Side hustles can do so much for you. They can provide you with opportunities to pursue something you love, reach financial freedom, and live your life without the stress of money.
Side hustles can do this, but they can also waste countless hours of work, money, and dedication. If you don’t choose the right side hustle or consider if a side hustle is the right decision for you, you can end up with something that ruins your lifestyle with its demands that yield no rewards.
Everyone has different talents, hobbies, or interests. This means that not everyone will succeed with the same side hustles or with side hustles in general. However, there are quite a few things you can do to find if side hustles are the right choice for you or if the side hustle you choose yields something for you. In this article, I am going to tell you 3 things you should consider before choosing a side hustle.
Before starting a side hustle, you have to consider it being affordable for you. Almost all side hustles come with costs. Depending on which side hustle you choose, those costs will be more or less.
According to the hustle, which conducted a survey on Americans on starting side hustles. The survey collected a lot of information; one piece of information was about the average cost a brand new person to side hustles spent on their first year. The average cost of starting a side hustle in the first year was $16,662. That is a lot of money. This is especially steep when considering The Ascent’s survey, which found that the average man earned $8,900 per year of side hustling and the average woman made $6,085. Although this is a good amount of money, you would have to work for two years to break even!
Don’t let this discourage you, however. Some side hustles require no money to fund! An example of a side hustle that requires nearly no money is writing from home. If you already have a computer or something you can write on, you can immediately start earning for your writing through platforms such as Medium, Vocal Media, Quora, and Newsbreak.
Enjoyment and Profitability
Of course, something that should be evident is enjoyment. Do you enjoy having another job on the side? Once you decide if you’re willing to give side hustles a go, you have to decide whether the side hustle you choose is enjoyable! Be nearly 100% sure that the work you’re about to start doing is something you’ll enjoy in the long run. Make sure that the side hustle you choose isn’t one that is an interest temporarily that will die out within a few weeks or months of work!
More important than enjoyment is profitability! One thing is enjoyment and hard work, but another is profitability. You must be sure that your side hustle is something that will make you good money for your work. Make sure that your side hustle will guarantee income before starting it and pouring so much time and effort into it.
If your side hustle is something you enjoy, then good, but if it’s not profitable or worth the time you are going to spend, it’s not right for you. Make sure that before you start a side hustle that it is going to earn you money for your work.
Side hustles take commitment. You can’t expect big results from small amounts of work. Before starting a side hustle, you need to assess if you have the time and willpower to commit to another job in addition to your 9–5. This is another reason why enjoyment is important. You are about to make a big commitment, so you better enjoy what you’re committing to!
In addition to this, you have to make sure that you have enough time or freedom to commit. First of all, do you have space in your schedule to commit, are you willing to spend the time you’re about to spend, and is there a scheduling conflict with your present 9–5?
Finally, you have to make sure that your commitment and the time you’re about to spend is justified. Are you willing to spend time doing your side hustle and take time away from other things in your daily life? In addition to this, is the side hustle profitable enough to justify the commitment you are about to make?
At the end of the day, as long as you have time, are ready to use it, and are willing to start a side hustle, you are good to go! When choosing a side hustle, make sure it brings in money, is enjoyable, and is worth the time you spend on it! Thanks so much for reading this article; I hope you found it helpful.