You’ve probably heard the term side hustle bandied around. It’s one of those catchy phrases that everyone seems to be using, but no one seems to understand fully.
How come the people who speak most adamantly about side hustles tend to make their money by teaching other people how to make money with side hustles?
Importance of Side Hustle Jobs in Keeping Your Start-up Business
If you find yourself a little skeptical of the concept, you are not alone. Beyond that, it’s good to put on your scrutiny hat when examining options that could influence your financial standing.
The following will explore some of the reasons that side hustles are essential for keeping you and your startup business thriving, as well as break down some of the critical factors that can help you determine whether your side hustle idea is worth trying out.
What is a Side Hustle?
A side hustle is something you do to earn an income that you would not consider your primary income source in the broadest sense.
A side hustle can be a product or service you offer to others. In most situations, a side hustle does not require set hours the way that a typical nine to five does or at least does not compete with the hours you are obligated to fulfill for your other income sources.
According to Forbes, about 37% of the adults in America have a side hustle. More than this, the average income a side hustle brings in is $700 each month. $700 extra dollars each month in exchange for doing what you like can make a big difference when it comes to bills, student loan payments, and saving up for your future.
In addition to this basic definition, side hustles can often be about more than just income. They can be devoted to personal development, growth, entrepreneurship, and creative release. Often side hustles involve work that people enjoy or are passionate about—podcasts, personal logs, crafting, etc.
What to Look for in a Side Hustle?
When you’re considering a side hustle, there are a few things you want to look for. Ideally, you want to be considering work that you are interested in doing. Finance gurus at https://moneyat30.com emphasize that you also want to select something relatively easy to get off the ground. A good side hustle is something that you can start small working on with very little money down and build in tandem with the responses that you get.
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How Can a Side Hustle Help Your Start-Up Business?
So how can having a smaller job on the side help your main job? It seems a little counterintuitive at first because it looks like a side hustle will be pulling precious time and mental energy away from your primary income source.
When running your own business, it can be hard to make the best decisions possible for your company if you’re stressed about losing money.
Maybe there’s a new technology that you’d love to adapt that you think could make you more money in the long run, but the price is scaring you away. Maybe you want to forgo that one client that pays big time but causes you so many headaches you feel like crying.
Perhaps you want to know that if your latest choice doesn’t pan out, you’re going to survive. Having a little extra money in the bank can change how you make decisions related to your startup business. It can also reduce anxiety, which can, in turn, help you make better decisions. MIT neuroscientists found that stress directly impacts your ability to conduct cost-benefit analysis accurately.
Transferable Skills and Experience
No matter what side hustle you pursue, you’re going to be engaging your creative problem-solving skills, learning to communicate with a different customer base than you’re used to, marketing a brand, and much more. These skills are highly transferable and might apply to your start-up as well.
No matter what type of business you run, if you’ve been doing the work long enough, you know the magic power of networking. If you’ve never had a random interaction with someone turn into a huge reward for your business, you’ve not been doing it long enough.
When running a small or large business, it’s always in your best interest to meet and interact with as many people as possible. You never know who will know someone who needs your work or who is going to have a brilliant idea that changes the way your business thrives.
The above information should make it clear that the right-side hustle is an excellent idea not only for your personal growth but for your other sources of income as well. Whatever you choose to do, ensure that you keep accurate records to help smooth over tax season.
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