Many successful businesses started as side-hustles. Just something fun and exciting to do on nights and weekends for a little extra cash, or maybe even no cash at all in the beginning. One Major of Reasons Why You Need A Side Hustle is to create wealth. Make more income.
There are many reasons you may need a side hustle to meet your financial goals. Side hustles are a great way to meet your financial goals much more efficiently and timely while saving for those things you need and want.
Launching a side-hustle makes practical sense, as not every emerging entrepreneur has the opportunity to go all-in on a new business venture.
Instead,
- Keep their income steady,
- They maintain a stable nine-to-five job,
- Feed their families and pay their bills, and
- Dabble in a side business in their spare time.
While devoting your nights and weekends to starting a business on the side is a great idea. It might also be a bit daunting.
Related Post: Best Side Hustle Ideas For 2022 To Make An Extra Income
After all, managing a day job as well as a side-hustle is essentially pulling a double shift. Not everybody is cut out for that.
Side hustles can range from many part-time jobs to bring in extra income each month to a hobby-turned-business focusing on something you love (Photography would be a good example).
Balance is necessary for your life, and I’m not advocating working yourself to death.
How can anyone expect to maintain two careers at a time? What about family and other obligations? These are all valid questions and concerns.
If you feel like you really want to start a side-hustle. But are afraid it will drain you and de-rail your life, or will just not be worth the effort, think again.
Related Posts:
-
Best Countries To Work And Make Money In The World
-
12 Wealth Building Habits You Need To Start Now
-
Easy Ways To Start Investing With Little Money
-
Best Money Making Apps Online To Earn Money Fast
-
Why You Should Start a Blog In 2022 – Reasons To Start
15 Reasons Why You Need A Side Hustle
1. Side Hustles Can Be Aligned With Your Hobbies And Interests
What side hustle you start is entirely up to you.
Do you love photography in your free time? Try creating a small business charging people for family photos. Do you love dogs? People pay good money for dog walking services.
The point is that you have the option of doing what you love while making a little extra money on the side.
All you have to do is find a way to add value to someone’s life if you’re looking for ideas. Who knows, your side hustle could take off and become your career!
2. It Will Give You More Enjoyment In Your Day Job
One of the best parts of having a side hustle is the money it can provide for you.
When I was still employed at a 9 to 5 job. I had a side endeavor that started earning me more money than my salary was paying me.
And you’d think that this would make me less committed to my job since I didn’t need the money. But instead, it did the opposite.
Because I wasn’t going to work for the paycheck. I started loving going into the office. It was a place for me to socialize and push my limits by working on cool projects.
All of a sudden I started getting promoted because I was putting in extra effort all over the place and my ideas were getting recognized.
Eventually I left that job to chase my side hustle, but for the time that I was doing both it was amazing.
3. A Side-Hustle Will Fuel You: One of Reasons Why You Need A Side Hustle
You would think that given the extra time, energy, and focus required in launching a side-hustle, you might be left feeling depleted.
This is absolutely not true.
Probably the most surprising thing about launching a side-hustle is how rejuvenating it really is.
You might feel overwhelmed by your current job. Or things going on in your personal life. But if you pick the right side-hustle, you will find that it will energize you.
The trick is to find a side-hustle that you are truly passionate about.
It has to be something that you’ve always wanted to do. Something that you are innately curious about. Something that aligns with your personal values and natural talents.
Related Post: How To Make More Money Extra Income At Home
Doing something you are really interested in won’t feel like work – it will feel like play. And, play is a natural part of being human.
When you launch a side-hustle you actually care about, you will feel invigorated.
Suddenly, you will feel less resentment towards annoying things that happen in your day-to-day life. Because you will have something more important to think about.
You will suddenly find the time, energy, and focus to devote to your exciting new project. It will feel like magic.
But it’s not. It’s just what happens when people allow themselves to lead with their heart and do work that matters to them.
4. Diversifying Your Income Gives You More Power
If you can turn your side hustle into something that makes pretty good money. You will likely feel a great deal more freedom in your everyday career.
Knowing that you have a source of income in your back pocket may bring you more confidence to take risks in your profession. Whether that means:
- Requesting a raise
- Volunteering for a new project, or
- Even making the leap to a new company.
Without a backup plan, you may be hesitant to take such risks for fear that your boldness could result in the loss of income.
Having a small source of income to mitigate this risk could give you the confidence you need to take that leap.
With a reliable side hustle, you’ll find yourself in a position of greater leverage. Which means you might actually be able to make more money and advance more aggressively in your day job.
5. Build Wealth: Major Reasons Why You Need A Side Hustle
Is your retirement saving where you want it to be?
If not, it may be a great idea to work a few extra hours each week to increase that account.
People often associate side hustles with debt elimination. But side jobs can rapidly increase your wealth as you save and invest the extra money.
6. It Will Make You More Creative
When you’re working for someone else, it can sometimes feel draining. You get home and all you want to do is “decompress”.
You sit on the couch and veg out to some Netflix and call it a day. And after a while, you realize that it’s been months since you’ve done anything new and exciting.
But if you look forward to coming home so you can work on your side hustle and it’s something you’re passionate about. Then you’ll instead feel energized and you’ll push your limits and try new things constantly.
7. Use The Extra Income To Pay Off Your Debts
Another good reason to start a side hustle is to create a stream of revenue specifically earmarked to help you pay down your debts faster.
- Whether you have a few hefty credit card bills,
- Student loan baggage, or a
- Big purchase in the midst of financing.
Your side hustle could be a good way to make chunk payments without disrupting the balance between your primary income, your budget, and your living expenses.
In addition to offsetting these expenses with a separate source of income. Increasing the speed with which you pay off debts can save you a fortune in fees and interest charges.
8. You Likely Have More Free Time Than You Think
Life is busy, and I get it.
There never feels like there is enough time in the day to accomplish all you need and want to do.
This may be legitimate in your case, or it may be a mirage. Often, our time management skills are terrible.
We constantly find ourselves running around, five minutes late to everything because we don’t keep track of time.
Creating a daily schedule to stick to is necessary to delegate our time properly. Just as a budget tells our money where to go, a daily schedule puts us in charge of our time.
Many of us stare at our cell phones mindlessly. Playing games and scrolling through the thousands of selfies we see on Instagram.
The point is that many of us spend a great deal of time-wasting time.
9. You Will Learn New Skills: One of Reasons Why You Need A Side Hustle
Having a side-hustle is great incentive to learn new skills.
When you have a specific goal in mind, you’ll be more motivated to learn new things.
You will certainly get skills that are directly related to your product or service. But you might be surprised how many other skills, especially business-related, you’ll rack up while launching a side-hustle.
For instance, you might be encouraged to learn how to design a business card or other marketing materials.
Related Post: Ways To Make Money From Home In 2022
You might learn how to build a simple starter website, or try your hand at social media advertising. Or learn the ins and outs of buying and selling on Amazon or Shopify.
You might have the opportunity to learn how to network, forge better relationships, or give presentations.
Really, the possibilities for your growth are endless.
Some of these skills might help you outside of your side-hustle. They might even help you advance your main career.
10. You’ll Meet New People And Join New Communities
When I had a day job, I went to business networking events and business conferences. I met new people, but they all seemed to be the same person.
We all talked about the same stuff and we all did the same things. But when I was working on my side hustle, I was introduced to dozens of different types of folks and all sorts of new communities.
The networking was less forced and I genuinely loved the small talk and chit chat about the subject matter. It was night and day from the typical business networking I was used to.
11. Side Hustles Destroy Debt At A Rapid Rate
Can you imagine how much debt you could pay off if you made an extra $500 a month?
Yet, I hear constant complaints from people who wish they made more money in their daily job and complain about the lack of raises.
They may put in an application for a better-paying job, but in the meantime. Why not get a second part-time job to increase your income?
I know, an extra job sounds insane, but I’m not talking about working 20 extra hours a week. I have a part-time job that I work each week for 5 hours.
This one part-time job pays for my yearly vacations, savings toward a new vehicle, extra house payment, and our “fun money.”
By only working five extra hours a week. I have put myself in a much better financial position rather than complaining about my current rate of pay and doing nothing about it.
I will not rely on my job to increase my income – I’m going to take control of it myself and grow it.
12. Living Paycheck To Paycheck Is Killing You
How much financial stress do you have at the end of each month or daily?
That high amount of tension builds up cortisol in your body, leading to heart disease and other life-altering conditions.
Do you really think five to eight hours extra a week to relieve your financial pressure will kill you faster than doing nothing about it? If your budget is a problem, remember to set one up!
13. It Will Give You Freedom: Reasons Why You Need A Side Hustle
As I just mentioned, I eventually left my day job to pursue my side hustle and it wasn’t all that scary of a proposition.
Many people describe leaving their job to start a business as a leap of faith.
But if you’re already making a significant income from your side hustle BEFORE you leave your day job, then where is the leap?
Instead, I was downsizing my workload to focus on something I loved. My family didn’t take a hit in our finances and there really wasn’t that much risk.
Related Post: Top Skills Needed To Make Money Online 2022
If you budget your regular income and live within your means, the amount of freedom you get from a side job is huge.
All of that money is extra to accomplish your financial goals quickly. As I stated earlier, my extra money goes towards my house, vacations, fun money, and a new car fund.
Of course, many people find that setting up a side hustle is so lucrative that it becomes a full-time endeavor.
If you are lucky enough to start a side hustle that blossoms into a fully-fledged business, you’ve got to make sure you can protect yourself.
Let’s say you are creating an e-commerce business, you need e-commerce insurance, but you also need to make sure that you still have that sense of freedom.
Related Post: How To Get Out of Debt & The Mistakes To Avoid
If I want to go on a more expensive vacation in a few months, I shift money delegated to my other funds into the vacation fund.
With this strategy, I can pay cash for everything I plan for. For everything unplanned, I have my emergency fund for that.
This entire post focuses on the initial quote, The best way to predict the future is to create it. Are you going to sit around and hope for the best, or will you make the best situation for yourself?
Action is required to take control of your life, and your financial inaction is what led you here – let’s change direction!
14. Your Side Hustle Could Become Your Main Hustle One Day
Of course, we all hope that one day, our side-hustle will become our main hustle.
And when it does, it will be a fun, exciting, and aligned way to make a living.
While it’s important to keep the end goal in mind on this journey, it’s also important to smell the flowers along the way.
After all, launching a business is long, hard work.
So, even before your side-hustle redeems itself and becomes your main source of income, make sure you appreciate everything else having a side-hustle has to offer you along the way.
Doing this will keep you happy and motivated, and your hard work will pay off sooner than later.
Having a side-hustle is hard work, but it can be incredibly rewarding – even before it becomes a major source of income.
Having a side-hustle will fill you with more energy and positivity that will affect every aspect of your life.
You will learn more skills and become more interesting and multi-faceted. You will meet cool new people and expand your business and social network.
And of course, you run the possibility of promoting your side-hustle – something you are passionate about – to your main hustle one day. So, stop procrastinating and launch that side-hustle today!
15. You’ll Be Happier: One of Reasons Why You Need A Side Hustle
Finances can be one of the biggest stresses for most people.
But the money you make from a side hustle is always frosting on the cake, thus you have more freedom with that cash.
So, even if your side hustle is only making you $50 extra dollars per month, that’s additional money that you weren’t planning on.
So now you can use it to go out with your spouse, or buy some new golf balls, or do something you really want to do.
Because your salary usually goes towards the things you HAVE to pay, your side hustle allows you to use the money for the things you want to pay for.
Related Post: Reasons You’re Broke And Can’t Save Money
And this can lessen your stress, let you indulge more in your passions, and become happier.
I hear from a lot of people that they have all these ideas for their side hustles. They’re just not ready to launch it.
But the thing is, I talk to those same people a year later and they’re still waiting. And their biggest regret is what that endeavor could be today if they’d just gotten started last year.
Thus, there’s never going to be a perfect time to start your side hustle if you’re waiting for the universe to provide you with the opportunity.
The time to start is right now!
More Related Posts:
How Travel Agent Make Money?
How To Save Money Fast On A Low Income
Best Travel Books To Read In 2024 – Make Money Traveling
50+ Best Small Business Ideas For 2024
How To Flip Money Fast And Legally
Best Money Making Apps For Australia
What Are Dividends – Beginner’s Guide On How They Work?
How To Make Money On Amazon From Home
How to Make Money Fast Online and Offline in 2024
Top Money Rules of Thumb You Need To Know
Best Vending Machine Business Ideas For 2024
Best Smartphones To Buy Ranked