a standard response that you do not have the time to start a side hustle even if you wanted too. However, this argument might change your mind. Between your daily routine, there might be at least two hours that you might be wasting on social media, which you could use otherwise to build a side business. This can get you enough earnings to spend on personal pampering!
Once you start enjoying the earnings from one hour a day of hustle, you will be motivated to find more time to pursue the work.
If, for instance, you start one hour of online tutoring and earn Rs 1000 per hour, you’ll make Rs 5000 in a week and Rs 20,000 in a month with just one hour of the time you thought you didn’t have.
4. Offers financial security
Having a side hustle is similar to someone having your back in tough situations. If you are the only breadwinner of your family, and due to some unfortunate reason lose your job, your only income source is lost.
If you have a side hustle going parallel to your job, you continue to have financial security even in case of a job loss.
While the side hustle may give you some additional income, you can expand your business by devoting extra hours while simultaneously searching for a new job. This way, you continue to earn income and gain experience.
5. An opportunity to grow personally and professionally
Devoting your time and energy to an additional income source is surely a plus. However, if the activity or business you pursue is something you enjoy, the results are even more incredible.
You not only learn new skills, obtain new tools, but also come across extensive information about your new business. Your personality improves with the added exposure and knowledge addition. The combination of personal and professional growth helps you in ways more than one.
6. Following your passion to start a side hustle
The best part about starting a side hustle is you get to spend time doing something you feel strongly about. It is not like the regular job you do for the income and dread going every Monday morning. Pursuing your passion with the added advantage of monetizing, it gives you the extra push to continue doing what you enjoy.
7. Reason to maintain work-life balance
Once you find a way to work at your passion and get paid for it, you’ll have all the more reason to devote as much time as possible to it. You become efficient in completing your office work in shorter time-span and devote more time to your passion. Your work-life balance gets restored, which allows you to set clear boundaries to all three aspects.
8. Network with people of similar passion
Starting a side hustle can allow you to connect with people holding similar interests or those working in the same space as you. We all very well know the unlimited opportunities good networking brings in! You never know when and how these people might help your business to soar to new heights.
These reasons are sure to light a fire within and push you to start hustling on the side! Following your passion and getting paid for it is always better than going through the torment of a monotonous job that is far from enjoyable. More so, in the current scenario where everyone is pursuing some passion; it is the ideal time to wear your creative hat and give wings to your dreams.
The freedom to plan and run your business according to your convenience gives you the ultimate joy of working on something that you love. And not just do it for the sake of income, but simply for the sake of it. This self-driven, passionate hustle goes a long way in building your personality, productivity, and also your bank balance.