We hear so much about the potential of a side hustle these days. For so many, it seems to be an essential component to earning that little bit more money for a better life.
Although a side hustle comes with veritable pros and cons. We’ve got to ask the question; is a side hustle really worth the effort?
Is There Time?
For the vast majority of people, time is an issue. Many people go to Upwork or other freelance sites and look for odd jobs, from data collection to even gardening, to pick up the slack. But we have got to remember that if we are going into someone’s garden for a Saturday job that we’ve got to bring all the tools. We’d need hedge clippers, combination ladders, and everything ready to go.
And while there may be time, you are still working 6 days a week but you’ve also got to invest that little bit of money upfront for all those tools, regardless of the type of job you’re doing. The great thing about a side hustle is that it is an extra bit of income but the roles are not necessarily convenient to everyone. Many people use freelance websites to develop a side hustle that involves going online. From their perspective, there’s a lot of time. But for those that have limited skills or are trying to help with manual work it can prove troublesome.
The Extra Responsibility
For those people who are already working 40 hours a week, there is an extra responsibility. It’s very much like starting a small business. And if you earn above a certain threshold you have to declare it and keep financial records, which can be complicated. One of the most stressful aspects of being self-employed is doing a tax return.
For someone who’s already working 40 hours a week but isn’t doing enough, the side hustle can prove to be a very useful outlet but the responsibility can prove to be overwhelming over time. Ultimately, you are in charge of your finances and finding work which is a big undertaking.
How Can You Make It Work For You?
Making it work for you is about ensuring you plan for every eventuality. You may want to avoid the side hustle if you don’t anticipate making much money. Also if you’re already busy, will you be able to give it the time it needs? On the other hand, if you crunch the numbers and are prepared for hidden costs that may arise, especially in terms of paying tax, then it could work very well for you.
The most important aspect of a side hustle is ensuring that it’s a logical extension of your passion. Because if you want to earn extra money but don’t necessarily care how you do it then you might as well get an extra job which doesn’t have as much responsibility. Many people believe that a side hustle is a way of doing things on their terms, but the first 12 to 18 months is when it becomes a test of their skills. You have to learn how to spend minimal cash to ensure that you are making a profit.
Is it a worthy way to make any profit? Because everybody is going for the quick fix we can greatly underestimate just how much of an effort a side hustle can be at the outset. It can work, but make sure you go into it with the right intentions.