In today's economy, one source of income may not be enough. You might be secured with your income now. But who's to say that an emergency might happen or your company might still exist in the future.
Hold your horses though. I'm not saying the future closing down of your company is inevitable. I'm just saying, wouldn't it be nice if you're protected just in case? And to futureproof your finances, why not find the right side hustle for you?
Just listen to Amanda Round the Globe, a digital nomad traveling while working, explain why you need a side hustle:
Believe it or not, there's a lot of side hustles out there. But the reach of technology today does not exempt us from fierce competition. In fact, it's a hyper-competitive environment out there. It is best to stick to an area you excel in.
Take a few minutes to write everything you love doing and everything you are good at. These can be things you are good at in your full-time job or your dormant creative skills from your undergrad. Heck, it may even be something you would like to try and learn about.
After writing this down, narrow the list to the single thing you are willing to put your time in. It may not be necessarily the thing you do best (it would be easier if it is), but choosing ONLY ONE is a must.
Yes, you can do multiple things. But remember, you will be doing this on top of your full-time job.
You will not have all the time to nurture your craft. And in today's world, you can't really be successful with just being good, you have to be great in something for better chances.
So envision your future. Ask yourself, will the things I can learn in this side hustle get me closer to my perceived future self? Is this a stepping-stone to the path I envision myself in? If the answer is yes, go for it.
Choosing also depends on why and when you need the income. If you need the income immediately because of an emergency, then grab a side hustle that can pay you instantly. Or if this is a temporary venture, do not choose something that requires big capital.
Most side hustles, especially those you need to set up first, will take time before getting paid for. But after you've settled your pressing financial need, if you still want, it's time to choose a side hustle that can benefit you more in the long run.
Entrepreneurial people often times overestimate themselves on what they can do at a certain amount of time. (Yes, Entrepreneurial because a side-hustle is pretty much like a business.) In choosing a side hustle, you must gauge the time you should put in it.
Mind you, you are competing with people who might be doing it all their lives. If your chosen field absolutely requires so much time, you can't continue to put in part-time availability in a full-time opportunity. Better look for something else.
Think of how much time you have available. Are there things you can delegate? Can you work around it remotely? Does it require a rigid or a flexible schedule? Can you stick to it while being busy with your other endeavors?
These are some things you have to consider before you finally take the leap of faith. Plan around your schedule before you get played around it.
You are investing your time and effort in building this side hustle. The time you could have used to play with your kids, or relax binging Netflix. At the very least, choose something that has big potential for growth.
Imagine growing your new practice. Does it have the potential to overcome the income you are earing in your current job? Can you scale this even bigger even if you work on it part-time?
We can never tell surely that it will skyrocket up. But knowing that it has the possibility to actually skyrocket might be enough reason to brave the storm and embark on this new journey. Imagine, working with something you're passionate about and earning loads from it, what more can you ask for?
I hope you find what you're looking for! Good luck!