5 reasons for side hustles

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5 reasons for side hustles In 2024. I launched my first side hustle back in April 2015. It was one of the best decisions I ever made. Specifically, I started writing content marketing materials for science companies. And no, I had no previous business, marketing, or sales experience. In fact, I was working as a scientist full time and used my evenings and weekends to learn all I could about marketing, sales, and freelancing.  

If you’re reading this article, you’re probably thinking about starting a side hustle too. You’ll learn about five benefits of starting a side hustle while working a full time job. Some of these benefits might be obvious to you. Some might be surprising. 

Either way, you’ll come away with a new enthusiasm for side hustles and the improvements they can bring your life.

Let’s go. 

1. Financial Benefits

Launching a side hustle can bring serious financial benefits to your life. The first project I landed earned me an extra $500. Not a huge chunk of change, I’ll admit. But it gave me the confidence I needed to keep going. Soon I was making a few extra grand per month which is what can happen when you take your side-hustle seriously. 

And remember: It’s not just about making a few extra dollars here and there. It’s about creating a solid financial foundation for yourself. You might find the additional income can transform your money management and even your career trajectory.

Supplementary income

Your side hustle can provide a steady stream of extra cash that supplements your main salary. That’s one of the biggest benefits of not quitting your day job. You still have your income from your job so there’s less pressure to start earning money from your side hustle right away. 

Of course, it might take a few weeks (or even a few months) to get to a point where you’re making regular, consistent income from your side hustle. It took me ages because I made a few big mistakes along the way, the biggest of which was inconsistent marketing. If I had the discipline to market and promote my business every day, I could have had a six figure business within 1-2 years.  

Any extra income you bring in can be a game-changer. It helps you reach your financial goals faster. 

For instance, if your full-time job covers your living expenses, your side hustle income could go towards saving for a house, paying off debt, or investing. Personally, I used most of my side hustle income to pay for marketing and business courses to improve my knowledge. But I also used some of it for travel.

Financial security

Having a side hustle can act as a form of long term insurance against financial uncertainty. If you experience a sudden job loss or unexpected expenses, the income from your side hustle can provide a much-needed cushion. This safety net makes you less reliant on a single full-time job and gives you peace of mind.

Remember this if you think you might want to go full time with your side hustle. You’ll need a cushion of 6-12 months of living expenses tucked away before you make the leap. 

2. Skill Development

To successfully launch a side hustle, learning relevant skills is crucial. But this is actually a benefit because these skills will serve you for the rest of your life. Focusing on the development of both new and existing abilities will not only increase your competitiveness but also ensure your services are of high value in the marketplace.

Learning new skills

The specific skills you develop depend on the type of side hustle. So if you’re like me and you want to start freelance writing on the side then you’ll obviously need to learn writing. If you’re drawn to digital marketing, you could start by diving into search engine optimisation (SEO) techniques or social media strategies. 

If you want to start a photography side hustle, understanding different types of equipment and photography software can be your starting point. 

And here’s a tip: Regardless of which side hustle you start (writing, graphic design, photography, etc), you’ll need to get good at marketing. Really good. The reality is that even if you’re average at your craft, you’ll run circles around more qualified people if you’re a great marketer.  

Enhancing existing skills

Improving the skills you already have can set your side gig apart from the competition. This could mean refining your content creation skills or elevating your graphic design portfolio or improving your public speaking skills. 

Also, if you already have skills in a certain area, consider starting a side hustle that leverages these skills. You’ll save time this way, since you won’t have to learn these skills from scratch. For example, if you’ve already driven traffic through SEO for clients as a digital marketing executive for a company or agency, you can leverage these same skills (and portfolio samples) for freelance clients. 

3. Personal Growth

I once heard Ed Gandia, a freelance copywriting coach, say that starting a business is the best personal improvement program on the planet. That’s because you have to level up across the board as a business owner. And that’s true whether it’s a side hustle or your full time gig. 

One of the biggest problems I had at the start was I lacked the discipline needed to get myself out of bed in the morning and put in 1-2 hours on my side hustle before starting work. I had to build the discipline and consistency to get the work done and this has helped me in other areas of my life ever since. 

Increased confidence

Your side hustle could start as a simple pursuit of extra income, but it’s the victories along the way whether they’re small wins like successfully setting a schedule, or larger achievements like reaching your monetary goals that bolster your self-esteem and confidence. 

As you see your efforts bear fruit, you’ll feel more empowered to take on new challenges. Each contract you negotiate, client your land, every project you complete, is one more piece of evidence that you can do this. I’d even argue that the confidence you gain is worth more in the long run than the income you earn. But that’s just me!

Time management

You need to juggle your main job with your side hustle. There’s no way around this. So your time management abilities will be tested. You’ll be working early in the morning, late in the evenings, or even on weekends to fit both in. And this is harder still if you have family commitments. 

Plan, prioritise, and stay motivated. Easier said than done but you’ll need to get comfortable with this. The good news is you’ll get really good at focusing only on tasks that move the needle. You won’t have time to waste on anything else. 

4. Networking Opportunities

Networking opportunities present themselves to you when you start a side hustle. And they can even form the backbone of your marketing efforts. An active professional network can lead to new clients and collaborations that might not have been accessible otherwise. 

Expanding professional network

Platforms like LinkedIn help you access a vast network of professionals. I use LinkedIn as my primary marketing channel because it lets you filter by industry, professional title, and location. It’s also an amazing place to meet potential clients. 

By maintaining an active profile and participating in relevant discussions, you can connect with potential clients and other freelancers who might need your services. And don’t forget about coworking spaces, as they often host networking events. 

These are terrific opportunities to meet people from various industries. For instance, you might connect with someone looking for a freelancer on Upwork who prefers working with someone they’ve met in person.

5. Diversifying Income Streams

Income diversification is akin to a financial safety net. Setting up multiple income streams through a side hustle means you’ve got an extra source of cash aside from your day job.

As marketing legend Dan Kennedy says,

the most dangerous number in business is one”. 

Dan Kennedy

Dan was talking about things like one product, one marketing channel, one traffic source, one client/customer, etc. Because if you only have one client and that client cancels your project then you’re left with nothing. 

But the same concept applies to income streams. If one stream dries up then you’re in trouble. That’s why it pays (literally) to have more than one source of income so you’re protected. By building a mixture of passive and active income streams, you fortify your financial resilience against economic downturns. Incorporating financial planning into your strategy ensures that not only are your income sources varied but also allocated efficiently. 

For example, investing your earnings from gig projects into revenue-generating assets can provide a cushion during leaner times.

The Drawbacks of Starting a Side Hustle

I’d be cheating you if I didn’t balance this article with some drawbacks. Starting a side hustle isn’t all fun and games. So you need to be aware of the costs before jumping in with both feet. While there are several downsides, I’ll focus on the biggest one, which is less free time.   

The definition of a side hustle is a business endeavor you start on the side while working a full time job. And typically your side hustle will require about 10-15 extra hours per week. So that means you’ll have 10-15 fewer hours to devote to family, hobbies, and day-to-day chores. 

Are you ok with this? It’s a serious question. 

You need to be willing to pay this price if you’re looking to start a side hustle. It’s not easy. You’ll have to get up a couple hours earlier in the morning or work a couple hours later in the evening. And probably put some hours in on the weekend too. You’re also spending these extra hours working hard and doing things you might not enjoy (like marketing your new side business). 

Be prepared for this tradeoff. 

The Final Take on Side Hustle Benefits

So there you have it. Starting a side-hustle comes with a ton of terrific benefits. These include:

  • Financial benefits: Extra cash can help with bills, savings, and with diversifying your income.
  • Skills development: You’ll gain new skills that can enhance your main career.
  • Networking: Expand your professional network and potential client base. 

Of course, it’s not all sunshine and roses. You do need to make sacrifices (like working weekends) and put in the work. But I think the benefits outweigh the drawbacks by a lot!

And once you get your side hustle to the point where you’re making as much as (or more than) your main job, you can quit and make your side hustle your full-time thing. But that’s up to you. 

So what are you waiting for?