WHY SHOULD I HAVE A SIDE HUSTLE?

Ah, this is one of the most common questions I encounter and I am an advocate of side hustles and multiple income streams, so I am tackling this question with a lot of passion…hang tight!

You are feeling miserable that your current job is not giving you the financial satisfaction you are looking for. At the same time, you fear the risk, and a side hustle is a “No, No” for you.

You come up with several excuses why you cannot quit your current job--you are right! Quitting your job should not be in your mind if you have not found a better opportunity or a replacement income. But why can’t you have a side hustle? You are better off going for a side hustle - if you will ask me.

FACT: Your current company is more concerned with the profits it makes, and not really how to better your life as an employee. While it is true that there are companies out there giving priority to the growth and development of their employees, these companies are UNICORNS. It doesn’t matter how much you earn, having one single source of income is just too risky! Actually, it is suicidal! Remember the saying, “Don’t put all your eggs in one basket?”

A side hustle can be accomplished during your free time if you are able to carve out 30 minutes or more on senseless chitchats or mindless browsing on social media that don’t really add much value in your life. Time lost could not be replaced, might as well make the most of it and use it wisely. NOTE that I said FREE TIME not when you are still on the clock from your day job!

Maybe you are not compelled to earn extra cash. Sure, I get that. But doesn’t it feel nice to have a few extra coins in the pocket? These extra pennies could mean making a dream into a reality (think: family vacation you have always been wanting to take), blessing a family member or relative in need, or serving as an extra cushion for the rainy days. By practical definition, a side hustle is a way to make some extra cash that is not from your mainstream or primary job. It allows you the flexibility to pursue what you're most interested in. This could be referred to as dispensable income or others may use the term “fun money.”

But apart from the extra cash that comes with a side hustle, there are several other reasons why one needs to have a side job. Here are a few that I feel strongly about:

1.     Financial Freedom

We all strive to reach a point in our lives where we do not have to worry about the simplest of things like food, eating out. Right? I know you also want to have enough money, not only for your basic needs, but extra cash that will give you the freedom to go where you want, eat what you want, and start-up development projects! A side hustle can provide the financial freedom we all are looking for!

Further, when you are side hustling while being employed, your tendency is not to sell your products or offer your services at a “desperation” fee, because you have a job that actually covers your necessary expenses. What do I mean about this? You are not desperate to earn money from your side hustle to make sure there is food on the table. You can be selective of the type of work and the clients you wish to serve. The beauty of not coming from the mentality of desperation is this - you handpick the client who sees the true value of your product or service, and he/she is more than willing to pay for the price that you have established. No haggling, no guilty feeling on your part that you may be overpricing. Set your price to what is fair and what will make you feel happy for your product or work --- and do not look back! EVER. After all, this is our main objective for entrepreneurship, to be paid for our real value.

2.     It Gives You An Opportunity To Do What You Love

Most of the time, our normal or day job is not entirely what we are truly passionate about, to some… perhaps a fraction that it is their passion. More often than not, you get duties that are required of you based on your job description, which may not necessarily be something you enjoy doing 100% of the time. But a side hustle, as a small business owner, your tasks are of your personal choice! You can make it as interesting as you want, so long as you are doing it right. You may opt to operate on your zone of genius and hire out the things you are not good at BUT are necessary to grow your venture. This is delegation at its best and operating as a true owner of your business.

3.     It Opens You to New Experiences

Formal education can earn you a living but self-education can make you a fortune- Jim Rohn. Having a side hustle does not mean that you have to restrict yourself to the skills you have learned from your current job. It also doesn’t mean that you go for something you absolutely have no knowledge about. Focus on your transferable skills, this way you are limiting the learning curve! Your passion may be parallel to the skills and interests you have. Sometimes, you may have to take the time and effort to learn additional skills in order to succeed.

Find out what excites you and start developing skills in that direction. A side hustle can help you acquire new skills and unique experiences easily if you have a real interest in it. With time, you might reach a point where you will be making enough from your side hustle to make it your primary source of income.

4.     It’s Your Plan B

Setting aside extra money in your pocket regularly is like an insurance policy. Have you ever thought of being fired or laid off from work? Do you have a backup income worth at least eight months of living expenses? Most certainly, just like the majority of the workforce, your answer is a NO! Now you realize why a backup income plan is important?

Fully relying on what may seem like a stable job is risky! If you are to be served with the pink slip today, you still have bills to pay, you still need food to eat, and life goes on! Your responsibilities will not go away because your job ended. This is where a side hustle comes to the rescue as your lifeline! What you earn from it may not match your full-time job’s salary, but it will make your situation better! It will help you financially and emotionally as you transition out. It may also give you the opportunity to reflect on whether to make your side hustle into a full-time gig.

5.     Ride On Your Employer’s Brand

When you have been hired to work for a name brand, it is easy to push a side hustle while leveraging on your employer’s brand. The work you do for your employer creates a significant portfolio for you!

Projects that you do at work could be used as part of your portfolio for your side hustle, granted of course you are within the ethical and legal boundaries! Side hustlers are usually deemed to be high performers in their regular jobs. WHY? Because they have their stakes high and are focused not to waste time during office hours.

Since you have a job with a stable source of income covering your personal expenses; what you earn from a side hustle can be reinvested back to grow a business in a very sustainable manner.

Don’t fear risk and failure! A side hustle is a good income source when it comes to making that needed extra cash to pursue philanthropy, passion projects, or even birthing a business idea. As women, we are multifaceted, we are interested in various things. Our day jobs should not define us, a side hustle provides a creative outlet and enables us to contribute our talents and skills for the betterment of ourselves and our communities.