Is a side hustle right for you?

You most likely know people who have side hustles, which are ways they earn income outside of their regular jobs. Side hustles, which come in many shapes and sizes, can suit your interests and talents. A side hustle can be something like a part-time job, a business you own and operate, or freelance work that you do. Some people are content to work a side hustle and keep it on the side, but others want to turn it into their main source of income. While a side hustle may be appealing, is it right for you? Let’s review some pros and cons to help you decide.

We will first examine the potential pros.

Number one is the ability to make more money. A side hustle is what can turn a hobby or interest into a job. Some people make considerable income with a side hustle, but still stick with their regular jobs as well based on the benefits of financial security, insurance coverage, or other factors related to overall compensation. The extra income you generate can be used to pay down debt, boost savings, or allow you to indulge in items that suit your lifestyle.

Next, a side hustle can be more flexible than a regular job. You can reap the rewards while you work a schedule that suits your unique needs. You may be able to engage in your side hustle at night after work, early in the morning, or at times in-between your other responsibilities. You can also adjust the number of hours you’re working based on your needs. The flexibility that some side hustles offer make them a great option for many people.

Also, a side hustle can allow you to engage in passions or interests that you can’t explore in your regular job. One classic example is a person that’s an accountant by day and a jazz musician at night. It’s common to integrate passions and interests into 9-5 job, but many people choose to keep them separate. Sometimes those interests can be monetized and turned into a side hustle.

Lastly on the pro side, a side hustle can help you develop new skills and interests. As you gain experience and confidence, you will reap many benefits and find that you may have sparked new inspiration for yourself. This can lead to expanded work in novel areas and additional sources of inspiration.

Now, let’s consider some of the potential cons.

First of all, taking on a side hustle will increase your responsibilities and that can lead to stress and/or anxiety. Most people these days are already balancing multiple demands and before you start a side hustle, it’s important to determine if the benefits gained from the experience will outweigh the disadvantages.

Next, you should determine if your side hustle will allow you to actually realize income. Examine the costs associated with your side hustle and the potential income that can be generated. In some cases, you’ll need to have your side hustle up and running for a while before you start making money. In other cases, you may find the amount of money you are generating isn’t worth the time and effort that you are dedicating to your side hustle. If you will be selling a product or service, do you have potential customers? Before you commit, do your research to ensure that your side hustle won’t actually cost you money as opposed to making it.

Lastly, calculate the time you’ll need to invest into your side hustle. Consider the time you’ll need to start your hustle and then maintain it. Many people either over- or under-estimate the time needed to operate a side hustle, which then leads to challenges. Do your research ahead of time to understand as much as you can about your side hustle and the time that you’ll need to dedicate to it in order to succeed.

A side hustle can be personally and professionally rewarding, plus it can lead to new opportunities for you. Do you have a great idea for a side hustle? Hopefully these pros and cons will help you examine your idea critically to determine if it will work for you!