Having a side hustle is a great first step to financial freedom and security.
When times become challenging, people can get laid off from their organizations, and some may feel coerced to leave through various means of management. This is a harsh reality. Many people have had to cut down on their expenses because of constricted salaries or issues with job security.
What can people do to position themselves for uncertainty
Every side hustle begins with having ideas.
There is no set pathway or pre-defined strategy to get involved with a side hustle. Once you identify and carve out a side hustle, it can bolster your savings and help you develop a highly specialized skill set.
To get started bootstrapping a side hustle, all you have to do is look inward for the unique skills you possess and then master them by setting aside time in a concerted manner. After refining your skillset, turn it into a sustainable side hustle.
For many, a side hustle is something that can provide the money necessary to supplement a day job. Having a side hustle also may carry the added benefit of reducing stress; your constant worrying about the monthly expenses disappears as it takes off.
And, sometimes, your side hustle will provide you with a passion and vigor for life, the motivation that increases overall happiness and mental well-being. Don’t we all want happiness more than anything?
- What is a side hustle exactly?
- The difference between freelance and entrepreneurship
- Best ways to earn supplemental income
- Strategies to help you balance your side hustle with your life
- The bottom line
In this piece, we will explain more about how to bootstrap your way to a side hustle while on a budget, introduce real ways to get started with your own side hustle and explain how a side hustle can feel both crazy and comfy, depending on your perspective.
What is a side hustle exactly?
While a day job holds your mind and body, a side hustle has the ability to invigorate your heart and soul. It is an outside job, beyond a hobby. You learn to earn money in creative ways from side hustles and to challenge yourself personally, as an individual. A side hustle is something far different from your average day job.
When creating a side hustle, success begins with mastering an activity, and your effort can transform into something that pays.
An activity like writing a book or blog, perhaps, is a common side hustle.
Writing soothes your mind, which can often feel tormented because of day-to-day stress. What may begin as a soothing activity can transform into a stream of income when publishing to a website that wants your written work.
Here, we see how a side hustle can turn into a stream of income through a unique opportunity. The key for beginning side hustlers is staying on the lookout for opportunities.
The difference between freelance and entrepreneurship
The path of a freelancer
Recently, stories and pieces about freelancing may have caught your attention. Many believe that freelancing is here to stay, and one of the main reasons why is that freelancing can allow one to pursue their passion. Switching from a regular day job to freelancing is so often a question of an individual’s heart; it stems from having a dream, a spiritual awakening. Freelancing is one way to get into side hustles.
With freelancing, you are the boss of your workspace. You have nobody to report to, no deadlines that could ruin your chances of getting the “performer-of-the-year” award. For many freelancers there is no need to worry about transportation and working from home is common. As far as side hustles go, freelancing can be an ideal environment for working. In terms of work-life fulfillment, freelance work is often personally invigorating, since the work aligns naturally with areas of interest.
What types of gig work counts as freelancing? What are the options?
There are plenty of freelancing opportunities for software development. Just look for websites like Upwork, Fiverr, which host freelancers that help with Android, iOS, and hybrid app development for organizations, teams, and individuals.
The path of an entrepreneur
On the other hand, the experience of becoming an entrepreneur differs greatly from freelancing. For one, 9 out of 10 new enterprises may end up failing. Often, entrepreneurship mandates much-needed introspection and high-risk tolerance.
Opening a new business alongside your day job is a total no-no for some humans. Just imagine for a second, you convert one of your bedrooms of the two-Bedroom-Hall-Kitchen flat into a computer-selling business. Early-stage entrepreneurship involves the creation of a business entity wherein, so often, you can concentrate and focus on the weekends. Beginning a business and managing a day job is extremely exhausting and many entrepreneurs only focus on a single idea at a time, all hours of the day, seven days a week.
Entrepreneurs often breathe life into their ideas after the working hours of a day job and on the weekends.
To achieve success, entrepreneurs must invest time and effort to understand go-to-market strategies.
Market research tips (video)
We all know the odds of success are low. Managing entrepreneurship and personal life, achieving a healthy balance, can feel like floating down a river towards a waterfall, with your feet split precariously between two boats.
Aren’t entrepreneurs doomed to fail? Is there a recipe for success? Many great innovative leaders would say that success has no roadmap. However, entrepreneurship inherently requires:
- a strategic plan
- market knowledge
Do you have those checked off? If not, we advise you to weigh your options and take time to consider entrepreneurship seriously.
Best ways to earn supplemental income
What’s the difference between active income, passive income, and supplemental income?
- Active income – is money earned on the job or while on the clock, essentially what your day job gets you by the end of every month.
- Passive income – is what you earn through activities that need minimal or no effort on your part. For instance- blogs or renting out your space are examples of passive income. In both these activities, you are hardly doing anything to earn a buck by the end of every month.
- Supplemental income – is a broad way to understand income generated outside of an active day-job, most notably income that can be used for outside investments or launching a side hustle.
Complimenting a regular salary, a side hustle can be a wonderful source of supplemental income. Streams of passive income and supplemental income can become inputs into a successful investment strategy so you can take advantage of opportunities when they come to life. Having a sound investment strategy and understanding the role of compound interest in accruing savings is important to achieve financial flexibility.
Want to get started with some proven examples of side hustles? We’ve done our research and compiled a list of ways to jumpstart your side hustle journey.
Sell things on eBay or Craigslist
Turn your clutter into supplemental income. Nowadays, there are countless effective ways to sell things online. There is always a market for used furniture, household appliances, collectibles, and many more objects you have yet to imagine. To be great at selling things online, we recommend taking clear and informative photos of miscellaneous things and writing a description with high-quality marketing copy. If you’re looking to get started, you can try out this strategy on online marketplaces. In terms of popularity, eBay, Craigslist, and Facebook Marketplace are most well known.
Curious about learning more about selling stuff online and places to sell? Check out this outstanding article from NerdWallet.
Take paid online surveys in your spare time
One way to make supplemental income quickly is to take advantage of online surveys that pay you. If you’re having a stressful day, you can make a hobby out of taking a time-out and having light fun answering random, delightful questions in the world and getting paid to do it. If you’re interested, you can try out places like Swagbucks, OpinionWorld, YouGov to earn a bit of extra cash.
Take photographs and sell them
Hobbies like photography can get you money – can you believe that? It’s a mind-blowing side hustle, and your photographic skills can become showcased on canvases, T-shirts, phone cases, or even on mousepads! If your photographs become popular downloads on websites or marketplaces, you can turn this traction into passive income.
Become an extra in a TV Show or Movie
Ever thought about becoming an extra in the movies? This side hustle is a dream come true for every moonlight watcher. Of course, you will need to ace your audition. By getting into new spaces like film or acting, there’s always a possibility of becoming noticed by some of the elite directors and moviemakers! So, relax, and become an extra in a movie for some new experience and supplemental income.
Love pets? Become a dog-walker
Everybody wants a pet to share joy and sorrows, but sometimes there isn’t enough time in the day to walk a dog properly or care for a furry friend. At times, families and individuals often want to pay someone else to help, and this has generated a well-known activity and system of side hustles for dog walkers. As a part-time dog-walker, you can enjoy exercising, work on your fitness and heart health, all while earning supplemental income.
Strategies to help you balance your side hustle with your life
Your dream can be anything, but many side hustlers and entrepreneurs recommend pursuing a project that helps other people – doing this helps you remain energized and humble, selfless. But be careful not to live too much in the clouds. If you think tactically and focus on what you are doing in the present, you will execute your long-term dream vision and investment plan. When you have a tangible project that you want to organize, nothing can stop you from balancing your side hustle with a day job.
Build around a healthy and sustainable schedule
Some people consider themselves to be night owls, whereas others are early birds. Who are you? Creating a sustainable and regular schedule to manage your time will give you more freedom to dive into the world of side hustling and find success.
Organize your thoughts
Nobody is a born juggler. Handling two things at a time can be challenging. No matter how many brain cells you possess, your side hustle may feel neglected if you don’t organize your thoughts and collect important details and deadlines.
How to organize research for your side hustle (video)
Now that you know what a side hustle means and how it can cultivate your life, you need to figure out a way to club it with your day job. Organize your thoughts and balance your schedule, make it your goal to bucket your time effectively. For instance, you need to make sure you don’t give 90 percent of your time to your day job and only 10 percent to your side hustle. Be honest with yourself and realize you will need to achieve a time distribution of about 60 percent of focus allocated for a day job and 40 percent dedicated to one or more side hustles.
If your side hustle only receives 10 percent of your interest, it is as good as a fictional novel. It’s harsh but true. We love to read a fictional pieces because these stories whisk us away from reality and right into the world of fantasy. You may need to get creative with ways to find more time for yourself to achieve this balance, and you may need to sacrifice bad habits or non-related activities to pursue this.
Your success can’t be fantastical. Imagine your side hustle existed in your fantasy and never in your reality. Then who’s going to bear the loss? Who is going to suffer a tantrum? You.
Hence, you must strive to devote 40 percent of your attention to a side hustle. Think of it as a non-fictional novel, for starters!
Want to get started? Here are more examples of ways to get started today with a side hustle:
- Rent out your attic or garage space – help people who need a place to stay and will pay you.
- Tutor online – In particular, teach your favorite subject. Tutoring will keep you busy and contended as you earn supplemental income.
- Blogging – Blogging and writing for the web can take you to an alternate universe altogether. If you love to express yourself and build a community around a story and lifestyle, blogging is a wonderful way to generate passive income. After you create your work, you can try Flok to monetize your writing!
- Babysit – Do you enjoy being with kids? Babysitting is the side hustle that not only makes you the happiest but also keeps you the youngest.
- Pinterest virtual assistant – Love to explore Pinterest in your free time? Turn that passion into a side hustle! As a Pinterest virtual assistant, you can create pins, optimize images, develop a pinning schedule, and do your keyword search to earn supplemental income.
- Drive – Yes, becoming a ride share driver is yet another mind-blowing side hustle. In particular, this is an amazing source of supplemental income for those people who love driving, traveling, and meeting new people every day. The best part is, you can drive on your own time when you feel like it.
- Consulting – Over time, as you build credibility and experience, you may transform your freelancing activity into a private consulting practice. If others turn to you as a thought leader, you can leverage your blog and content to launch an advisory service. Just use Calendly link to allow clients to schedule an initial meeting with you, and you can learn more about ways to help them and offer advice.
- Clean houses – Does the experience of cleaning feel strangely good to you? If so, this side hustle is your cup of tea. One of the fastest ways to earn cash is by cleaning houses! Plenty of people would love to pay you to clean their house when they don’t have time to, and you can turn this into supplemental income.