Keeping your knowledge and skills relevant in a fast-changing world is challenging. It’s even more challenging if you have limited time outside of work to devote to new learning opportunities. That’s why side hustles become so important when you want to maintain relevancy while keeping your day job. If you’re thinking about starting a side gig, but aren’t sure how much time and effort it would require, we get it. Starting a new business can involve plenty of challenges, especially when it involves something unrelated to your primary job as an accountant or stock broker or mechanic. However, a side hustle can bring lots of benefits if done the right way. So before taking that leap into another career path (or at least another part-time job), take this quiz to see if becoming a side-hacker is really worth your time…
What is a Side Hustle?
A side hustle is an independent venture that you pursue on the side in addition to your main job or career. Side hustles are often self-funded and self-employed ventures, and they are generally part-time endeavors. For example, an accountant who wants to supplement her income while gaining experience in public speaking could write and sell online courses about tax preparation while working full-time. A part-time yoga instructor who wants to make extra money while traveling abroad can set up an online yoga instruction business.
Although people use the terms “side hustle” and “moonlighting” interchangeably, they are not the same thing. A side hustle is related to your main career, while moonlighting is a separate, unrelated job.
Why Start a Side Hustle?
Besides being a good way to keep your skills fresh, a side hustle can make you more attractive to future employers. Employers want people who are engaged, creative, and willing to collaborate across disciplines. If you’re running your own business, you’re engaging in all three, every day. What’s more, you’ll have additional achievements and experiences to add to your resume and may be eligible for bigger raises or even a promotion. A side hustle can give you more financial freedom. Once your business is up and running, you can set your own hours and decide how you’d like to spend your time. You can even use some of the profits to start saving for retirement, paying off debt, or making long-term investments like buying a house or investing in stocks.
How to Know if a Side Hustle is Worth Your Time
If you’re thinking about starting a side hustle, there are a few questions you should ask yourself before committing time and energy to the project. They include: – Is there a market for it? Make sure there are people who want what you’re offering. You can do this by doing some research, either online or by talking to people who are in the niche you want to be in. – Who would you be competing against? The more crowded the space, the harder it is to get noticed. So make sure that the profit margin is worth it. Generally, the more specialized your product or service is, the better your chances of grabbing attention. – Does it fit your skill set? If you’re going to start a blog, for example, you should know a lot about your topic. Sure, you can learn along the way, but if you’re not passionate about your topic, it will show through in your work. – Does it fit with your lifestyle? Some side hustles are better for retirees, young parents, or anyone with a limited amount of time. Think about how much time you can realistically devote to starting and running your side hustle before it interferes with, or even takes over, your life.
3 Questions to Determine if a Side Hustle is Worth It for You
If you’ve thought about starting a side hustle, but are still undecided about whether it’s worth it for you, ask yourself these three questions.
- What is my goal with the side hustle? Make sure you have a clear reason for starting the side hustle. Do you want to earn some extra cash? Learn a new skill? Test out a new idea? Develop a habit?
- What is my time worth? Some side hustles can be done in your spare time, while others (like a full-time job) will require more time. Make sure you know what you can realistically do. You don’t want to end up burnt out.
- How much will it cost to start? While it’s generally free to start a blog, it will cost you money to start a podcast. Like driving for Uber, other side hustles can cost nothing at all. Others, like starting a landscaping business, will require an upfront investment in equipment.
Bottom line
If you’re thinking about starting a side hustle, make sure it’s worth your time. Ask yourself what your goal is, how much time it will take, what you’ll have to invest, and how it will affect your lifestyle. When you know the answers to these questions, you can make an informed decision about whether it’s worth it for you to start a side hustle. And if you’re not sure where to get started, we’ve got plenty of ideas to get your creative juices flowing.