Tag: sidehustle

Let’s face it is evident there are no good jobs for many of us these days. Most of the jobs we work are actually the leading cause of stress for employees and contribute to domestic strife leading to high cases of divorce. Reports point out that sexual abuse is at an all-time high at work places. It is hard being an employee these days. As I write this post someone somewhere is being laid off.

Being a student is not easy when burdened with ever-diminishing stipends and credit card debt.

Housewives too have to contend with tight family budgets.

So what should we do?

Three options…..

• Quit.

Only employees can quit work bout in many case a lot of them aren’t ready. Students can drop out but it isn’t a good idea for many. Housewives can’t drop out of their parenting responsibility so quitting is not an option for them.

• Just hang in there and do nothing

A bad option

• Hang in there and start a hustle on the side

I would opt for bullet 3.

Which one would you opt for?

I guess you will go for bullet 3 as well.

I have documented 10 reasons why bullet 3 rocks.

Reason 1: You get to keep both worlds – the job and the business

If you like your job and don’t want to leave it and yet you need money, side hustle is the best option.  

Reason 2: You get to augment income from your job/ stipend

I believe this is the main motive why employees, students and others decide to go into side hustle. A number of reports reveal that wages have been qualitatively lagging behind for many classes of work. An extra income from a side hustle will help their meet basic needs; afford them good things that would otherwise have been off limits to them.

So they go in like I went in.

Reason 3: You get to accelerate your wealth creation plan

If you liken creating wealth through the job to building a house with 20 bricks a month, it means you need many years to complete the house. But if you add business to the job, that could be equivalent to raising the number of bricks required for the construction of same house to 200 bricks thus reducing the time taken to build the house. Wealth create is the same as building the house, you need resources most of which our jobs can’t obtain at current wages or even obtain at all. Building wealth through the job alone has been proven to be a slow process that may take one 40 to 50 years to master.

Reason 4: You get to make economic use of your “spare” time

Some employees, students and housewives or househusbands have lots of time wasted on unfruitful activities can’t be account for. So a hustle on the side is a better investment of such time.  There are stories of housewives who went on to build business empires because they fruitfully used the time (when children and the husband were away) to start and operate own successful business.

I am told Pamela Golding of Pam Golding Properties started her business as a side hustle to her parenting role.

This “spare” time could turn out to be the goldmine you have been overlooking.

Reason 5: You are contemplating leaving current employment shortly but have nothing in place to fill the void with

I quit my last employment in a hurry and had nothing to fill the void that followed with. Instead of quitting into a vacuum like me those contemplating leaving employment can start work on a hustle so that by the time they quit they are up and running.

And there are advantages to starting and running business now than starting when you have already quit employment;

• Your side business now evolved into a full time one will have momentum because it is already operating.
• Starting a business on the side now is an ideal way to test business waters before venturing full time.
• Starting business on the side now could serve as spring board for life after employment.
• Running a business is much better filler of the “time and work void” created as a result of quitting employment than finding another potentially lowly paying job. With a business that you own, you have control over your destiny.

Reason 6: You have burning passion that can be turned into businesses

We all have burning passions and hobbies, it is human nature. Some of us like music. Others like adventure, writing, baking, farming, etc.

There is a lot that we are passionate about.

I guess there is something you are passionate about too. Instead of wasting their passions; employees, students and others are putting them to good use – into side hustle? 

Reason 7: You want “back-up” or insurance against possible future layoffs

One distinguished Greek mathematician and philosopher, Thales, had this to say about the future;

The past is certain, the future is obscure.

Who can be sure of what their employment situation will look like 5 years from now?

None. Nada.

College students can never be sure they will be employed after graduation.

Given the volatility of the world economy and politics, it is not inconceivable that in the next few years we may experience another global economic recession. Those who want t change their fortunes don’t want to wait for the economic doomsday to happen so they start a side hustle as an insurance against possible layoffs. They say prevention is better than cure – they prevent future pain by starting a business on the side even as they work.

It’s a tough world we live in; no one is indispensable hence the need for some side hustles.

Thus despite earning millions, millionaire employees still see the need to create back up against future layoffs by starting businesses on the side.

Start your side hustle and rock…