Nowadays, the competition for every industry is fiercer than ever. You have to make sure that you or your business stand out in order to make a mark. At the same time, we also have to hustle harder if we want to live a sustainable and comfortable life.
Living from paycheck to paycheck is going to be stressful, and oftentimes, your earnings might not even be enough. Instead of burying yourself in debt, the best thing to do is use your multi-tasking talent. This way, you’ll earn enough or probably, even more, to live comfortably in this fast-paced world.
Are You Ready for a Side Hustle?
Before you venture into a list of potential side hustles, you have to ask yourself first if you are capable and ready for it. Be careful that you’re not using a blind judgment just because you got inspired by a TV commercial. Not everyone is capable of doing multiple jobs, and that is a fact.
I know how tempting it is to let yourself get excited about different plans. However, you should be aware that a business is not a business until it can actually turn into a profit. Be open-minded about the idea of letting go of a potential side hustle if it won’t turn up a profit.
The biggest mistake that you can do is starting a side hustle that you didn’t thoroughly think about. It’s like going to battle without any armor. The different industries are difficult to break into, and the last thing that you want to happen in investing in something that isn’t worth the risk.
You can never spend too much time planning. This way, you have a plan and possible solutions in case things didn’t go out as you imagined. It will also help you know how you will react once progress takes place.
One of the things that you have to plan carefully is how you’re going to spend money on a side hustle. If not all, most businesses will require you to spend money, and it will take a long time before you can actually start making money itself. It will take some time to turn a profit, which is why some businesses fail. You have to make sure that you will be able to pay back your investment.
Now, the beauty of side hustles is that they are just like that; an additional source of income. It would help if you didn’t pressure yourself and the additional business to make as much or bigger than your primary source. Therefore, the side hustle itself shouldn’t cause you any debt.
You can avoid unnecessary expenses by asking yourself first if you really need to purchase something or spend on something. Will it benefit the business? Is it necessary to attract more customers? For example, getting a sublimation printer is worth the investment if you are thinking of doing a printing business in addition to your online job. This is because the initial cost is not going to be as expensive if you ought to buy something cheaper but is bound to get replaced after some time.
Can You Handle Both Your Full-Time Job and Side Hustle?
Another harsh reality that you must realize is that are you really going to be able to multitask two jobs? Most full-time jobs require a lot of time and maybe even take 10 hours a day. If you have a side hustle, you might be able to squeeze it in, but I doubt you can work efficiently from being restless and stressed.
There’s nothing wrong with realizing that you are not capable of handling too much work like your friend in another state. Your side hustle should be something that you can occasionally work on alongside your full-time job. And it shouldn’t affect your performance from your main source of income either.
Even if you did have a side hustle, remember that your full-time job is still your priority. Stick to a consistent schedule where you don’t overwork yourself, so you don’t lose your drive and passion.
At the same time, you need to know if you are having a side hustle to justify your decision. For example, you might be an antique enthusiast. You might purchase a lot of expensive paraphernalia because your reason is that you will profit anyway because you’re going to turn it into a side hustle, which is an antique shop.
But if you think about it, are you truly ready to venture into that industry? Is this the right moment to pursue your hobby and turn it into a side hustle? The point is you can find a side hustle that you’re passionate about, but make sure that it will not add problems in the future.
The last determining factor on whether you should really be looking for a side hustle is if you are realistic enough. Ever since childhood, we are taught to always dream high and go big or go home. However, you might end up setting unrealistic expectations on yourself and on your career or venture. In the end, you’ll be unable to progress because you’ll feel discouraged from not meeting those expectations.
It’s okay to dream big, but you should always focus first on smaller things. Once you got everything under control and you have learned the ropes, then you can test other things. Besides, any goal has a path towards it. And if the circumstances play to your advantage, you can bypass those things in the path. However, most of the time, you have to go through them first so that you’ll be ready by the time you reach your goal.
Just because you are realistic doesn’t mean that you will never consider your passion. You can still find a side hustle that satisfies your heart and soul. This fact is applicable to “being realistic” as well because you are aware not to pursue something that you don’t even get excited for. The thought that you know not to venture into something that wouldn’t satisfy you is “realistic.”