Why you should start a side hustle.jpg

Why You Should Start A Side Hustle

Publish Date: 18 Oct 2019

Over 44 million Americans have supplemented their income by creating what is now widely known as a ‘Side Hustle’.

Making ends meet is the major motivation for anyone who is considering creating a side hustle, it may be the reason why you want to start your own. However, side jobs aren’t just for covering expenses, there are several reasons for building more income streams. Maybe you want to save more for retirement, have some more disposable income for the weekend, or you might just want to challenge yourself to learn a new skill. Your primary income may be enough for you to live comfortably, but investing a little bit of time in your small business can not only be very rewarding financially, but mentally as well.

5 Free Side Businesses You Can Start From Home

  1. Graphic Designer

Graphic designers can earn up to $50 an hour if they are creative and well versed in the right software so it might take some time to learn the different techniques. Lucky for you software like Canva, Snappa, and some photo shop tools are free. It may take a while to get your first client, and it may seem like a lot of social media marketing but it’s worth it. My advice would be to post on Facebook/Twitter etc saying:

“I’m just starting my own business as a graphic designer, I’m looking for business clients to hire me for design , you will only pay for what you are happy with. Contact me at Business@Minded.com for more information”

You’ll get clients in no time, and with them you can start to scale the business with a social media page where you will start building reviews to boost your credibility.

  1. Start a Blog

Blogs like this one on Business Minded can bring 1000s of people to my site a month if done correctly. Sites like blogger offer a free blog and domain host, WordPress is another great web design tool but it is quite advanced and would require extensive education into how the interface is used. If you have a niche you are confident and interested in you can create posts about it and get traffic, this traffic can be turned into income by affiliate links and ad revenue from agencies such as Google Adsense.

Building a blog takes time and effort, you need to write until you are red in the face, but once everything is set up the income is relatively passive, you will have to update links and blog posts every now and then but you should see a healthy amount of traffic on your site if you take the time to set it up correctly. For the best web hosting for blogging beginners check out WPX Hosting!

  1. Amazon FBA

Amazon is the best website to sell anything, all you need is a product. You can make one yourself if you have a talent for invention, or you can outsource to others on sites like Alibaba where you can find wholesale products that are sent on order from Amazon. Over 20 million users log in to Amazon every month, if you could attract 1% of them to your product, and 1% of them actually bought from you, that would be 2000 sales per month. Don’t get me wrong, it is hard to attract customers without some form of advertising, that’s why you utilise social media to get the word out.

  1. Write E-Books

This is very much like blogging but once you create the E-Book and upload it to Amazon, they do all the work and you just have to watch the sales roll in. The myth that you have to be an Uber creative passionate mind to write books is over, in Amazon's top 100 best sellers list for 2018, more than half were nonfiction self-help books. So if you have knowledge that might help someone else, write about it and people will buy.

  1. Create Smartphone Apps

It is free to create and sell an app on the market, all you need is an idea and some know how to get it going. There are endless courses and YouTube videos that offer free training on app building, this is where most of your time will be spent.

This idea is not for everyone as it is mostly spent learning and failing. Not every idea is going to get picked up, but that one that does can become massive as there are more people with smartphones than jobs.

There are literally 100s of different ideas for side hustles, these are just some you might not have thought of. Most will take time to develop into reliable income streams but don’t give up. There is no better feeling than making that first $4 sale on Amazon, getting your first client, or even just filling your spare time doing something productive where you will learn new skills.

Multiple Income Sources Create Freedom

No one has to tell you that money makes life easier, well here I go. More money makes life a lot easier. Having multiple sources of income makes you free to take risks, you can quit the job you don’t like, you can start investing in stocks, you can take more time off to spend with family.

The main thing I found was easier, was actually making more money. Once I created my own business, and the blog you’re reading to go along with it, I was making more money than I needed. So I put it to work. Investing in dividend paying stocks, hired people to run my business so I could build another. After I repeated all of these steps I am now only writing when I want, working when I want, and I go on holiday when I want. Once you make enough money that you can start reinvesting in yourself, that is when your earnings become passive, your business can be run by employees so profit is still being made, your website ads can be edited by a freelancer so constant traffic from Google still makes you money, and your investments can pay you money without you working though dividend and interest.

Build Wealth With The Extra Cash

As I mentioned in the previous point, you can make more money once you have multiple sources of income.

Extra cash is good for a weekend or a holiday but I want you to think further into the future, think about your children, grandchildren, even great grandchildren. These people are why we build wealth. Let's think hypothetically for a second. You have a day job that gives you enough money to live and you can afford to go out on the weekend, you then create a secondary income form your side hustle, all of this money is disposable income, you use it to pay off debt and treat yourself occasionally. A year or two down the line and your side hustle generates more income than your day job so you have 2 choices…

Quit your day job and live off your side hustle? Or reinvest your earnings from your side hustle into another income generating format?

There is no wrong answer both are smart, you are either focusing on making the most money from 1 business and living comfortably, or you are taking small risks to improve your income overtime while sticking to your day job. Just make sure you realise the danger of both decisions. One leaves you with 1 source of income and the other risks a portion of your earnings that you may not get back.

The best way to come to a decision is by asking yourself, do you want to work until you're 30 or 70? If you take save your earnings now and invest in your future by building more passive income sources like dividend paying stocks, drop shipping sites, or blogging sites you will constantly be making money as long as these are looked after, which you can hire someone to do.

Our Favourite Investing Platform:

 Webull Logo

To get a head start you need to check out Webull. Once you sign up for Webull, deposit $100 into your trading account and you will become eligible for a free stock worth up to $500. Then you can start generating dividend immediately. Just follow This Link!

Warren Buffett, who is currently the 3rd richest man in the world stated:

“If you don’t find a way to make money while you sleep, you will work until you die”

If you need some extra tips on how to budget and save your money go here: How to create a monthly budget and stick to it!

 

Ditch Your Job For Something You Love

The most important thing in life is that you do what you love. Starting a business is not for everyone, but I don’t want people to be discouraged by the hard truth that it is hard work. Along with the fact that nothing is guaranteed that last emotion anyone wants to feel is regret, so if you think you boss needs a kick up the a** or you need to spend more time at home and less at the office a side hustle might be just what you need. The main thing that you have to tell yourself is never to give up.

I started Business Minded when I was 19 years old, I am now 22 and I love what I am doing, my days are full of problems I can solve and there is always an opportunity to learn. The added bonus is that I can go on holiday whenever I want and I am already secure for my future.

Making The Time To Hustle

For most people the hardest thing when trying to build a business is the time constraint, there are only 24 hours in the day, let’s break them down:

  • 7 hours sleep
  • 8 hours at the day job
  • 1 or 2 hours travel (we’ll say 2)
  • Family people will have 2 hours with the kids

That’s 5 hours left in the day to do whatever you want. I’ll guess at the minute it’s Netflix and Facebook. Even if you spent 1 hour a day developing the business you wanted to build, imagine how far you would get after 1 year. That’s 365 hours!

You need to realise how valuable your time is and start charging yourself the hourly rate. The more you hustle, the more money you’ll make.

Check out our Resources Page for the best tools to build your side hustle!

Also if you want to learn more about making money take a look at these other articles:

 

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