“Before the pandemic, many financial experts said that an emergency fund of $1,000 was sufficient for most individuals. Others said that saving three months’ worth of expenses was enough. If you followed that advice, you may have realized that the guidance left you unprepared to deal with such a serious catastrophe. If you lost your entire income overnight, you quickly exhausted your savings and were unable to pay your bills.”
— (Education Loan Finance, 2020).
This year taught us many lessons. How to be resilient, why it’s imperative to research the news you consume (this is a personal fav of mine), and how to take care of ourselves both mentally and financially during unprecedented times, just to name a few. Speaking of finances, let’s dive in there. Something I heard this year that really resonated with me was that having a side hustle isn’t just for someone who wants to quit their 9-5, it’s job security in case your 9-5 decides to quit you. And unfortunately, I know so many people whose job quit them this year. I’m guessing you do, too.
If you’ve been following my journey for a little while now, you know that I’ve been an entreprenuer essentially since I graduated from college. Being my own boss is nonnegotiable for me. Being able to set the pace of how hard I work, determine the amount of income I take home, and who I get to work with is an absolute must in my mind. Having time freedom when and where I want it is so worth the long nights, working weekends and all the other challenges that entrepreneurship comes with.
But if you’re not totally convinced that being self employed is your path, no worries. The great news is that starting a side hustle doesn’t have to mean you quit your current career. If you’re in a job that you love, that’s amazing! That’s ultimately the goal. But could you use additional income each month to pay your bills? Would an extra $100, $300, $500 or beyond be a game changer for your family? If so, starting a side hustle could be a great option for you to consider.
Side note: the financial benefits of having a side hustle are just one small piece of what I gained when I started my current business. The community, the powerful networking opportunities, the ability to travel, the meaningful relationships and so many other things came along with it. But, for the sake of this particular blog, I’m going to be focusing primarily on the financial benefits of side hustles. Cool?
According to millennialmoneyman.com, ‘the best side hustle ideas are flexible and pay well for the work you’re doing.’ I couldn’t agree more. First things first, I think it’s important to have hobbies and activities that bring you joy in your life that aren’t focused on making money. But, that’s not the purpose of a side hustle. The reason people typically start a side biz is to make money! Be sure you’re clear on the differences between hobbies and side hustles. So, if you’re sinking time and effort into a side hustle, the goal should be to make as much money as possible while you’re doing it.
Here are a few examples of jobs that don’t allow you to maximize your time or may not be a great use of your energy:
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Hourly gigs. Think part time jobs at the mall. Hourly jobs are tough because it doesn’t matter how efficient you are, you’re still getting the $17 per hour that you were hired at. Meaning, there’s zero incentive to work hard.
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Service based gigs where you trade time for money. While some service oriented jobs may pay well, if you’re providing a service for someone that requires you to be actively working in order to make money, you aren’t able to scale the amount of money you make because there is only so much time in a day.
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Selling a product that requires someone to change their lifestyle. By nature, people are creatures of habit. Having to convince people to drastically change their lifestyle in order for you to sell a product can be super challenging. Instead, consider selling a product that someone is already using in their daily lives. For example, what’s someone more likely to purchase, a different type of toothpaste that’s healthier for them or a new workout system that requires them to learn how to use it and start exercising every day? The toothpaste, 100%. Because they’re already brushing their teeth daily.
So, what are some qualities to look for in a side hustle?
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A product that you can sell an unlimited amount of. Look for companies that have the infrastructure in place for you to come in, start sharing the products and instantly make a sale.
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A consumable product. Like I mentioned above, don’t waste you time trying to convince people they need to incorporate an entirely new routine into their lives. This is why I love partnering with the nontoxic beauty products company I chose. Everyone washes their hair and washes their face. I’m simply sharing cleaner, cruelty-free options for people to swap their current products for.
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A forward-thinking brand. If you’re going to be representing products to sell, you’re representing the brand, too. Ask yourself a few hard questions before you partner with a business: does it reflect my values? Am I proud for what they stand for, and how they represent themselves online?
Once you’ve decided on the types of products you want to sell, and chosen a company that seems like a good fit for you, the next step is to just start. This week. Even today. There is no better time than the present to start making additional income. While the new year is upon us, that doesn’t mean things will automatically be going back to how they were before the pandemic. An additional income stream ultimately helps protect you from a bad financial situation in the future. You don’t need to wait for the new year to start to begin your new venture.
The beauty of the business I’m in is that it’s duplicatable, the startup cost is as little as $199 to get started, you have access to unlimited amounts of training, mentorship, product information, social media and marketing guidance and more. And this month, there are massive bonus incentives as well. Honestly, you couldn’t ask for a better way to start making additional monthly income, that allows you to work as much or as little as you prefer.
If you’re been considering starting a side hustle, I’d love to chat with you more about what that could look like for you, and how my company works. Shoot me an email and let’s chat before December is over.
“There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up. Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense.”
— (U.S. News, 2020)
