Why Having More Than One Side Hustle Puts You In A Better Position
Why having more than one side hustle puts you in a better position. Relying on one source of income in today’s fast changing economy is ideally not the most genius thing to do. No matter how comfortable a job may appear, having something on the side is almost always necessary.
A side hustle is can be defined as a secondary job that brings in extra revenue. The benefits of that are obvious: it’s the extra cash and, by extension, the diversification of your income, as well as the potential to grow to replace your income entirely. More than a part-time job, a side hustle is about creating assets that create an opportunity to earn more passive income and here is a look at some of the benefits;
1.Full ownership and accountability
As a business owner, there’s no one to tell you what to do and no one to blame but yourself. This can be both scary and uncomfortable when you first start out in your side hustle, since you’re so used to having someone telling you what to do however it is hugely motivating and empowering. It will boost your confidence in your own abilities and build resilience because business is about failing and trying again until you succeed.
2. A steeper learning curve
Starting your own business immediately puts you onto a steep learning curve as you try to navigate the complex world of entrepreneurship. This brings you all kinds of new skills and experiences that will challenge you and make you stronger and more capable as a result. There is a huge amount of growth and development that comes from stepping out of the comfort zone of the job description that comes with running your business.
3. Self-awareness and -development
Exploring and working on your own ideas can teach you all sorts of things about yourself. Apart from the hard skills you’ll learn as you run your own business, you’ll also be investing in your own personal development. In a corporate job, it’s easy to rely on the training programmes that are offered by your employer. As a business owner though, you will develop much faster and become far more well-rounded in your softer skills and understanding of your own strengths and weaknesses.
4. A sense of purpose
A common feeling that people get when they’ve been in a role for a long time is that they have lost the meaning of their work. Having a side hustle will re-ignite you with a new sense of purpose and energy as you focus on something you’re really passionate about. When you’re running your own business, you’ll be interacting with clients and customers directly and you have an immediate and tangible impact on everything you handle in the business.
5. Confidence
Starting a business while still in your corporate job helps to assure you of your worth on the one hand, while your regular salary means you won’t be dependent on money coming in through the new business. This gives you the confidence to charge higher prices and a willingness to walk away from a project if necessary. Otherwise, when you have nothing else going on for you, you will find yourself feeling compelled to say ‘yes’ to anything that comes your way.
6. Work-life balance
It may feel like adding more work to your plate will create additional stress and reduce your free time even more, however, it can actually help you achieve that elusive ‘work-life balance’. Now that you have something to ‘get to’ after work, something you are passionate and excited about, you’ll be better able to set boundaries.
