Have you heard of the phrase Side Hustle before?
There is a whole subculture of people doing odd jobs to make an extra buck or to have a creative outlet. It is amazing. Companies have been created to get your side hustle up and running in a matter of minutes. Whether it’s an online store, a blog, or handyman services, these companies promise to attract potential customers to your door. In this post we will explore the Side Hustle.
We will begin by listing the most common Side Hustles I know of:
- Driving for Uber or Lyft
- Selling unique creations on Etsy.com
- Teaching a course on Udemy.com
- Doing odd jobs for TaskRabbit
- Delivering things for Postmates.com
- Building out a store on Amazon or Shopify
- Writing a blog on WordPress
- Recording a postcast
- Reselling stuff on Ebay
- and the originals… multi-level marketing companies (beauty supplies,protein drinks, jewelry)
To learn more about each one of these you should check out Nick Loper’s Blog, Side Hustle Nation
Its a great resource for all things Side Hustle. What I found most interesting is that there is something for everyone. Whatever you think you are good at, someone has found a way to organize it, market it and monetize it. All you have to do is “sign up.”
The Reality
Taking on a side hustle is great but you need to have the proper expectations. First off you have to understand that this will probably not make you rich… Most people make SOME money but not enough to quit their day job.
85% of side-gig workers make less than $500 per month
https://www.earnest.com/blog/sharing-economy-income-data/
This is not meant to deter you from giving it a shot. But instead keep you grounded when you start. Some people just need a side hustle to have an outlet from their 9-5 and it’s not even about the money. I love that because they are less likely to quit if the cash doesn’t come rolling in. . Monetizing a hobby or making even a few hundred bucks is never a bad thing.
I always want you to remember when starting a side hustle–
This is still work!
You have to stay on top of what App people are using to find services. Today its Uber, tomorrow Lyft. So you have to be on both! If you want the convenience of plugging into someone else’s ecosystem then you need to know which is the hottest. Consumers jump from one to the other all the time. It’s important for you to see the trends and move your business accordingly.
Your Side Hustle is your own business. You are the boss! There are no vacation days or insurance benefits. You make of it what you want but you have to learn how to manage your time properly. You can’t let your day job suffer—that is the one most likely paying the mortgage!
None of these things are bad, just different. You have to adjust! In Financial Planning to achieve success you need to maximize cash flow. You can do that by either spending less money or earning more. Most people do not want to live by a budget and have hit the ceiling at work. So starting a Side Hustle might be the only way to get ahead! You can use this new gig to put some extra money into your retirement fund, to save for your kids college or to pay down bad debt. Every little bit helps!
Good luck!
-Jared
