These days, it seems like everyone is looking for some type of second income to help make ends meet. For some, this is as simple as getting a part-time job. But for those with more entrepreneurial aspirations, it usually means some type of side hustle.
Chances are, you probably know someone who has started a business of their own, apart from their “day job.” You might have considered it yourself, if you’re not already doing it. If you’re not quite certain it’s a good idea, note that there are a number of benefits in store for those who are willing to give it a shot.
Here are 10 of them:
1. More Money
The most obvious benefit is financial freedom. Regardless of what you need the money for, everyone can benefit from having more cash. Whether you have debts to pay off, a vacation to save for, or you just want some cash in the bank for a rainy day, a side hustle can help make it possible. Not every side gig will make you a ton of money, but most will make a measurable difference. At the very least, it can help you straighten out your finances and get your life back on track.
2. Peace of Mind
Another benefit to having a side hustle is the peace of mind it can provide. Part of this is due to the additional income, of course. But if you’ve ever questioned your job security, you’ll find that this bothers you less when you have something to fall back on. Even if you were to lose your job or suffer a pay cut, you’d still have a second income to keep you afloat. In fact, you probably wouldn’t get behind on your bills to begin with.
3. Sense of Balance
A common misconception is that working more would only create more stress. However, this doesn’t have to be the case. If you don’t enjoy the work you’re already doing, all you have to do is choose a side hustle that you do enjoy. It beats having nothing to look forward to except the end of the day, so you can go home and complain, like everyone else. A side hustle will also prompt you to set boundaries between your two lines of work, so the problems of your day job won’t spill into your side business.
4. Sense of Purpose
Chances are, you have friends who constantly complain about how boring and meaningless their jobs are. You might even be one of them, at least where your day job is concerned. The problem with hating your job is that it’s harder to appreciate the importance of the actual work you do. If you choose the right side hustle, it’ll probably be something you feel passionate about. That kind of work gives you a sense of purpose. It feels less like work and more like an opportunity to make a difference.
When you run your own business, you’re responsible for everything. If you’re used to thinking like an employee, this might make you uncomfortable. You might be used to having someone to go to for help. But when it comes to your side hustle, it’ll all be up to you and there won’t be anyone around to tell you how to run it. Once you get used to this, it can do wonders for your motivation.
A side hustle will help you learn what your capabilities and limitations are. You’ll develop thicker skin and greater self-confidence. You’ll better understand how your other job works and why some things aren’t always “fair.” You’ll appreciate the importance of doing a good job and pleasing the customer.
6. Personal Development
Few jobs will demand from you the levels of responsibility and accountability that your own customers will. You’ll be forced to come up with your own solutions and make important decisions. This could lead to changes in other areas of your life. For example, you might find there’s no room in your life for staying out late, anymore. You’ll need those weekends for your side hustle. You might discover that you’re out of shape and undernourished, leading to changes in how you take care of yourself. You might even feel the need to change your appearance. It’s always possible to become the kind of person who can pull this off, provided you really want to.
7. New Skills
Once you take on a new line of work, you’ll probably find that you need some new skills. This may require taking courses, either online or in person. Don’t be reluctant to make this commitment, because it’s actually an investment in yourself. You might even find that some of those skills can help you perform better in your day job. Perhaps you can use them to negotiate a raise for yourself or qualify for a promotion. For example, suppose you want to create a website for your new business. Wealthy Affiliate can teach you how to do this and solve not only the needs of your own business, but possibly make you more valuable to your other employer.
8. New Opportunities
With new skills come new opportunities. You’ll learn new things, make new connections and put yourself out there in ways you never have before. You might find yourself doing business with individuals you would not have met any other way. These new relationships could prove useful, especially if they are with established professionals or prominent members of society. There’s no way to know where all of this could lead, which is why networking is so important to entrepreneurs. You never know when you might need that doctor, lawyer, real estate agent or private investigator. Your best chance of rubbing elbows with these people might be through your side hustle.
9. A Change of Pace
Another benefit of having a side hustle is that it offers you a change of pace. If you don’t care much for your day job, your side hustle will give you something more positive to focus on. Along with it will come new goals to pursue, new relationships to cultivate and new ideas to develop for future products and services. It’ll give you something exciting to think about during breaks at your other job, instead of grumbling about how Mondays suck and how you’d rather be home in bed. Your side hustle can provide the variety you need to maintain a healthy outlook on life.
10. A World of Options
When you establish more than one income source, you’ll have the power to move your life in more directions than ever before. In fact, when people talk about how “money is power,” I would argue that the only reason this is true is because money provides so many options. For example, if you make enough money with your side hustle, you might not need that day job for long. With money to spare, you might be able to afford a trip to Europe or an African safari. Your kids will have a better selection of colleges to choose from. These are just some of the options that can become available to you when you have an additional source of income.
So before you write it off as just another job, think about how much greater your quality of life could be with fewer financial worries and the ability to live a fuller life. Keep in mind that the price of settling for less is often finding yourself in a job you don’t like with a lower quality of life. Your side hustle might be your best chance to get out of that current situation and experience more of what life has to offer.