Not all small businesses are full-time gigs, and that’s okay! In fact, 69 percent of entrepreneurs in the United States started their businesses at home. It doesn’t matter if your long term goal is financial independence or if you never want to quit your day job, having a side hustle is a great way to dip your toe into small business ownership, explore things you’re passionate about, and earn some extra cash while doing so.
First things first, what is a side hustle? A side hustle is a job that allows you to make money in addition to a primary income. In most cases, a side hustle is considered a job in which you aren’t reliant on another company. In other words, it’s your own small business.
Before you start a side hustle, make sure that it will not be an issue with your current job. At the end of the day, that nine to five is still your primary income and you don’t want to jeopardize that. Always check that you won’t be breaking any rules or contracts with your current employer. Some companies ask you to disclose any additional employment. Once you’re in the clear, you can get going!
Even the best day job may not give you a chance to pursue all of your passions, so why not give yourself a reason to do exactly that? Maybe you’re an accountant who loves to take photos in your spare time. Why not set yourself up with a photography page and start booking evening and weekend sessions or selling your landscape prints online? You’ll get to practice something you love, get experience, and make some money at the same time. Best of all? You get to decide how much time and energy you devote to your business. If you only want to accept clients on Saturday mornings, you can make that call. Having a side hustle won’t overrun you unless you let it.
Money is a top reason for stress and anxiety in the U.S. and a side hustle can be a great way to alleviate some of that stress. While your primary income is most likely going towards things you have to pay for, the cash you earn from your side hustle can be used towards things you want to pay for. Use it to pay down credit card debt faster, start a college fund, take your spouse out to a fancy restaurant, or save up for a family vacation. The sky’s the limit!
Perhaps you want to be a full-time business owner. There’s nothing wrong with starting part time and working your way up to where you want to be. One of the biggest risks involved in starting your own business is the financial transition from a steady paycheck to working for yourself. But if your small business is already thriving and bringing in money, the transition can be that much smoother.
So, what’s stopping you from building that app, or starting your own custom jewelry line? You’ll never know until you try, and either way, you still have your day job!