Things to Consider Before Taking On A Side Hustle
More and more people are considering or starting up a side business or hustle along with their standard 9-5 job. You’re considering it too. The technology is available and for the majority of the population already within your possession. You may even decide to use online opportunities and freelance. You may be looking at this as a viable way to increase your income, to allow you to earn from a passion and hobby which you want to convert in the future to full time earnings. Whatever, your reason there are some things to consider before starting this new chapter.
Before setting up a website and selling products or services it is worth checking if there are any requirements or qualifications that you need to obtain before this venture can start.
Time And Energy To Make It Worthwhile
Depending upon the type of side business you’re looking to take on will determine how much time you’ll need to set aside. Something such as blog or being a social media influencer can be more flexible to fit in and around your other engagements, however if you were to become a dog walker for example you will have set time windows that will enable you to make profits and you’ll need to be available round your clients requirements.
Do I Have The Skill
You’ve considered what you want to offer within your side business so now it is worth considering your skill and whether it will translate into a marketable service or product. Remember, just because your close friends and family love your home made items doesn’t necessarily mean people would be willing to pay for the item depending on the quality.
How Much Effort Does It Require
When you’re considering creating more work for yourself remember to make sure it is a commitment you can actually take on. Like, any project, you will only be able to make a success of it by investing time and effort into it. So when you’re considering setting up a side hustle, remember it is one top of a ‘standard job’ and family life, and it is still important to ensure you leave time for yourself to unwind and practice self care for your own health and wellbeing needs.
Does The Earning Potential Make The Effort Worthwhile
If you’re considering setting up this side venture with a financial gain in mind it is worth understanding and considering what earning potential you will receive for the time you need to invest. Remember if the money isn’t justifying the effort you’re putting in, it may be the business needs rethinking or potentially not pursuing at all.
Will you Enjoy Doing It
A side hustle doesn’t necessarily come with set working hours or the perks and benefits of formal employment. So it is worth considering when you are required to do it day in and out whether this will offer you continued enjoyment along with the perk of earning or if it could become stressful and take away from the passion you have now.