“Side hustle” is the new buzzword of this generation, but what exactly does it mean? To get your side hustle on means that in addition to your day job, you also have a second stream of income. Some are taking it to a new level and turning various side hustle options into a full-time business. For those in retirement, it’s a way to work without maintaining a stressful full-time job. Even though you may have a high paying position in the corporate world, here are four reasons why you should get your side hustle on.
What are some types of side hustles?
According to Nick Loper of Side Hustle Nation that there are more than 99 different side hustles, some jobs you wouldn’t even think to try and make money off of.
“If you’re not afraid of embarrassing yourself on a street corner, there are always businesses looking to hire sign-spinners or people in costume to attract attention,” Loper said.
Of course, being a human billboard isn’t for everyone. Luckily there are jobs within the gig economy that can turn into a lucrative business. Airbnb, bookkeeping and medical transcription are all options to consider. Or, if you are a people person, Loper includes jobs like tutoring and pet sitting as side hustles. Chances are that there is most likely a side hustle option out there waiting for you.
A side hustle is a way to become your own boss
Each year, more and more Americans are quitting their jobs to become their own boss. In 2015, Inc.com reported that 27 million Americans are starting or running new businesses. Having a side hustle is a way to ease into entrepreneurship. With so many options out there, you can find something that you are passionate about. If you want to become a caregiver, you can try out various apps that connect you with helping the elderly, children and pets. Best of all, you get to work when you want. Unlike having a full-time job, you aren’t tied down to anyone’s schedule but your own. For example, you can have a rideshare app open while you are sitting at home and wait for the business to come to you. The idea of being in control of your own business appeals to many, the idea of a side hustle inticing.
You’re not tied down to one side hustle
The great thing about working the gig economy is that you aren’t required to have years of experience listed on a well-outlined resume. You also don’t have to be an expert in one particular field. Another thing that makes having a side hustle attractive is that you can have multiple hustles in the various categories. You can be an Uber driver on the weekends, delivering food for GrubHub between rides, or be a brand ambassador to help promote a new company. Having more than one side hustle lets you make money while finding your true passion in life.
Meet new people
If you are looking for another full-time job or are the new guy in town, side hustles make it easy to connect with people. Your interaction with the public connects you in real life.
“The networking was less forced and I genuinely loved the small talk and chit chat about the subject matter. It was night and day from the typical business networking I was used to,” Mike Templeman, Forbes.com contributor, said of meeting people when working a side hustle.
The people you meet can become permanent customers who need products or services provided on a daily or weekly basis. Now, a side hustle you started for a few extra dollars can essentially turn into a financial funnel fueled by ratings within an app.
Who doesn’t like extra money in their pocket?
Earning extra money in addition to your salary lessens the financial stress that is common in today’s economy.
“Because your salary usually goes towards the things you HAVE to pay, your side hustle allows you to use the money for the things you want to pay for,” Templeman said.
A side gig is also a great option for those who have retired. If your retirement funds aren’t stable enough, a side hustle can help with that. Working a side hustle is typically fun and won’t defeat the purpose of enjoying retirement. A side hustle is a great way to eliminate the worry of how you are going to afford large purchases and start enjoying life.
A side hustle won’t replace a full-time job but is a great way to make money in your spare time. So what are you waiting for?