The trend of side hustles is gaining momentum. According to Zippia, almost 50% of Americans have a side job to supplement their primary income. Given how much more hours to put into working on a side hustle, it’s no wonder people question whether starting a side hustle is suitable for everyone.
Here are some stats to look at!
The average monthly income of a side hustle is $483. 1 in 5 Americans report making over $15,000 a year from their side hustles. Side hustlers said they would need to make an average of $4,500 a month to consider leaving their full-time job. 44% of Americans have a side hustle to help cover their bills.
That said, apart from having to work a 9-5 for most Americans, the additional hours needed for a side hustle would come at about 11 ~ 16 hours per week. This takes up about 2 hours per day for a side hustle.
So is starting a side hustle worth it? Let’s delve further into this discussion breaking down the pros and cons of starting a side hustle.
The Hustle Culture [Pros]
The hustle culture has become prevalent in recent years. Many people are prompted to earn extra income through a secondary job. Most of us learn it the hard way when businesses are forced to close during the Covid-19 lockdown. Having an additional income puts your income at lesser risk.
F.I.R.E.
F.I.R.E.; commonly known as financially independent retire early, is a movement where the average person works and saves as much as they could to retire early.
In order to retire early, the FIRE movement advocates earning even more money through side hustling. With some of these types of side hustles are as easy as filling up surveys to earn a dollar or two a day.
By working harder in the early years, saving and investing, FIRE advocates are able to allow their investment to pay them a dividend to retire. If you would like to know how to achieve FIRE, here are the 7 steps to building your own financial independence.
Doing What you are Passionate About
Don’t you just love doing the things you love?
Side hustles are an excellent way to pursue your passion with low risk, flexibility, and learning opportunities. They provide extra income, validate your ideas, and offer networking opportunities. Starting as a side hustle can lead to a full-time venture if successful, making the journey more fulfilling and financially rewarding.
Building a Business Mindset
A side hustler who builds additional income is more likely to find even more ways to make income. It’s no surprise that the average millionaire in America has at least 7 different incomes.
The great thing about building a business from a side hustle is to understand how to scale it. Side hustlers that are able to succeed in scaling their business are far more likely to start another successful business.
Business owners understand the amount of work, dedication, and network they need in order to scale a business. If starting a business is something you have in mind, check out some of these articles.⬇️
- How to Start a Business Without a Degree in Singapore
- How to Sell $1,000~$10k for SEO Services to Local Businesses
- How To Start A Recruiting Business – 6 Easy Steps
- How to Start a Gumball Vending Machine Business with $5,000
- Leveraging the Power of Artificial Intelligence to Transform Businesses
Reasons to Second Guess a Side Hustle [Cons]
Exploring a new field or honing existing skills can be beneficial. However, it’s crucial to consider the potential stress that a side job may impose. If you already have a demanding full-time job, managing another one may lead to burnout. The pressure to perform well in both roles can be overwhelming, damaging mental health.
A Reality Check
Contrary to popular belief, not everyone is cut out for a side hustle. If you haven’t ventured into it yet, it could be that it’s not suitable for you. A successful side hustle requires a lot of dedication, time, and energy. If these elements are lacking, the chances of success are relatively low.
It’s best to offer services or products in a field you’re already knowledgeable and experienced in, to avoid wasting time and resources.
The Downside of a Side Hustle
Starting a side hustle can be draining, both physically and emotionally. It requires long hours of hard work and dedication, often on top of a full-time job. This can lead to an imbalance between work and personal life, causing strain on relationships and mental health.
The Financial Aspect of Side Hustles
The financial returns from a side hustle may not always be substantial. While some people have managed to make a lucrative income from their side jobs, it’s not the norm. It’s crucial to manage expectations when it comes to the financial aspect of a side hustle.
The Personal Costs of a Side Hustle
Side hustles can come with significant personal costs. The extra hours spent on work can take away from time spent with loved ones or pursuing personal interests. It’s important to consider these aspects before diving headfirst into a side hustle.
The True Success Rate of Side Hustles
The success rate of side hustles isn’t as high as one might believe. It requires a lot of time, effort, and dedication to succeed. Even then, success isn’t guaranteed. It’s crucial to understand this reality before embarking on a side hustle journey.
The Allure of Starting a Side Hustle
Despite the potential pitfalls, the idea of extra income is undoubtedly enticing. A side hustle can help meet short-term financial goals, or it can turn into a sustainable business if you have a unique solution to a problem or an innovative product that could benefit others.
Deciding whether to start a side hustle requires careful consideration of various factors. It’s not just about the potential financial gain but also the personal costs involved. By weighing these factors, you can make an informed decision about whether a side hustle is the right path for you.
