Don’t underestimate the potential benefits of an online side-hustle. It can be a great wealth-building tool.
The first time I heard this quote, I thought that there was no way that this could possibly be true. After all, isn’t there a downside to almost everything? Over time, however, this has grown to be one of my favorite quotes, simply because this quote provided the motivation I needed to start my own online side-hustle.
Truth be told, sometimes we try so hard to find any potential disadvantage just as an excuse to not step out of our comfort zones and simply get started.
“There is no downside to a side-hustle, there are only benefits to building more than one source of income.”- Forbes
A side-hustle is any work that generates income, apart from your full-time employment.
I strongly believe that if you can find multiple advantages to starting something new, even if it does have a few potential downsides, it should – at the very least- deserve some serious consideration.
Although starting any side-hustle may likely be very beneficial. I do highly recommend considering digital business opportunities, particularly those that allow you to eventually build passive income.
These options will likely provide the greatest return on investment. Plus, the opportunities online are only expanding. Moreover, going digital is perhaps one of the surest ways to build passive income that may even last for generations.
Undoubtedly, diversification is essential, especially if you desire greater economic stability. Even if you have a great income already, think of starting a online side-hustle as a additional way to avoid future financial stress and attain financial freedom.
What would you do with the extra cash you could potentially earn from starting an online side-hustle? Maybe you need to pay off some bills or credit cards.
Or is it a much-needed vacation? Some persons even decide to start more than one side jobs. Then, they can later dedicate more energy to the one that is more successful.
Start an online side-hustle and make it your biggest success story.
Online side-hustle and your main job
As someone who was very hesitant to work outside of the public service, I can understand the lack of desire to move away from your 9 to 5.
Please note, never start any side-hustle that conflicts with your main job. There are too many options and you just don’t need that stress. As such, don’t compromise your work performance and mental health.
However, while you should take pride in being a great employee, you also need to realize the painful truth that at the end of the day, most employers don’t really care about you.
Whether you like to believe it or not, you are replaceable at work. Additionally, it could take years to get even a small raise or promotion.
That’s why you need to always be thinking of ways to better take care of yourself. However, be strategic and select a side-hustle that allows you to manage your energy and resources, and reap psychological and financial benefits.
Studies prove that the psychological and cognitive advantages of a side-hustle outweigh performance conflict and improve performance at your full-time job; particularly through empowerment, positive emotions and interactions (Sessions et al., 2021).
“Results have very little to do with goals and nearly everything to do with systems.” – James Clear
The pros of starting an online side-hustle
Side-hustles will open your eyes to new perspectives and opportunities. For instance, Starting our own online business, motivated me to eventually start this blog as well.
Additionally, if the side-hustle encourages the personal use of a particular product, give preference to the ones that will concomitantly let you reap health and wellness benefits.
Personal benefits of starting a side-hustle online.
- Physical and lifestyle improvement
- Build relationships
- Gain more professional freedom
- Motivate and make a difference in the lives of others
- Have a better sense of purpose
- Learn new things
- Increase earnings
- A large number of customers at your fingertips
- Create a legacy or inheritance
- Greater job security
- Increase your skills and education
- Stepping stone for new business ideas
- Increase that family bond
- Personal development: Boost passion, confidence and pride
- Grow your network and become recognized
- Requires no commute or morning hustle
- Freedom to work at any time and location
The cons of an online side hustle
Of course, I’m no one to refute Forbes’ quote. However, from personal experience I did come up with a con. Although debatable, starting a side-hustle may end up compromising other parts of your life.
A side-hustle can be very addictive, particularly if it’s your own business. In fact, if you chose something that you’re truly passionate about, you’ll just want to keep going.
As such, it’ll definitely eat away at your free time. I know, free time matters much less when you’re doing something you love.
However, be sure to always prioritize your health, wellbeing, and quality time with the ones you love. By doing this, you will make those rocky days, which are very likely, a whole lot easier.
Now that you’re aware of all the amazing benefits and potential disadvantages, keep reading to learn what you should consider before starting.
“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” – Steve Jobs
Steps for starting your online side hustle
Identify your objective for starting an online side-hustle
Before you decide what to do, you need to consider your short and long-term objectives. Are you more focused on earning money right now or do you want a potentially greater amount in the long-term?
How much risk are you willing to take? What would you be able to gain? How feasible of an investment, in terms of finances and time, is this for you?
Knowing the answer to these questions will also help prevent unnecessary frustration once you get started. Research ways to minimize your expenses.
For me, before deciding to start my online side hustle, these were my top requirements.
- Easy start-up
- Flexibility with time and location
- Runs 24/7
- Supportive community
- No special tech experience requirement
- Low maintenance
Discover what assets you have to work with
It’s time to brainstorm. Discover the ways that you can use your talents and passions to generate an income. How much time and money do you have to invest? Some online side-hustle ideas may require some sort of investment, even if it’s minimal and/or variable.
As such, start saving and carving out time in case additional funds and time are required to scale to another level.
Develop your niche, target customer
To set yourself up for success, you’ll need to have specific ideas, strategies, and a lot of dedication. Discover who your target customers are and really consider what problems you can help them solve.
Identifying your niche will let you know what skills you need to focus on to be an expert in that area.
Further, you’ll be able to tailor your strategy and to attract the ideal customer. When you find your niche, think about the ways in which you can assist, entertain or inspire them? Then, jot down all the pros and cons of that particular idea.
Also, consider your competition and how successful the persons that are doing something similar are. Do your research before you take the leap.
Organize your time
“Challenges are gifts that force us to search for a new center of gravity. Don’t fight them. Just find a new way to stand.” – Oprah Winfrey
Having a full-time job, family life and a side-hustle is no easy feat. That’s why you’ll need a ton of organization and self-discipline.
To avoid exhaustion and burnout, I highly recommend doing something that allows you to pace yourself and generate more income with time.
Eventually, you may have the potential to substitute and surpass your full time earning. However, you’ll need to make the initial sacrifice to one day be able enjoy more time, freedom, and flexibility for what matters most.
It’s time to launch
They’ll always be some reason for a delay, so you’ll likely have to initiate before you’re ready. As such, challenge yourself to get started once you have the right frame of mind, strategy and the desire to act.
Remember to track your results and keep refining your strategy along the way.
A side-hustle can open new doors for you, ones that you’ve never even imagined so make change a priority.
In this era, I do believe that everyone, at least part-time or eventually, should have multiple streams of income, particularly ones that allow them to work for themselves.
Trust me, if you have the skills to help build someone else’s dreams, you definitely have the time and qualities that it takes to build your own.
An online side hustle may take some direction and confidence to get you going. However, it may end up being your best investment yet.
Let me know your side-hustle ideas or tips and how they could be beneficial to others in the comments below. Also, remember to share this with anyone that may find it useful.
References:
Dr. Hudson Sessions, Dr. Jennifer D Nahrgang, Mr. Manuel Vaulont, Miss Raseana Williams, and Dr. Amy L. Bartels, 0: Do the Hustle! Empowerment from Side-hustles and Its Effects on Full-time Work Performance. AMJ, 0, https://doi.org/10.5465/amj.2018.0164
