3 Factors to Consider When Picking a Side Hustle

Apr 18 2022 Published by admin under Uncategorized

A side hustle is an essential part of building wealth and creating the means to do more with the limited time we have. Many people have never even considered having a source of income outside of their day jobs.

But wouldn’t it be great to rid yourself of the financial pressures you face? Not having to worry about the end of the month and what your bank balance is?

Starting with a side hustle is now easier than ever, but it might be worth considering these 3 factors before you jump straight in.

Time
You need to make sure whatever side hustle you decide to embark upon is suitable for your time commitments. Some side hustles require much more time than others. Blogging for example is extremely time consuming. Although it may be one of the most profitable side gigs it might not be suitable for your lifestyle.

But that doesn’t mean you can’t find a hustle that does suite your needs. There are countless ways to make extra income, you just need to explore your options and pick what you are able to commit to. Here are just some examples of side hustles that do not require a great deal of your precious time:

User testing
eBay Flipping
Rent out Car
Rent out House
Complete tasks on TaskRabbit
Online Surveys
Recommended article: 29 Awesome Side Hustle Ideas To Make Extra Money

Skill
Obviously the more skill a side hustle requires, the more profitable it will likely be. Now, this doesn’t mean you can’t develop and learn the skills needed to do any side hustle you want. It just means it may take more time before you jump in and start making money.

But this is something that you should carefully consider.

Investing in education is the best way to significantly increase your earnings. And this is where many people fall short. You see, it’s so easy to think $500 or $1000 is a massive outlay and not worth it.

But you will be able to develop and learn the skills required to perform a side hustle that could make this initial investment back and more. And that is the key to investing in yourself and your ability to earn more money in the future.

Passion
Do you need to passionate about your side hustle selection?

Well, the truth is, it helps.

And it helps a lot.

There are so many things you could do to earn more money outside of you main source of income. Bu the chances are you have hobbies and interest. And this could actually give you a leg up over the competition.

Take for example a music teacher. They work at a school doing 40 hours a week for standard teachers pay. This is great, but the teacher wants to improve their life and make more money.

Now they could consider starting a blog or running Facebook ads. Both are great side hustles and would do the job perfectly.

But if the music teacher considers their skills then an ideal side hustle is right under their nose. Giving music lessons on the side means they can charge a decent price because they are already qualified and they can get started right away.

This won’t be the case for everyone, and if you don’t have any obvious skills that you can monetise, don’t worry. Remember, skills are transferable and the side hustle options are many.

But having a passion is a great way to start side hustling the right way – and it means you can make even more money.

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