Who doesn’t like making money outside a secure day job? But the road to make that money is not an easy one. It requires one to be creative, open to challenges and most importantly ready to push the limits. The time you could have spent relaxing or on an outing with your family after a tiring day might get spent brainstorming over ideas or fixing issues. As we all know that every new opportunity comes with its own set of challenges and side hustle, as we call it, is no different. It thrills, provides creative fulfillment and financial independence but at the same time it is exhausting as well.
So, what is side hustle? It is basically an additional work that a person undertakes besides their main day job. This is primarily done to supplement income or simply to earn more. Insecurity in private jobs, desire to start a business or independence can be some more reasons behind opting for side hustle. The idea is becoming popular nowadays as it allows one to maintain the safety net of the main job.
Side hustle is a broad term. This emerging art requires you to make best usage of time and deliver the best as possible. You can make this possible through various ways- for example- part time job, freelancing, side gig apps like Uber, Airbnb, etc. But different side hustles pay differently.
Part-time job or freelancing means limited pay because of limited time. Few might also be profitable only seasonally. Meanwhile, gig apps such as Airbnb or Uber have such a payment structure that minimise the payout to service provider. Hence, one needs to discover ideas that not only gives ample space for personal growth but also the desired flexibility and ability to mint extra money in spare time.
Internet is a big playground and one can make fortunes selling products online. E-business is financially rewarding without any interference in your daily routine. Though to set up a business online, you initially have to do legwork but once the business is established, it’s a much smoother sail.
Factors To Consider Before Taking Online Side Hustle
Side hustles don’t always become full-time jobs. One tends to gravitate towards this only after it starts yielding enough profit. If you are looking to have a side hustle which you can eventually take up as your career, ask yourself three questions mentioned below:
1. Does this side hustle idea fit your schedule?
As you are going to spend considerable amount on time working on the side hustle, you need to know whether it fits into your schedule or not. It is important to evaluate and make sure that your side job doesn’t interfere or keep you away from your regular day job.
There will be days when you might have to do extra shift, work overtime, attend meetings or workshop, hence, it is advisable to opt for a side-hustle that can be re-scheduled. It’s all about juggling while enjoying the process. If you are ready for some really hectic days initially, then go for it.
2.Are you really passionate or interested in the idea?
Carving out additional time from your daily routine to work on a side hustle can be possible only if you are passionate about the project. Working throughout the day can kill your creative energy and that’s what you need to sustain till the day winds down. At the same time, there might be days when you won’t feel like working, no matter how hard you try. That is why it is ideal to link your side hustle with your interest or passion so that your enthusiasm remains high.
If you do not pick an idea that holds your interest, the work might easily sink to the bottom of your priority list and ultimately collapse. Choose a side hustle that feels less like a chore, boost your creativity and is commercially viable at the same time. If you successfully manage to steal hours tucked away in a day and channelise your focus in a particular direction, you can go a long way.
3.Is your idea economically sound?
It is understood that hobbies shouldn’t be burdened with profitability, but your side hustle will struggle to sustain long-term if doesn’t make return on investment. Most of the side hustles won’t be profitable initially because you will be multi-tasking with equal focus to each aspect. You will not only have to set up the idea but also market it and gain traction. Also, you would like to keep your expense low in early stages to check how things pan out. There will be plenty of things to do, hence, patience is the key.
What does this mean? Well, in the beginning, you might not make profit equal to the effort put into the project but as you progress, it is better to keep a track. At a later stage, analyse the cost and time invested to make a sale or get a new customer and work accordingly.
Shopify Promotes Side Hustle Among Its Employees
While there are companies which do not support side jobs, Canada-based e-commerce giant Shopify encourages its employees to have side hustle. Shopify basically provides infrastructure to aspiring merchants to launch their online store. There are several employees who started an online brand while working full-time with Shopify and later quit their positions to focus completely on their companies.
Even Shopify President Harley Finkelstein runs a tea brand Firebelly Tea. He says that his own brand helps him to have empathy towards Shopify’s merchant base. Atlee Clark, Erin Chan, Arati Sharma and Gregory Macdonald are among the side hustlers of Shopify. Read their stories here.
