4 minutes read

Often people say “The best way to eventually become your own boss is to start a side hustle“. Starting a side hustle is more than becoming a boss. Having a side hustle pads your income and helps you build wealth. Depending on your unique skills, you can start a side hustle to turn your passion into a venture. However, building a side business outside your full-time job is not easy. Most entrepreneurs put in extra hours to build successful businesses and it takes consistency and discipline to break even. 

This article will help you discover how you can leverage your side hustle to build wealth and become more fulfilled, by focusing on the following:

  • What is a Side Hustle?
  • What Side-hustle should I start?
  • What questions should I ask myself before starting a Side-hustle?
  • Top Side-hustles in 2022

What is a Side Hustle?

As its name implies, a side hustle is a mini-venture that enables employees to make money outside their full-time jobs. People love freedom and won’t give up their passion easily. Having side businesses help people keep up the hope of living their dreams while with an employer. Money is a powerful incentive for starting a side business. In many cases, aspiring business owners start a project as a stepping stone toward financial freedom. Nonetheless, people start a side hustle to follow their passion. For instance, a banker that loves to write poems might decide to launch a writing career on the side and get paid. A side hustle can give you the financial flexibility needed to pursue your dreams of traveling the world and starting a non-profit. 

What Side Hustle should I start?

You don’t have to quit your job to start a side hustle. In many cases, the early stage of starting a business involves experiments and scrappy processes. Also, lack of resources might be a stumbling block. However, it is advisable to be consistent in your efforts. You can start by selling a product or offering a service to people closer to you. Side hustles enable you to test and learn what works without hurting your pockets too much. Apart from making money, it would be best to pick a side hustle that offers you innovative independence. A good side hustle could be a profitable way to turn your passion into your career. 

What questions should I ask myself before starting a Side-hustle?

Side hustles are a great way to become a better professional and earn extra income. If your side hustle doesn’t fit your current lifestyle, you might start to see it as extra work, hence paying little attention to it. For this reason, it would be best if you consider your current schedule when picking a side hustle. Here are a few questions to consider:

1. Does the idea fit your current schedule?

If you’re starting a side hustle while working a regular job, devote 100 percent of your attention to that employment. A side hustle will bring in cash, but you’ll still need your day job check to pay the expenses. It’s a recipe for disaster to try to combine your day job and side hustle within your 9 to 5 hours. Your current job might be a dealbreaker for taking up a side hustle. Making time to work on other endeavors aside from your full-time job might be stressful. For instance, a full-time content writer can be a freelance writer on the side.

2. Does the idea align with your passions and interests?

You need to love what you are doing as a side hustle to be successful for you. If you have a day job, this job will be done on your own time and outside of office hours; therefore, it will take a lot of energy and determination to make it stick. Only anything you are genuinely enthusiastic about may motivate you to such an extent. To find the most significant side hustles to start or see if you can turn a pastime into a business, brainstorm side hustle ideas based on your interests and talents. Side hustles are expected to be borne out of your passion. A natural storyteller will not find it challenging to write on a freelance basis despite having a full-time banking job.

3. Is the idea financially viable?

Side hustles shouldn’t be too expensive, but they may require some upfront expenditure for hosting branding and tools. To get your first sale, you can decide to use social media marketing. Whatever your growth and expansion plan is for your side hustle, you need to be aware of your spending before it happens. Plan your spending correctly, and track your progress to see if you should keep going.

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Top Side Hustles in 2022

According to Shopify, here are some of the top-paying side hustles in 2022.

  • Start a blog/ YouTube channel/podcast
  • Sell digital products
  • Become a brand influencer
  • Be a beta tester for apps and websites
  • Create and sell your own handmade goods
  • Start a dropshipping business
  • Become a cab-hailing service driver
  • Teach an online course
  • Manage social media accounts
  • Sell photography
  • Become a freelance writer
  • Create your own designs for a print-on-demand business
  • Become an affiliate marketer
  • Make an NFT

Bottomline

If you are planning to start a side hustle, you need to be certain that your chosen business is able to increase your earnings or enable you to grow as an individual. Success stories of most entrepreneurs show that there’s more to starting a business. Being focused and consistent will help you reach your goals faster. Also, it would be best if you spend ample time researching the industry you are interested in. 

Leveraging a side hustle is one of the many ways to achieve your financial goals in the long run. Passfolio offers you a chance to align your financial goals without much hassle through its Robo Advisor – Smart Portfolio. Smart Portfolio recommends an investment portfolio and manages it for you using our advanced algorithm. 

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