Having a side hustle is a great way to maximise your time to earn more income. Unlike earned income, a side hustle has no cap to the amount of money you earn, which is why more and more millennium are taking on side hustle as supplement of their own income. However, taking on a side hustle is a lot of work and managing it can be a lot of work. That is why learning how to properly manage a side hustle is critical in wealth building.
Why Side Hustle is a Great tool to Build Additional Income ?
According to Business Times, the rate of personal income to real estate value growth gap has widened significantly as the years go by. This means that having a singular income source may not be sufficient to live a comfortable standard of living. To afford a house, it’s no surprise that working adults are now forced to find ways to build multiple income sources. So it comes to no surprise that the average millionaire has at least 7 different income sources. Out of these 7 income sources, 2 of which started off as side hustle.
Yes, there are many ways to make more income such as interest, dividend, rental, capital gain, royalties and licensing income. However, what make all these other source of income a lot harder to earn is that they either require huge capital or a lot of upfront work. A side hustle work is free & easy, there are a variety of side hustle for you to try out. From online services, product selling, or simply just selling your skillset. Depending on what you are good at and what you are able to provide, a side hustle can make more income than a full-time job.
Taking on Side Hustle is often Frown Upon
Taking on a side hustle is often frown mainly by your employers, that’s because they would like you to only be focused on the employers business. Not only that, having a side hustle usually means spending your free time working. This means after your daily 9-5 job, the average side hustler works from 9 – 12 on their business. With more time spent working, having a side hustle does affect personal family time with love ones as you have to sacrifice them to grow your business. However, all these issues can be resolve if a side hustler knows how to properly manage it.
How working more Side Hustle allows me to work less?
Wait! Didn’t the previous heading said taking on a side hustle means having to work more?
Yes, you are not wrong that when just starting a side hustle, it will take a lot of time. However, there are ways to go around making your side hustle work productive and easier to manage. I, myself, manage 4 different side hustle (options trading, content writing, web designing and pet boarding) while working a normal 9-5 job. Doing these side hustle for many years, I have learn a number of ways to properly manage a side hustle, so do read on…
Managing Side Hustle the Right Way
Managing a side hustle is truly learning how to have a proper work-life balance. Working too much may cause you to stress out over life and not working enough may cause your side hustle to not do well.
It’s tricky, that’s for sure.
Scheduling your time
The first step to managing any business is knowing how to properly set an allocation of your own time to work. Some people prefer planning out their work to be done at a certain time or allocated hours. Some workaholics are able to squeeze in over 12 slots into their schedule to maximize their work.
What I have found to improve productivity when managing a side hustle is listing done 3 important tasks to do in just 1 day. This method has made me more laser-focused and does my work better with less stress.
Make Work Productive
As the saying goes, your 9-5 is your time as a corporate slave while your 8 -12 is when you hustle. That 4 hours of work has got to be productive to see any meaningful results. As you learn to build your side hustle and money starts coming in. You will reach a point when having a system where you are able to automate and delegate would really save a load of time.
For example, I use Tailwind to automate my social media posting, the WordPress Scheduling tool to have my article posted daily, and other content writers (Fiverr & Employee) to create more content for me. Having a system to automate and delegate will help you greatly long-term as it allows you to focus more on building a more important part of your business.
Enjoy what you are doing
The most important aspect of taking on a side hustle is truly enjoying what you are doing. Most side hustlers quit their side enterprises because they are either in it for the money or lack the passion to run the business.
Take the time to find a side hustle that you truly enjoy. That way, you never truly feel like you are working for a job again but enjoying what you are doing for others!
How to know what Side Hustle is right for me?
No one actually knows what side hustle they enjoy until they try. So thankfully here at HustleVentureSG, we share more on the different types of side hustle for you to start. From making money online, to taking care of pets, to looking at the stock market. Well, there are plenty of side hustles for you to join! So do check out and feel what’s right for you!
