5 Reasons Why You Must Start Your Own Side Hustle Today

In personal finance terms, a “side hustle” is the phrase we use to refer to any extra source of income. Anything that brings in money above and beyond your normal job.

For personal finance bloggers like me they’re second nature; for most of the population however they’re anything but.

Today we’re going to look at some of the reasons why side hustles are such a great idea, and why you should start your own side hustle today…

Side Hustles Provide Additional Income – Without The Compromise

Very few of us would turn our nose up at some extra income each month. Whether this is to pay off debt, to pay for a few treats or to get ahead in your plan for financial freedom, extra income means extra possibilities in life.

The problem is that in order to earn more, many of us end up taking a second job – or willingly working more hours at our existing job.

Now, while there’s nothing inherently wrong with taking a second job, it does lead to compromise. It means that someone else controls your working hours, it means that fitting the rest of life around your two jobs becomes problematic and it limits your potential income to the hours you have available to work.

A side hustle is often different though. A side hustle is typically some form of small business that you run in your free time. Examples might be a local dog walking service or starting a blog.

In these businesses you’re far more in control. You can decide when you work, and when to take time off. You don’t have to bow to an employer and – best of all – there are far fewer limitations on how much money you can earn.

Side Hustles Teach You New Skills

If we’re honest, many of us stop growing in our jobs. While many employers extol the virtues of their continuous improvement, their training courses and their guided learning, the reality is that 90% of what you do in your job is likely exactly the same stuff you did yesterday, last week, last month.

Side hustles take away this “safety blanket” to a degree, and encourage you to learn new skills. This isn’t just beneficial from the perspective of keeping life fresh and interesting; it can also provide future career opportunities.

Don’t believe me? I’m the perfect case study. I fell into a career of retail management by mistake some years ago; something I hated, but seemed to have a skill for. I longed to “get out” but unfortunately potential new employers only ever saw me as a retail manager and nothing else.

Then I started dabbling on the Internet. I set up a few blogs. I wrote content. I built traffic. I learned enough to quit my job in retail and land one as a professional blogger for a marketing firm. It was the side hustle which transformed my career from one I hated to one I love.

Personal Satisfaction from Growing Your Side Hustle

There is much to be said for creativity; for making something from nothing. A side hustle can be the perfect example.

Take this blog, for example. While I’m not getting rich off it, I do have the satisfaction of knowing that everything you see here is down to my efforts. I chose the domain name, customized the theme, created the content and so on.

Without me, this site simply wouldn’t exist.

So when I get an email or a comment from a visitor who stumbled across my site it’s always an amazing feeling. And this contact only happened because I put myself out there and created something from nothing.

Side Hustles Can Turn Into Future Businesses

The term “side hustle” is perhaps a little derogatory. It suggests something small, secondary or unimportant. And when you start them, this is exactly how many side hustles are.

Over time, however, it is entirely possible for a side hustle to become a full-time business. If you dislike your job, or fancy becoming your own boss, or want to earn more than you can in your current career then a side hustle provides the possibility of escape.

I’ve personally experienced this’ some years ago I launched a new website and almost immediately it went crazy. Within weeks I was earning more from the website than from my job, and struggled to hold both together.

Eventually I quit my job to focus on the website in question. As a result, I had one of the best summers of my life, dividing my time between a business I was passionate about and relaxing in the sun with family and friends.

Be prepared therefore; put the effort in and you might surprise yourself with just how much a side hustle can grow.

Side Hustles Provide “Financial Insurance”

Many of us in the West live surprisingly close to the bread-line. Most people have very little in the way of savings and would struggle financially within weeks if they lost their job.

This not only means most of the population is petrified of losing their job, but in cases where people are “downsized” it can lead to considerable financial turmoil.

Having a second source of income however helps to provide a “buffer” from the difficult periods of life. You might not be earning enough from your side hustle to pay for all your expenses, but in such situations anything is better than nothing. If you’re smart, you’ll also have been putting some of your second income away in the form of an emergency fund for situations just like that.

This helps to put you in control. It means losing your job is far less of an issue; it can even make voluntarily quitting a job or boss you hate more of a realistic possibility.

After all, you’re most likely to turn a small side hustle into a full-time business when you have all the time in the world to spend on it, and the motivation of knowing if you fail you’ll have to go out and get another job.

Whichever way you cut it, for those looking to become debt free, build up cash reserves and become financially free, I think a side hustle forms an important part of the process. If you don’t yet have a side hustle of your own, why not consider starting a blog or one of the various other options today? The sooner you get started, the sooner you can start benefitting.

Do you have a side hustle right now? What business are you thinking of (or trying to) get started? Please leave your thoughts in the comments section below…