One of the greatest lessons we have all learnt during this pandemic is the undeniable need to have multiple streams of income. Most of us have had to unfortunately experience hard economic times following the numerous layoff, pay cuts and business failures.
Tip: Side hustles are very achievable almost for all of us. It’s all about identifying our strengths, skills, talents, expertise and identifying a gap where we can make an extra income using the same.
It’s a great way to achieve your financial Goals
We all have short term and long term financial goals as individuals. These goals might take us forever to achieve if we are not strategic on how to quickly get there. This is why it goes without saying that the extra income from a side hustle will help us pay off debts, build up our savings and eventually we will be able to invest more.
Tip: Side hustles are the only way you create that shift from living a pay check to pay check life to having more than one stream of income.
It could be your only way to Entrepreneurship
I have said it before that most of this successful business ventures actually started as a side hustle for a lot of thriving entrepreneurs. The fact that your new hustle may start as a side hustle doesn’t mean it will not thrive into your dream business. Side hustles will enable you to gain new business skills, pursue your passion and this might end up where you might choose to leave your job and grow your dream business. Isn’t that life changing?
Tip: Starting a side hustle is a great way to take calculated business risk. This is because just in case your business fails you will still have your job to fall back on.
You have more time than you think
By now we all have to have the notion that time is money .The objection most people have about a side hustle is a perceived lack of time. This is very understandable considering you probably need to work 8-5, spend time with family & attend to your personal needs.
You might however realise how much time you spend for example on social media considering the average person spends almost two hours on social media also time spent with friends , gossiping and in all other extracurricular activities. We are not saying that it’s less important to unwind but as the saying goes no success is achieved without sacrifice.
So what if you tried to cut for example one hour off social media and put it towards a side hustle.Wouldn’t it make a difference?
It’s good to note many are working full-time jobs, others multiple jobs as well as raising kids yet they manage to create a balance so what’s your excuse?
Tip: Learning to delegate light duties such as cleaning or cooking can go a long way especially since you also need time to rest and enjoy a good meal.
It’s a great avenue to learn
We currently live in a world that is changing quit fast and the only way not to fall behind is to learn and grow as quickly just like everyone else. Starting a side hustle in certain field of interest will grant you this opportunity to learn and grow in that particular field.
This way you will get empowered on the possible risks, you’re potential customers, the possible competition and the requirements to start that particular business.
This is the kind of important knowledge you would know nothing about by just sitting at home just because your day at work is over.
Tip: If you want to venture into a particular field or business, it would be advisable you start it as a side hustle that way you will get to learn about the possible requirements and possible risks giving you a clearer picture on whether or not to venture on the same field.
It’s our job and ultimate goal here at The Entrepreneur to help you make wise and knowledgeable financial decisions and having a side hustle is one of them. One of the greatest lessons we have had to learn may be the hard way during this Corona Virus Pandemic is the fact that Jobs are not permanent, business success is not guaranteed and one source of income can fail and am sure we are all aware how frustrating this can be.
It’s also a fact that there is no amount of pay that is enough to meet all our financial needs hence the need to find a favorable way to complement our main source of income.
Be sure to catch our next piece on the possible & easy side hustles you can try by following us on social media and subscribing to our blog. Thank you & God bless.