A side hustle also referred to as a side job or side gig is additional employment one takes on over and above their normal 9-5 job. It is usually used as a means of supplementing income when primary income is not enough to cover living expenses or the fulfilment of other financial obligations.
Since the Covid-19 pandemic, lack of job security and the economic downturn as a result, more people are resorting to side-hustles as a back-up plan to make extra income. If you are wondering whether you should be considering one too, here are five tell-tale signs that indicate you are ready for a side-hustle.
Side hustles can offer much needed assistance and financial relief if one’s income is no longer sufficient to cover their basic needs. The extra money earned can be used for things like additional mortgage payment, repayment of student loans and credit card debt, holiday costs, savings and investments, etc. It’s really up to you what you need and will use it for. The extra income can augment your salary and relieve the pressure of relying on just one income.
Through practice and years of experience, most people reach a point where they are so highly skilled and experienced that they can do their job “with their eyes closed” and this could result in boredom as they get to finish their daily tasks and responsibilities faster with minimal to no challenges at all. Although resigning could be an option, provided you have adequate reserves to sustain you for a minimum 6 months, taking a side-gig could be a solution. The side gig could provide that new challenge you are longing for and give you some kind of fulfillment that you could be lacking in your current job role.
If you find yourself being regularly requested by friends, family, colleagues, etc. to help them out with tasks like babysitting, handy man responsibilities, fixing cars, administration, and more; this is a clear indicator that they believe you are very good at that skill. Taking on a side hustle using those special skills could be an avenue for you to make extra income. You could turn this unique skill into a side job or business and offer it, at a premium, outside of your closed network.
In some instances you could have a brilliant business idea that you want to venture into, but you are not sure it will take off. You still need to test the idea further and ascertain that it will work; then doing it as a side gig could be your best bet. You can take your time conceptualising, planning, building systems, marketing, testing and refining your product or service until it becomes a fully fledged business. The risks of going at it in this manor are minimal compared to going "cold turkey" and quitting your job only to find the business, was a once-off need and not as lucrative as you thought.
For some the idea of coming home from work and sitting down to relax is very appealing. However, there are people who feel frustrated and stressed out when they are not busy. If you are one of those, then maybe you could use this down time productively by starting a side-hustle. Even if you take on a hobby during your spare, be on the look-out for how you can turn it into an income generating machine.