Side hustles are becoming more and more popular. But is it worth having one in 2023? Check out the pros and cons of having a side hustle here!
Is it worth having a side hustle in 2023?
In 2023, more and more people are turning to side hustles as a way to earn extra income or pursue their passions on the side.
While there can be many benefits to having a side hustle, it is important to carefully consider whether or not it is worth your time and energy.
If you are wondering ‘if is it worth having a side hustle’, then know that it is only if it aligns with your long-term goals and can replace your full-time job in some time, say a year.
However, to meet that goal, you have to consider a few factors first!
Factors that decide if a side hustle is worth it (So that your side hustle doesn't become a dead-end)
Here are a few questions you must ask yourself when figuring out, “is it good to have a side hustle?”
1. Does it interest you?
Finding the perfect side gig is like solving a puzzle — connecting pieces of hobbies, interests, and tasks. When it fits together just right, you'll be jumping with joy (and cash)!
Think about it like this: you wouldn't pick up a hobby that is not interesting - so why do the same with side hustles?
Take some time to think – what tasks give you joy or feed into something already enjoyable in life?
After all, if working on it is going to take precious hours away from other pursuits, it better be good!
2. What are the upfront costs?
If you're looking to make some extra cash, be sure to scope out the up-front costs of a side hustle.
Sure, there are plenty of opportunities that won't require any dough upfront.
But don’t forget – it could end up costing more than what you initially bargained for!
It's important to check how much you'll have to part with before getting started.
Consider if this is really an investment worth making; especially if you are dealing with precarious financial circumstances.
After all, if your wallet is already feeling the pinch there might be better options available that won't leave it even more dented.
3. Do you have the right skills for a side hustle?
When looking for a side hustle, consider what you bring to the table - both personally and professionally
No two opportunities are exactly alike, and each will require different skills.
Do some soul searching to determine which of your existing strengths can be used in new ways; by doing so, you might just discover the perfect extra-curricular activity or gig is just around the corner.
Once that's accomplished, it's time for a side hustle adventure! A combination of your talent along with your efforts can multiply your income in no time at all.
The best part? You may even come out with new skill sets — if you're willing to put in the needed elbow grease!
4. What is the potential income?
Side gigs can be a great way to make some extra cash, but not all are equal when it comes to money-making potential.
Before launching off into any money-making opportunity, have an honest conversation with yourself about what kind of income expectations you have; there's no point starting something that won't even help out!
That way, you won't feel shortchanged at the end.
Plus, certain career paths may take longer before they really get rolling.
So, know ahead, consider all your options, and plan accordingly.
5. How much time and effort do you put in?
Earning extra income can be an exciting opportunity, but don't compromise your mental and physical health or your relationships to make it happen.
Before you sign up for anything, give some serious thought to how it would fit into your current lifestyle.
Consider the time commitment required in light of your other work and life obligations.
If you’re looking to make a side hustle work for you, the key is finding an income stream that separates your time from money. Forget about slogging away with online surveys or manual labor gigs - those will only get you so far!
Stretching outside the 9-5 routine to take your income from "a few dollars an hour" all the way up to seven figures (yes, really!), will require you to find the right business model and do some careful planning.
Take your time deciding what type of opportunity will be just right - because when it comes to finding an extra job, one size doesn't fit all!
If you are not sure if your chosen side business will make enough money, have a look at our list of top side hustles that pay well for better insight.
Side hustle - pros and cons
Now that you know about all the things you need to consider before concluding “are side hustles worth it?" have a look at the side hustle benefits and disadvantages for a better understanding.
Benefits of having a side hustle
1. Enhancing your income
If your main job isn't propelling you towards that big goal of owning a house, why not put some extra oomph into it by starting a side hustle?
Supplementing your income with an extra gig can provide the financial security you need to make sure those unexpected expenses won't leave you in the red.
With careful planning and some foresight – think of it as investing in yourself - that side hustle could prove invaluable when times get tough.
It's an awesome way to give yourself those much-needed funds for things like the car of your dreams, the wedding of your dreams, or even to save up for emergency cash crunches - without having to do boring overtime shifts.
2. Discovering a new interest
A side hustle that was expected to pay for a down payment on your dream home might end up giving you something even better - the opportunity to discover a new passion.
Take online weekend math tutoring with middle school kids, for instance – it could reveal an aptitude and enthusiasm so great as to warrant going back in pursuit of teaching certification!
And don’t forget about other options like personal finance writing or coaching: they may offer more than just making bank; they come with the potential bonus prize of finding joy too.
You never know - picking up extra work can sometimes lead to uncovering hidden talents which have been tucked away all along; so don't count them out as mundane jobs with no future potential - they might be much more exciting than initially thought!
Love your day job but crave a bit more control over how you use your time?
One of the greatest benefits of having a side hustle is having some autonomy.
Whether it's early mornings, late nights, or days off from work, when life gets busy you can easily adjust the number of hours devoted to getting that extra income stream flowing.
Just remember: some gigs will give you greater flexibility than others so choose wisely based on what works for your lifestyle!
Some side hustles, like teaching online, are also location-independent and remove the constraint of reporting to a particular place every day. You can literally create courses or stream your classes from any corner of the world.
And if all goes well with managing everything else in life, then why not take advantage by squeezing out every ounce of spare time and really growing that special passion project into something amazing?
4. Expanding your professional network
One of the advantages of engaging yourself in a side hustle is gaining exposure to people in your professional circle who you wouldn’t otherwise be acquainted with.
By forging new professional relationships and expanding your circle of like-minded peers, there's no telling how much inspiration or insight this newfound connection will bring.
It will not only give you the much-needed encouragement for your passion project but may even help you find an unexpected boost from them at work, or even more work opportunities too!
5. Exploring your creativity
Everyone has unique creative potential, so why not challenge yourself to use it?
If you find yourself stuck in the same old routine, a side hustle might be something you can give a try.
After all, when stuck in life’s daily routine things often seem flat; the best way out is to simply start something new – an interesting project that forces your brain power into overdrive.
So try different tasks - explore opportunities beyond what's comfortable or usual.
You never know what possibilities might be revealed through tackling the various challenges that come with any job or project.
It doesn't matter how small; even if all you can manage is an occasional odd job in your spare time, choose one that will allow some of your creativity free reign so you reap the emotional rewards for your efforts—this could lead to bigger things.
6. Growing your skills
When it comes to side hustles, money is not the only thing you can gain!
Consider investing in yourself with a second gig that adds something valuable to your resume and skill set.
You can step into a new industry or try something outside of your comfort zone! Or you can enhance your skills in your current industry as well with new opportunities and better exposure.
Your side hustle is your chance - to grow those skills, find and work with clients, and keep yourself on schedule -.it all makes you more marketable in any field.
Plus, learning these valuable lessons can help in other parts of life too. That way, you'll be more primed for career advancement - whether that's pivoting into another profession or landing an even higher-paying job within yours!
7. Building your confidence
Taking control of decisions and embarking on a highly demanding job journey will boost confidence, bringing with it endless benefits like -
- being able to persist after failure
- sharing ideas without fear or hesitation
- making firm choices in difficult situations
- and much more.
Building success (even if slowly seasoned) as an entrepreneur enables you to enjoy its rewards both professionally and mentally.
8. Escaping a bad 9-5 job you're stuck at
Don't stifle your professional dreams!
If you're stuck in a job that's leaving you feeling down, it might be time to launch your own side hustle.
With the extra money supplementing any income gaps and providing additional financial stability while searching for something new, embracing this second gig could open up opportunities and help secure full-time employment where joy is actually on the menu!
Disadvantages of having a side hustle
1. Eats into your leisure time
Sure, side gigs can be incredibly rewarding but never underestimate how much time and energy you'll need to invest in order for them to take off.
The grind of side gigs can be quite the time-sink—especially if you're growing a business from scratch.
To make it, you have to log several more hours each week than your 9-to-5 – and that's often just for starters!
2. Distraction at your full-time job
Balancing a side hustle with your day job can be tricky - after all, you don't want one to compromise the other.
But with careful planning and consideration of time management skills, you won't have to worry about risking it all in an attempt to do both!
Try not to forget that while late nights may seem necessary for success, they won’t do any good if you show up to 9-5 tired and ineffective.
Balance the two carefully - burnout isn't pretty!
3. Increasing stress
Taking on an extra job can be a great way to diversify your income and boost your bank account. But don't just throw yourself in without thinking!
You'll want to make sure that it won’t put too much strain on you, as if piling another stress ball onto life's already packed tower of them isn't enough.
Research is key here—make sure picking up a part-time gig will really benefit you before jumping into what could end up being more hassle than help!
4. The initial investment might be hefty
If you're planning to start a side hustle, do your due diligence – there's an investment involved in some of them. I have already discussed that you must assess the costs involved in starting a side hustle - especially if it is a business of your own.
Say you want to sell homemade jewelry - that could require $300 for supplies and setting up an online presence.
While the potential profits are attractive, so is the risk; it might take weeks before you get your money back (or not at all!).
So, before deciding where and how much to invest, consider all the consequences!
When is a side hustle not worth it?
So, now you are aware of what makes side hustles worth it, and the pros and cons of having a side gig.
But, when is a side hustle NOT worth it?
The answer to this question is not always black and white.
But, just like in case of deciding if you should stick with a side hustle, ask yourself these
questions to assess when to flunk it -
- Is it actually making you happy or miserable?
- Do you see the side hustle becoming the main hustle at some point?
- Does it align with your career goals?
- Does it solve the problem of the people you are serving?
These are some factors you should also consider, not just the dollars when deciding if a side hustle is worth it.
Of course, you won’t know the answers to these questions unless you try your hand at them.
The key here is to start small and be patient.
If it doesn’t work out, know when to pivot! And if it does, consider turning it into a full-time business. While doing so, examine all angles, and when ready - get out there for an adventure-filled ride where financial security awaits at the finish line.
If you are looking to start a side hustle, FreshLearn can help you start for free. 3000+ creators have already earned more than $20 million. You can too.