Is a Side Hustle Still a Good Idea? This is What You Need to Know

If you have spent any time at all on the internet over the past few years, then you will no doubt have come across the phrase ‘side hustle’. It is such a popular concept that it has become an internet meme, with countless influencers spouting the importance of creating a side hustle as part of a balanced lifestyle.

The reasons why side hustles have risen in popularity quite so rapidly are diverse. For one, rampant inflation and the resultant rise in living costs have caused many people to look beyond their day jobs as a source of income. 

What’s more, if you have a passion for a particular hobby or interest yet can’t indulge in it in your primary career, then a side hustle is a fantastic way of scratching that itch.

In fact, you might even want to pursue a different career or business opportunity in the future but have no experience in it and don’t want to quit your day job just yet. A side hustle is a great means for testing the water and getting yourself set up on your new path without sacrificing your present income.

So, is a side hustle still a great idea? This is what you need to know:

It can take a deceptive amount of investment

Arguably the most compelling aspect of a side hustle is the fact that it enables you to start a second career with none of the financial risk of making it your primary source of income or career path. 

This is true to a degree. After all, if you have a day job then you already have a source of income, and your side hustle may even bring in more money on top of that. However, there is a hidden cost to many side hustles. For instance, if you want to become a tattoo artist in your spare time, then you will need to invest in tattoo machines, which will come at a cost.

Make sure you allocate enough time

Another crucial detail to remember about side hustles is that you will need to invest a lot of time in getting started with it. It is easy to map out a side hustle venture on paper and allocate theoretical time every day for it, but it is quite another to follow through with it on a regular basis. 

What this theoretical time doesn’t account for is tiredness, stress, unexpected delays, your personal life or work projects. Doing a side hustle in your free time means your personal life will be compromised, and you may be too tired to complete your day job to a high level.

Take this into consideration before embarking on a side hustle.

What is your long-term goal?

Ultimately, before you start on your side hustle adventure, you need to decide what your end goal is. Do you want to eventually take your side hustle full-time? Do you want to earn a certain amount of money to retire or travel the world with? Understanding this ultimate target will help you assess whether a side hustle is the right choice for you.