The phrase “side hustle” has gained popularity over the years. What started as a term referring to making a little extra money outside of a day job has turned into a way of life for many.
One in five (19%) adults in the UK have started a ‘side hustle’ since March 2020 and, almost one in six (16%) claim to earn upwards of £1,000 a month from their new venture, according to research from insurance provider, Aviva.
The most popular ‘side hustle’ people chose to pursue was to ‘sell handcrafted products’ (23%), followed by freelancing (12%). One in nine (11%) turned to art, 9% to photography, while a similar number (10%) tried their hand at being a social media influencer. Other, slightly less popular, income boosters included becoming a courier (6%), teaching (6%), driving a taxi (4%) and offering nutritional advice(4%).
Side hustle’s aren’t just for covering expenses. There are several reasons why you should start a side hustle, even if you can live comfortably off of your primary income. Here are a few:
1. Having multiple sources of income is empowering (and smart!)
Nick Loper, creator of the Side Hustle Show podcast, spends his time interviewing people who earn money outside of their day jobs. His aim, in part, is to show his 60,000-plus followers that there are many ways to make time for a side hustle and numerous reasons why you should start a side hustle.
“Of course, making extra money never goes out of style, and that’s probably what draws most people to create a side hustle,” Loper says. “Other benefits might include learning or practicing new skills, exploring a passion of yours or just empowering yourself to find you have economic value outside of your day job or paycheck.”
You can use that extra income to pay off debts, for many people, that is among the top reasons you need a side hustle. If you’re paying off debt and don’t feel like you’re making any headway, you may benefit from the extra money you can make with a side hustle.
If you’re not working to pay off debt then you may want to find ways to make time for a side hustle simply so you can build wealth faster.
Whether it’s boosting savings or maxing out investment accounts, making extra money can help you reach those financial gaols much quicker than if you rely only on your primary career.
2. It could turn into a job you love (if that’s what you want)
If you’re looking for reasons you need a side hustle, the internet is full of stories of individuals who started a business on the side because they were passionate about something and then it turned into the full time business. If making money doing something you love isn’t one of the best reasons why you should start a side hustle, what is?
I did exactly that with AWMB. Coaching and mentoring, workshops, posting blogs on this website all started as a side hustle to my every day job as Head Of HR, when this grew to the point I could leave my job it was amazing! Building a side hustle into a full‐time business takes an extraordinary amount of sacrifice and dedication and it’s great to do that whilst having the security of a job.
3. It allows you to explore your creativity (and get paid!)
Creativity is in everyone. So if you’ve been itching to do something creative, but don’t have the outlet for it in your everyday life, a side hustle can be an excellent way to express this whilst being productive at the same time!
Sometimes committing to odd jobs or regular work in your spare time provides the challenge you need to inspire your creative side. Without that challenge, you may not be motivated to find creative solutions or find new ways to get things done.
Start a side project that’s completely different from what you usually do. Choose something that challenges you and provides some kind of benefit when you overcome that challenge. When your everyday life doesn’t allow for exercising your creativity, use a side project as a way to keep your mind active and stay on top of your game.
4. It’s a machine you can crank up
When you are working a typical job, you can’t “make more” by simply “working more.” Even if you are an hourly employee, it’s not like you can consistently and reliably ask for more hours and get them all the time. It may be possible for a little bit if you are friendly with the person who schedules hours, but it’s not something you can rely on. And certainly not something that is possible in the corporate world!
This is especially true if you paid on a salary. More work may result in a higher bonus at the end of the year, an increased chance of promotion, or something similar. It doesn’t directly translate to more money.
When you have a side hustle, you can add and subtract hours based on how you feel or what you need. You can launch more products or services, you can run offers to generate extra sales – there is a more levers you can pull to earn more income.
5. It gives you more control
One of the difficult parts about working for someone else is that you aren’t in complete control of your future. If you work at a big company, you need to wait until annual reviews to get a promotion or a raise. If you want to gain new skills and take a class, you can pay for it out of pocket or wait for company approval to reimburse you. In some cases, this is a good thing. It can, however, lead to stagnation if you aren’t careful.
A side hustle is great because it’s a project that you can tinker with, build on, and grow. It’s that continual learning and growth that can give you a sense of accomplishment, especially if you’re feeling like you’re in a rut at work.
Running a side hustle takes work, it’s not always easy or smooth sailing but it’s a great way to give yourself options. It can help you reach financial independence more quickly and if you are up for the challenge it can be an exciting way to completely revolutionise your life.