If you weren’t already strapped for cash, the recent pandemic has likely put a strain on your finances. Job security is at an all-time low as businesses have had to reduce hours, lay off, and even fire employees to remain afloat. Not to mention, personal schedules have changed dramatically to accommodate remote work and distance learning making it nearly impossible to seek a full or part-time position. As paying the bills and providing for the family is a priority, many turn to side hustles during these trying times.
What is a Side Hustle?
A side hustle is a job that you complete in addition to your main full or part-time work. Generally speaking, it is freelance or project-based assignments that you do for additional income. During these uncertain times, it’s the perfect way to ensure that you have the funds you need to sustain a living.
Things to Consider
There are plenty of side hustle opportunities available to meet your financial and personal needs. Selecting the best option, however, will require you to consider a few things. Continue reading to learn more.
- Passions and Skills – The idea of a side hustle is for it to be something that you enjoy or are skilled in, so it doesn’t feel like a chore. As you review the many side hustle opportunities, you’ll want to look for things that interest you. For example, if you love pets, you might consider working as a dog walker, pet sitter, or groomer. If you’re great with technology, you might want to consider starting a blog, developing websites, or managing social media for small businesses.
- Earnings Potential – There may be many side business ideas you could try, but not all will help you reach your financial goals. That’s why it’s essential to consider the earnings potential. Consider factors like the demand for your products or services in the area and your hourly or project-based price minus company expenses. If there’s a high demand for your services, overhead costs are low, and your rates are competitively priced, chances are you can make a significant amount of money.
- Availability – If you’re home all day watching the kids, or working a 9 to 5, some side hustles will collide with your schedule. Therefore, you want to look at opportunities that are most convenient for you and your family. If you were thinking of babysitting, for instance, opting to watch children in the evenings, weekends, or holidays allows you to handle your responsibilities at home while bringing in some extra cash.
- Expenses – No matter what kind of side hustle you plan on starting, you’re going to have some costs. So, before making a decision, assess and calculate operational and startup costs for your side hustle. Let’s say you were going to join a rideshare service provider. You’d need a reliable car, adequate insurance, and a full tank of gas. Fortunately, there are efficient funding solutions like installment loans that you can use to cover the expenses.
- Setup and Marketing – the final consideration when deciding on a side hustle is setting up shop and marketing to your target audience. If you’ve chosen an avenue like ridesharing or delivery services, these things are taken care of for you. However, others will need to do things like setting up a home office, design a website, create social media pages, and implement marketing campaigns to attract potential clients. Though it can take some time to gain momentum, remaining diligent and providing outstanding service are critical to success.
Current times have, without a doubt, made things harder for the average household. Keeping up with bills with limited budgets and limited job opportunities is nothing short of challenging. Fortunately, there is an effective solution. By starting a side hustle, you can increase your earnings, reduce your frustrations, and weather the storm. As you decide on which side hustle is best for you, be sure to keep the considerations listed above in mind.