The days of nine-to-five are over. Now more than ever, professionals are clocking out of their day job and coming home to a second job—also known as a “side hustle”.
You’ve probably noticed Facebook friends selling merchandise or promoting their blogs. The sky is the limit when it comes to side hustles: weekend event planning, freelance writing for your local newspaper, Etsy stores, flipping houses. If you can dream it, you can probably make it your side hustle.
It sounds great, but before you turn your passion into a second job, let’s go over the pros and cons.
Money: This is probably the most obvious reason to take on a side hustle. A little extra money in our bank account sounds great. Think of the possibilities—pay off some debt, take a nice trip, splurge on new clothes, or even add a little cushion to your savings account.
Possibilities: There’s a little entrepreneurial voice in your head telling you this could be the next big thing, and it’s true! Those houses you’re flipping in your spare time have the potential to make you the next Joanna Gaines.
You’re In Charge:During your normal workday, you’re stuck taking orders from your superiors. A side hustle gives you the opportunity to be your own boss. You set your own schedule and workload and answer only to yourself.
Money: What? We just finished telling you how lucrative side hustles are. They do have the possibility to increase your cash flow—if you’re successful. Like they say, sometimes you have to spend money to make money. You’ll need supplies for that Etsy shop. What if it doesn’t take off like you hoped? If your side hustle requires an up-front financial investment, make sure you’re willing to put in the hard work to make your money back.
Your Career: As exciting as your side hustle might be, it’s important not to get so swept up that you forget about your actual career. More than likely, your day job pays the bills and comes with a laundry list of other benefits. If you’re distracted by your side gig, you’re hurting your reputation at work, and your boss will definitely notice. It’s also important to note some companies actually prohibit additional work outside of the office. Make sure you know how to separate the two jobs.
Time: We discuss time management and work-life balance frequently on the blog. No matter what your side gig is, it’s going to encroach on your personal time. You owe it to yourself to truly consider if a side hustle is something you can juggle, or if it’s going to lead to burn out.
If approached correctly, side hustles have the potential to be rewarding and lucrative. Like any job you take, you have to do your research before you accept. If you weigh the pros and cons and are still ready to set up shop, go for it! We’ll be here to help!