These days it seems like every person and their animal is working on a side hustle. Some are successful, some aren’t – but what exactly is a side hustle? Well, it’s just an additional income stream that complements your full-time day job or isn’t necessarily related to it at all. These extra funds can help pay off debt quicker or save up for vacation faster.
Here’s why you should start your own side hustle.
1. You’ll gain more experience and skills
If your passion is photographing classic cars, but you’re tied down to that office job (because, well, the mortgage!) starting a side hustle in photography can give you the opportunity to really build on your skill set and pick up new tricks. It will also help you stay connected with other photographers, grow networks, and take on projects that you might not have been able to do otherwise due to a lack of contacts or funds.
2. You can make extra money to pay off debt, save for a rainy day, or travel the world
Some of the most successful sellers on the freelancing platform, Fiverr, began their side hustles as a way to simply get some extra income. Now, they’ve been able to replace their day jobs and earn a six-figure income from what was once a part-time job. However, before you can run, you need to learn how to walk. If you want to give freelance writing a go, begin by doing some small projects to gain experience. Once you feel confident that you can deliver quality work, then you can start to really ramp up your service offerings. It won’t be long before you are stashing away extra cash to use for your next dream holiday, home reno project, or to pay down debt.
3. Your side hustle can help you transition into a different career path
For example, if you want to change from nursing to IT, but you’re not quite confident enough in your coding skills to make that leap yet, then think about starting a side hustle where you can teach yourself these new skills and begin building up experience in the field. Once you’ve proven to yourself that you can do it, and have a solid base of knowledge and experience under your belt, then you can begin applying for jobs in the IT industry that might be twice as much money as what you’re currently earning now.
4. It’s a great way to meet new people and network
In order for you to be successful in your side hustle, you need to line up work. This means that you’ll have to connect with new people and build networks from the ground-up. It also means that you may need to put yourself out there, attend events in your local community and beyond, taken an online course, or even make cold calls – all activities that can help boost your confidence and provide you with the opportunity to meet new people and make connections that could benefit your career later on down the road.
5. Starting a side hustle is simply good fun!
If you’re like most people, the phrase “side hustle” conjures up images of long hours spent working on some unglamorous task for little pay. But it doesn’t have to be that way! In fact, starting a side hustle can be a great way to make some extra money while also having a lot of fun. There are all sorts of side hustles you can pursue, from being a professional dog walker to freelance writing to social media management. And if you choose something you’re passionate about, you’ll find that the extra work is well worth it. So if you’re looking for a way to make some extra cash, consider starting a side hustle. It’s a great way to have some fun and make some money at the same time!
Final thoughts
Gaining financial independence and achieving your dreams is easier than ever these days, thanks to the proliferation of side hustles. Selling online was once a complicated proposition, but now, thanks to platforms such as Etsy and Fiverr, it’s easier than ever to turn your hobby or passion into a viable business. So what are you waiting for? Start that side hustle today!
And when you do start serious side hustle money, it’s important to stay organised with your tax obligations as a sole trader. That’s where TaxTank comes in. With auto invoicing and business reporting features, plus smart tools to help streamline your finances, our new Sole Tank makes it easy for busy entrepreneurs like you to stay on top of their taxes. Because worrying about taxes is the last thing you should be doing when you’re trying to create a thriving business empire!
And best of all, unlike other businesses platforms like Xero and MYOB, TaxTank is a fraction of the cost at $9 per month and built especially for Individuals. So no more tax surprises.
