Side hustles are more popular than ever. Every skill you could ever dream of mastering is explained in detail on YouTube or in an online Master Class. Any little collection of paintings or crafts can be sold through one of the many e-commerce platforms. Even hobbies such as hitting the gym, being a musician, or playing video games can help you earn some extra money, through social media apps and subscriptions. According to Zippia, “45% of Americans have a side-hustle.” While much of the increased popularity of side jobs may be a result of technological advances and the information age, there are a few more pressing matters acting as catalysts. The Covid pandemic pushed many people to lose interest in traditional careers. People are seeking remote positions and are less willing to work long, inflexible hours. To add to that trend, rising inflation has forced many people to seek extra income sources just to make ends meet.
You very well may be the exception to this trend. You may be wondering “what’s so awesome about hustle culture anyway? I make more than enough money to support my lifestyle and I don’t want to work away the little time I have left in the day.” While work life balance is definitely an important aspect of healthy living, here are a few reasons why we think it’s worth your time to at least look into doing some work on the side:
- Multiple sources of income decreases risk- There is security in having more than one source of income. The majority self-made success stories typically didn’t secure their wealth from just one place. Just as investors diversify their portfolio to manage risk, you can do so by creating some extra income with a part-time or freelance position. Should you depend on this- at least at first? Most likely not. Though, over time you may surprise yourself with how lucrative your evening gig can become.
- You can more seriously pursue a hobby…but get paid for it- A survey from Ask Your Target Market showed that 80% of respondents had a hobby, and over half of those surveyed had multiple hobbies. If you’re part of the majority, then imagine getting paid for doing something that you enjoy? Your favorite past-time of making candles could turn into an online store. Playing an instrument could turn into extra cash by giving lessons, or playing at your favorite coffee shop or bar. Even if you don’t have a hobby that you’d like to pursue as a side hustle, you can look into an area more related to your main career- such as freelance marketing or blogging for a small company.
- It’s the first step in becoming your own boss- For many people, their hobby is actually their passion. Maybe it’s not wise to quit your day job and go barreling into uncharted territory, but starting a side hustle with your hobby may be the first step to gaining the skill, equipment, and the confidence needed to eventually make the jump to starting your very own company. While this may seem far-fetched, some of the most successful companies in the world began as side projects, such as, Apple, UnderArmor, Slack, and Twitter, to name a few. If you turn your dream into a career, then you will never have to work another day in your life.
While using your hobby to bring in a little extra something to set aside may be a great idea for many, it’s not for everyone. There is a tendency in our culture to monetize and commercialize as much as possible. For some, turning their hobby into a job can simply suck the enjoyment out of it, leaving them overwhelmed and stressed. Tracy Brower, with Forbes, warns that commercializing your hobby, “can actually detract from your enjoyment of it. If you love knitting baby blankets and experience joy in giving them to new parents in your circle, it may not translate to feeling rewarded in the process of listing, marketing and selling them to strangers.” Having a hobby you love can hold more value than simply lining your pockets. People with at least one hobby tend to be less stressed, and therefore more productive when it is time to get down to business. If turning your favorite freetime activity into a side hustle turns it from a stress-reliever into a headache, then you should strongly consider stepping away from it for a while. If things don’t improve then seriously think about taking it back down into just being an enjoyable pastime. Making a little more money isn’t worth losing your sanity and joy.
If you’d like to consider starting your own business, we can provide you with the advice and tools needed to get started. Our top quality accounting, business solutions, and consulting teams can help put you on the right track. Contact us to take the next step in transforming your side hustle into a satisfying and prosperous career!