PS: It’s a rather long read, so I have split it into parts….Happy reading
Have you ever felt the need for a side income? Ever felt that your current 9 to 5 job isn’t paying you much, and you deserve more? Or are you a student trying to make some extra bucks for your needs rather than asking your parents for it?
I understand. You can make your ends meet with your income, but of course, a side hustle will give you an additional benefit! It could undoubtedly be a game-changer!
Here I will discuss some legitimate, proven and the best side hustles ideas that can help you grow your wallet.
You just need to invest a sufficient quota of your time and efforts and have a bit of patience, and I can bet that it will be greatly rewarding!
So, are you ready to choose a suitable side hustle that can give you some extra benefits this year? Keep reading to know more details about this. But before that, we have to understand some basics about side hustles.
We need to keep our basics clear before jumping on to the advanced part. In simple terms, A side hustle is an activity or type of employment that we do in addition to our normal day job to earn some extra bucks. Probably some extra hundred or thousand dollars.
According to a recent survey by Bankrate, 3 of 10 working Americans with side hustle say they need extra income to cover normal living expenses and 45% of all U.S. workers have some form of side gig.
Why Is Side Hustle Important?
Side hustles are the first step towards financial independence. Let’s face the truth. If you are just a fresher and have joined a 9 to 5 company, it won’t probably be enough for you. Your maximum amount of salary will be spent on food, rent, and basic amenities. You won’t even have anything left at the end of the month to add to your savings account.
We already know the importance of savings. If things go this way, you will be left with $0 in your savings account. That’s an awful scenario out there. Having a side hustle can help you push ahead in your career.
And if you are a student, I understand that you might be needing some extra money for your daily needs. You might have a student loan as well and are trying to pay that debt off. Thus, opting for a side hustle can make a significant difference in your life!
And if you are a parent, I can totally relate. Having kids is awesome but yes, your family-income needs grow with a growing family. Even if you have a full-time job, a side hustle can surely help boost family income. It can help pay the debt, save for college, save for a new car, or help you in rainy days.
Recently, so many people lost their jobs due to COVID and many brick and mortar stores had to shut down their doors. Needless to say, it taught us the importance of having another stream of income. It could be a passive side business or a side job.
Should I Have A Side Hustle?
Before starting out it’s equally important to understand if you need a hustle in your life. Though adding another income stream can benefit you financially but it does need some work and time effort.
The first and former question is asking yourself do you need a side hustle? If it’s so, then why you need a side hustle? This is going to be your driving force.
I truly believe, if you don’t have that force or enough reason behind doing something, you will probably quit after some time or later. This ends up wasting all the efforts you put while setting up your new business or side job.
When I started this blog, I had a long vision and I knew my driving force and my why. This is what keeps me going too. So you have to decide this for yourself irrespective of others.
Next question is to determine how much time can you devote? You might say ‘I have a full-time job’ or ‘I am running around my kids throughout the day’. I can totally relate; I have been in those shoes too and I am still in (being as a parent). But I worked out my schedule accordingly and it’s currently 5:25 am by my side.
So, it’s you who has to determine how much time you can devote daily or weekly. If it’s weekly or you have limited time, can you automate the process? Can you hire someone to off-shoulder some of your work?
If you can bring your why and time in harmony then I am pretty sure you are ready to choose a hustle in your life. Now when we know the basics about side hustles, let’s check out how you can choose the side hustle that’s best for you!
How To Choose A Side Hustle?
Now when you have finally fixed your mind and decided to expand your income source, here comes the tricky part- choosing the right-side hustle! Well, it is not that challenging as it seems. With the right procedure and direction, you can select your suitable side hustle within a matter of time.
Let’s check out a few principles that will be helpful to determine what kind of side hustle suits you!
1. Find Your Interest
How many times in a day have you heard your fellow colleagues or friends whining about their current job and not having the job satisfaction in their profession? This is a pretty common issue! To combat this issue, you need to see what interests you.
Look for something that doesn’t feel like strenuous work to you. This is because you could be exhausted at the end of the day, and that might not be practical eventually if you have an ongoing main job.
If you feel that you have too much work that you don’t like to do or are not interested in it, you might procrastinate. This is a serious issue among the side hustlers!
You can probably turn your hobby into a side hustle as well. If you write well or sing well, or code well, that can be significant in your favor!
And if you haven’t identified your talent yet, nothing to worry about. Almost everybody has a hidden talent that they can monetize and make as a side hustle. Just try out new things for some time, and you will identify your suitable interest in just a matter of time!
Just make sure that it is something you enjoy doing!
2. Look For Something With A Good Growth Rate
This is not uncommon for people to turn their side hustles into a full-time job after a certain period of time. You need something that will be in demand even after several years or probably until your retirement. Then you will have a stable source of income even after your retirement.
3. Find Something That Actually Pays
Even though you enjoy doing your side hustle, you certainly should not do it for free or that negligible amount of pay!
This is a significant thing to consider since you do not want to opt for something that will just be constant labor work and will pay you peanuts. You certainly deserve more than that!
Numerous industries are emerging and pay a pretty decent amount. Your talent and time are important. Thus, look out for such industries that value your time, efforts, and talent. Don’t fall for fraud people that say you can’t earn much from a side hustle since that is utter nonsense!
There have been innumerable people who have made good use of their talent and have made it big in the industry of side hustles. And you are no less than that! Just know your worth and do your proper research regarding your preferred industry!
4. Look For Something Flexible
Even if you have that hunger for money and desperately want to invest those extra hours to your side hustle, you need to make sure that it is not draining you.
Suppose you have a deadline to submit your side hustle project by 6 pm, and you might have to work overtime that day in your main job, then what? That will be a serious conflict and will result in pretty apprehensive situations!
You should look out for side hustles that have a flexible deadline and working hours since you do not want to disturb your stable source of income when you have just started out in the world of side hustles!
What Are The Best Side Hustles To Start As A Beginner In 2021?
Watch out for these 11 side hustles to consider in the next blog. Till then, keep keeping on.