Life can be expensive. Even someone working full time can struggle to stretch their budget or reach financial goals. But instead of living pay cheque to pay cheque it may be time to stop making excuses for not having a side hustle and get in some after-work work.
As the price of oil drops employees in some industries face the very real prospect of job cuts. Economists warn that more tough times are ahead so having multiple income streams could be a buffer against the loss of your primary job.
Or maybe money is not an issue and the real draw to a side hustle for you is having an opportunity to explore different skills and interests. I know engineers who are makeup artists after work, dentists who bartend and business analysts who bake. There is nothing wrong with your day job funding your passion.
With so much to gain, why do so few of us take the leap to diversifying our income streams? Topping the list of excuses…
Not enough time
After a full day of work, most of us do not relish the idea of having to do more. With already busy lives how do we find the time to earn extra income? The key is in choosing the right second job and being realistic about the number of hours you plan to dedicate to it. Some side jobs can take as little as five hours a week. When you consider the time you spend watching TV or surfing the Internet, five hours is more than doable.
Some people never start earning a side income because they get paralysed deciding what to do. Some people can’t think of anything they could do for extra money, while others have too many ideas and can’t pick just one. This is where a little bit of research comes in. Start with a list of what you can do (or what you can quickly learn to do) and what you enjoy. After brainstorming ways you can charge for your skills, you need to test if there is a market for what you’re offering. Doing something you enjoy that no one would pay for is a hobby, not a side hustle.
Starting a business is hard
When you start earning income on the side you are actually starting a business and it requires diligence and perseverance. Most new businesses fail within the first five years, so no, running a business is no cake walk. It’s not impossible either. Start small and tap your existing network for clients and leads. Learn as much as you can, not just about your craft, but also about selling, marketing and running a business.
You can do it. Get something going on the side and set yourself on a path to financial freedom.