What to consider before starting a side hustle

Without good planning, your side hustle can become a pain. Here are 5 things to consider before starting a side hustle

Side hustle Work from home
  • In this short 6 minutes read article:
  • 5 important things to consider
  • Easy available opportunities

6 Ways a side hustle can change your life

The truth is, even an extra $600 a month can make a positive impact on your life. You can build a meaningful side hustle that you will be proud of, keep you motivated to achieve more, all while keeping your main job. Here are the positive ways a side hustle can change your life.

  • Reduce and even pay off debt.
  • Cover shortfalls in your monthly expenses. This is great because you do not accumulate more debt just to live.
  • Start a savings account build up. This is a great way to build up an emergency fund for those huge unexpected emergencies.
  • Make the side hustle your full-time work and fire your boss instead. It could even lead to big thriving business in the near future.
  • If you have children, you could become a stay at home parent. Have more time to raise your kids and pay no childcare expenses.
  • Learn new skills that you can monetize even more

 

Like everything else, you will need to commit to the new venture. Failure and setbacks will happen, this is just part of the process. Just get started after you find a gig and stay committed and avoid the many scams out there.

 

5 Things to consider before starting a side hustle

 
What is your goal?
 
Your goal may be money, but that may not be the only goal. You may have an eventual goal of starting your own company and create wealth and employment for yourself and others. It could be you need a down payment for a house, pay off debt, or build up an emergency fund. Chooses a specific goal and visualize the end goal and how much that will change your life for the better.
 

Do good research.

There are very many opportunities out there. Some require a lot of time to learn, and some may need start up money. Research all the requirements to determine if you can meet the requirements and commitment needed. Get in touch with the companies and assess their credibility. Read reviews, try and get in touch with people already in the business. Approach them and tell them you are considering joining them. Look for a mentor in the industry. Most people are receptive to being a mentor. 

 

Set your earnings goal

Your earnings goal may depend on your set overall goal. Pay off $5000 in credit card debt. Can the side hustle earn you $200, $500, or $150 per week? How much will this be in a month, in six months or a year? With a set goal in mind, you will reverse engineer your efforts and know how much work you need to put in. Essentially starting with the goal in mind. This is how to achieve a goal when you start with the end in mind.

 

How much time will the side gig take?

Do you have enough time? If the side gig needs four hours every day, how will you find the time while still having time for your other responsibilities? Side gigs may need 15-20 hours per week. All these hours may not just going mundane work but may require a lot of thinking and problem-solving. Calculate how much time you spend at your full time job, with family and other commitments, and determine how much time you have left. Then be strategic and use the time wisely. 

 

Stick to one thing and commit to it.

No jumping around from one thing to another. You become a master of none. In the beginning, you may need to try out different things. You will then determine which one works for you and your personality. Which one has the tasks and skills that you already know? You may need to learn new skills along the way and only sticking to one thing will help you master the skills needed.  

Remain committed

This is true for everything worth doing. It is almost definite you will face challenges and roadblocks. Stay committed to plow right through them. See available opportunities here from responsive offers.