10 reasons you should start your side hustle business
There is an unspoken rule in the world of employment that a 9-to-5 job translates to stability, professional realisation and independence. A quick glance at the multitude of people stuck at a job they took fresh out of college or university just to make ends meet, shows this simply isn’t true. Not to mention the countless jobs that are lost during recessions and in the wake of the changing business landscape of the digital age.
So while having a full-time job is not without its benefits, the future is entrepreneurial. Starting your own business venture is certainly riskier but it also comes with higher payoffs - the freedom to live and work anywhere in the world, a more rewarding career, more free time and greater personal and professional fulfillment.
Becoming an entrepreneur creates an incredible opportunity for people with useful skills to start a business on the side, and eventually grow that into a sustainable self-employed career. And this is just one of the 10 reasons you should start your side hustle business. Let’s look at the rest.
1. Greater flexibility and low barriers of entry
After the onset of the internet, anyone can start a side business. Nearly all businesses have an online component to them these days, so it’s even easier to get started. It’s relatively easy to learn a few skills that are in demand, such as graphic design, copywriting, marketing or social media management, and enjoy the flexibility to work at them for a limited amount of time per week.
2. Financial stability
Achieving financial stability is all about diversifying (and increasing) your revenue channels. A monthly paycheck is fine but it’s not something to rely on in the long-term. A side hustle business can grow to start bringing in good money, so you live more comfortably. You can reinvest some of it back into the business or use it to pursue other ventures, thus creating even more earning opportunities for yourself.
3. More control over your own time
Our 9-5 jobs feel so secure until a situation comes up where working that 9-5 is not the best thing anymore. If you don’t have a side hustle in place, then you can feel stuck in your 9-5 with little options for covering your bills. While being an entrepreneur requires even more time and dedication than a traditional job initially, after a while, you learn to manage your time in a way that gives you more personal freedom to do what you love.
4. Strategic advantage over the labour force
Most people only leave a 9-to-5 job to start another just like it. But that’s highly constructive to their personal and professional growth. When brands start cutting their labour force due to digitalisation and automation, the same people are the first to go. If you have already developed a side hustle business, you are less vulnerable to changes in the corporate work space and better prepared for unexpected turn of events.
5. Developing new skills
The majority of traditional careers and jobs rely on performing repetitive tasks on a daily basis so they can hardly be called ‘creative’. While a lot of people enjoy the predictability of repetition, some people find it mind-numbingly boring and unchallenging. After all, we’re constantly told in biology classes that ‘the brain is a muscle – use it or lose it’ for a reason. Everyone has a creative streak and pursuing yours will bring about a whole other set of benefits, making you more confident in your abilities to create and manage independent projects at your own pace and in your own way.
6. Gaining confidence as a leader
At a traditional job, even in middle or upper management, our role is to follow – be it corporate policies, brand guidelines or supervisor instructions. But there is more to the business world than doing what you’re told. Mastering the art of leading other people and managing and improving work processes is an invaluable skill that will give you considerable advantages both in your personal and professional life.
7. Realising your dreams and leaving a legacy
When you build your dream business it can carry on to feed your kids and their kids. What starts as a quest for more freedom and pursuit of your goals can end as something that’s in your family for generations. The strongest brands in the world are companies that have been passed down through the generations and continue to impact lives.
8. Location independence
In an increasingly globalised and digital world, staying put is no longer a necessity. The beauty of starting a side hustle business is the ability to create something that supports you no matter where you are in the world. There are more than 2.5 billion people online every day and vast underdeveloped markets around the world, which means you could have an unlimited customer base and build a location-independent, online business.
9. More personal freedom
The sad reality is that most people work because they have to. But most entrepreneurs work because they want to. Do you see the difference? It’s one thing to know your very survival depends on spending 40+ hours a week at a job you hate for a company you dislike. It’s a whole other story to pursue your dreams and realise them only to sit back and reap the fruits of your hard work while you’re free to enjoy your hobbies.
10. Bringing a change for others but yourself
Entrepreneurs not only work towards changing their life but are also keen on bringing a change in the world around them. More of the startups in the recent past have contributed towards social causes with their products, services and businesses models than all corporate sponsorships and charities combined. It is only when you get out of the rat race that you are able to take a good look around and truly appreciate what others need and can benefit from. Whether developing useful products or donating a part of profits to charity as an entrepreneur you can make significant impact.
There you have it, 10 reasons you should start your side hustle business and become an entrepreneur. The very thought of jumping into the unknown may sound intimidating and energising at the same time. But remember that no great reward comes without taking risks. In today’s economy, starting your own side business is easier than you think. And in this competitive space, there is no shortage of opportunities as long as you learn how to navigate it.
Yes, it will take some effort, time, and a lot of resources to create a successful and thriving side hustle business. But if you research, work, and execute to a T you have a good chance of achieving the freedom and the social status that you’re been searching for.