Side hustles allow you to pursue your interests, develop additional skills, and (hopefully!) increase your earnings without having to quit your career. But, as an entrepreneur, how do you take a passion project to the next level? Once you are confident that your side hustle is up and running, it’s time to start thinking about making it a full-time job.
People Are Side Hustlin’ and I Don’t Blame Them
There have always been people side hustling. But, this really took on a life of its own as technology developed. This was especially true during the pandemic. With a lot of businesses closing and furlough schemes coming to an end, a lot of workers decided to take matters into their own hands. By definition, a side hustle goes alongside a ‘usual’ job. This is why it’s a great option if you want to boost your income.
With working from home being second nature, there is a growing trend of people wanting to work for themselves on the side. If you’re one of them, I don’t blame you. I have worked for myself for many years now. I can’t imagine it any other way.
By definition, a side hustle is a secondary source of income. This could be a part-time business venture. It’s something that you can pursue alongside your job or main source of income. A lot of people choose a side hustle as a passion project, or a way to explore entrepreneurial interests. This is all possible whilst maintaining the stability and financial security of a full time job. Side hustles can take various forms. I’m a big proponent of many of them. Freelancing, consulting, selling products online, offering professional services, creating digital content and getting stuck into the gig economy are all viable options.
Why Aspiring Entrepreneurs Are Pursuing a Side Hustle
A lot of people find themselves overwhelmed with the demands of a full time job. This can make pursuing a side hustle feel like taking on one thing too many. Many aspiring entrepreneurs and creative minds find themselves in this predicament. It’s not easy to strike the perfect balance between your career responsibilities and nurturing your passion projects, especially as you still need to pay bills and put food on the table. But, if you do, there are a wealth of advantages to enjoy.
Money, Money, Money – It’s not all about the money, but one of the most obvious benefits of a side hustle is the ability to boost your income. It’s as simple as that.
Develop Your Skills – Side hustles often involve exploring new ventures or pursuing passion projects. This provides an opportunity to develop skills that might not be part of your full-time job.
Diversify Your Income – Relying solely on a single income source can be risky. A side hustle diversifies your streams of income, making you less reliable on your full-time job and providing a safety net in case of any unforeseen career changes.
Personal Fulfillment – Side hustles allow you to pursue their passions and interests, which can provide a sense of personal fulfillment and satisfaction. It can be a creative outlet and a way to express your talents beyond the confines of a traditional job.
Gain Entrepreneurial Experience – If you are an aspiring entrepreneur, a side hustle serves as a low risk way for you to test business ideas and concepts. It provides valuable experience in running a business and understanding market dynamics before fully committing to a startup.
Transforming a Side Hustle Into a Thriving Business Venture
The good news is that with the right approach and effective time management, you can transform your side hustle into a thriving venture. This will really get your entrepreneurship journey off to a good start. This is doable without compromising your work-life harmony.
Define Clear Goals and Prioritise – Before throwing yourself into a side hustle, take a moment to define clear goals for both your full time job and passion project. Understand what you hope to achieve in your career and identify the milestones you want to hit with your side hustle. Once you have a clear vision in mind, prioritise your tasks and allocate time accordingly.
Use Your Free Time Wisely – Balancing a full-time job and a side hustle can be demanding. But, there are bound to be moments of free time that you can use to work on your side hustle. Whether it’s during your lunch break, commuting time or before bedtime, make the most of these precious minutes. This way, you can gradually build your side hustle without sacrificing your existing job commitments.
Set Realistic Expectations – It’s essential to set realistic expectations for both your full-time job and your side hustle. Recognise that achieving success in either realm takes time and effort, and you’re unlikely to make a splash overnight. Avoid stretching yourself too thin by taking on more than you can handle. If you ask me, slow and steady progress is still progress.
There’s Nothing Wrong With Saying No – With two significant professional commitments in your life, it’s important to set boundaries. Learn to say no when you have to. Assess how much you can realistically handle. Politely decline projects or requests that may be too much, and make sure that you have enough time to excel in both your full-time job and new venture.
There are undeniable benefits that come with starting a side hustle. It’s important to weigh up the pros and cons, and remember that success doesn’t happen overnight. There is a lot of competition out there, but there’s always a niche to tap into.