You might have heard the term side hustle floating around on the Internet. Plenty of people have side hustles and lots of people like to talk about how successful their life became after creating one.
But what exactly is a side hustle?
If a side hustle is something you should do, there are a few different angles to look at when understanding exactly what a side hustle is and the pros and cons of having one.
Let’s dive into it what is a side hustle and why you should start one asap.
What is a side hustle?
A side hustle is a job or business that happens in addition to your full-time job or another job.
For example, if you work a 9-to-5 desk job, a side hustle is the additional job or business you have in your spare time.
It’s also possible to have a side hustle while working a part-time job.
Basically, a side hustle typically is not your main source of income or your primary job.
How does a side hustle work?
The concept behind having a side hustle is rather simple.
Whether you create a side hustle online, in person, or by using a pre-existing company, the work needs to be something that you do on the side.
That means you cannot dedicate regular full-time hours to your side hustle. Typically, 20 hours is a standard for working on a side hustle.
If you already work a 40 hour a week job, adding an extra 20 hours per week for a total of 60 hours with your side business can get tiring.
However, plenty of people successfully do it and have a great financial return on their time invested.
Benefits of having a side hustle
While your initial question might be what is a side hustle, another question might be why have a side hustle.
There are plenty of benefits to creating a business on the side.
Many people have brilliant ideas for a business, a website, or a product, but they have no way to bring their idea to reality with the current job they work in. Instead of finding a new job, people take advantage of developing a side hustle to work on their idea.
Another reason to have a side hustle is to gain extra money.
Maybe you don’t have an idea for a business, but you’re looking to bring in extra bucks every single month. Companies like Uber, Postmates, and Instacart, all provide easy ways for someone to have a side hustle.
A general goal for people with side hustles is to develop a second income typically with the mindset of eventually making enough money to quit their current job and make their side hustle their full-time hustle.
Pros of a side hustle
When weighing the pros and cons of having a side hustle, the pros definitely win. Below are the positives to have a side hustle:
- Earn extra money
- Develop an idea from scratch
- Work your own hours
- Set your own goals
- Be your own boss
- Work toward your own purpose
- Meet people in your chosen industry
Cons of a side hustle
While there are a lot of pros, there definitely negatives that come with running the side hustle:
- Work long hours
- Out-of-pocket start up costs
- Delayed return on investment
- Potential alienation from friends and family
- Steep learning curve
Is it a scam?
Depending on what kind of side hustle you start, more than likely it will not be a scam.
For example, if you start your own website or your own company selling a product you created, there’s no scam in that.
However, if your side hustle involves anything that is multi-level marketing or a get rich quick idea, sometimes it has the potential to come off as a scam.
Before you dive into anything I recommend that you do your research and due diligence before investing any money and time.
The difference between a side hustle and a hobby
A side hustle is specifically an area of business where you intend to make money. Hence the word hustle. A side hustle has clear intentions from the start to bring a profit and an increase in revenue.
A hobby is something that you spend time on with no intent on making money. Sometimes money happens out of hobbies but more likely than not it won’t be a profitable avenue.
A lot of people have this mindset that the moment they take their hobby to a side hustle then they lose their passion and authenticity.
That is simply not true.
There is nothing wrong with taking something you’re passionate about and turning it into a profitable avenue. People do it all the time and so can you.
How much does it cost?
The cost of starting a side hustle varies depending on the type of business.
For example, it took me less than four dollars to start my blog. Blogging is an extremely inexpensive side hustle because the startup costs and overhead fees are very affordable.
If you’re interested in setting up a money-making blog, check out this step-by-step tutorial —> How to Start a Blog
On the other hand, my other side hustle which is my e-commerce business took about $3000 in start-up costs. The reason for this high expense was because I had to get a manufacturer and establish a distributor for my product.
Selling a physical product as part of your side hustle is going to be way more expensive than anything that relies 100% on the digital world.
For other side hustles like driving and grocery shopping apps, the only thing you really need to pay for is your car insurance and your gas, which is something you would be paying for anyway.
What type a person is right for a side hustle life?
The easy answer to this question is anyone who is willing to work hard.
Running a side hustle is not as easy as announcing to the world that you have a business. There is a lot of work that goes into creating and growing a successful side hustle.
I personally know many people who have successful side hustles that they’ve even turned into their full-time business. I also know many people who have failed side hustles because they were not willing to put in the work.
A side hustle is not a get rich quick scheme.
You need to show up for your side hustle every single day and treat it as a legitimate business. If you’re willing to put in the work then you’ll see success.
If you’re not willing to put in the work, then maybe the side hustle life is not for you.
How much time does it take?
There is no hard rule for how much time you should spend on your side hustle.
However, I recommend that you try to spend anywhere between 15 and 20 hours a week working on your side biz. The reason I recommend this amount of time is because it’s difficult to get a lot done with any less amount of time dedicated.
With that said, I’ve heard stories of people who have dedicated less than the recommended 20 hours to their side hustle and seen tremendous success quickly. There is no set formula for how it works so there’s no real answer to the question.
As long as you do your best and remember to show up for your business as often as possible, you’ll be in the right direction.
How to be successful with a side hustle
My favorite part about running a side hustle is that the amount of work I put into it results in the amount of success I gain.
Basically, my success is dependent only on me.
I think that’s a really cool way to look at running a business because it will hopefully encourage you to work harder and harder. It also encourages you to work smarter since you have fewer resources available to you.
There’s no real trick for how to be successful in a side hustle. There’s no formula and there’s no guarantee. The only thing that’s for sure is that if you put in the work you will see the results.
So here are some tips for a successful work environment with your side hustle.
- Work hard and work often
- Make your side hustle a top priority in your life
- Tell all your friends and family what you’re doing so that nothing comes as a surprise
- Don’t neglect your day job
- Be careful about how you spend your money
- Be careful about people claiming to be gurus and coaches
- Set up your social media now
- Get an email list started ASAP
- Don’t rely on friends or family to help you build your business
- Purchase a domain even if you don’t plan on having a website right away
- Try to fit in working office hours every single day
- Set goals and achieve them
- Have fun