Side Hustle Show
By Christoper Siddell, Halal Incorp
A side hustle is a way of earning some extra money in addition to/on top of your current form of income. This can be done through multiple methods; examples include getting a part-time job on top of your current occupation or even investing your money into the stock market. It is a great way to increase your income, which opens new potential financial opportunities. This extra cash you will be earning through a side hustle can be used to purchase new items you were unable to before on just a single income.
Multiple sources of income, unsurprisingly, can lead to a drastic increase in wealth. Large quantities of those who are extremely wealthy have access to multiple sources of income. For example, a recent study found that 65% of millionaires have three streams of income, 45% have four streams of income and 29% have as many as five or more streams of income.
Side Hustle Show
This clearly highlights the correlation between wealth and sources of income. Although it is not in every instance that more streams of income equal more money, there is an undeniable pattern that can be seen. Side hustles often allow an individual to have a lot more freedom in their day-to-day life as they now have an increase in money which provides a safety net. This safety net arrives in the form of financial stability and financial freedom.
Having a side hustle often provides people with a feeling of power as they are no longer reliant on just a single form of income. One of the most notable benefits from side hustles is the opportunity to save more money. You have the chance to put the earnings from the side hustle to one side and let it build up and help save for something in the future. As you still have your day job, side hustles can be perfect to save up and gain experience.
This extra cash and experience can then be used to pursue one of your passions further down the line without having to take any crazy risks. Numerous accounts from people who begin side hustles state how it helped them develop both personally and professionally.
Side Hustle Show
A side hustle is different to your main occupation at your workplace. Your main job is often labelled as your ‘active income’. Active income is how most people earn their money. Active income is the name given to money gained in return for a service.
For example, the money made by a bartender is active income as it is being earned as a direct result of the service they are offering. Some frequent examples of active income include wages, tips, salaries, commissions and income from businesses in which there is material participation. The main job you do often allows you to venture into a side hustle as you always have it to fall back on if things don’t go as planned.
Side Hustle Show
It can be used as a safety net whilst you test your luck on a new side hustle adventure. Active income provides an individual with the chance to be creative and ambitious with their side hustles. Your main job at the start will take up most of your income but anything else through a side hustle can be seen as a bonus. In the early days your main job should be prioritised until everything else is up and running effectively. It may be a good idea to set up realistic goals and aims when moving into a side hustle. This way you have a target to go for and it provides you with some structure.
Side Hustle Show
A common, and most of the time effective, side hustle people go for is service business. This is a good starting point as there is minimal risk and you are in control of the prices. There are countless ways you can service goods to others. The start-up costs can often be low as not much is usually required.
This can almost be done at any age as well, ranging from young people to the elderly. Even children and teenagers can use this method to earn some extra money on the side. For example, they could offer a serviced good in the form of washing their neighbours’ cars or windows. This emphasizes how side hustles can be implemented at such a young age and stick with someone for life. The desire and drive for a side hustle does not necessarily have age restrictions.
Side Hustle Show: Another route you could venture down when looking into a side hustle is starting a wholesale business. If the idea of running an online business, which is fairly hands on, appeals to you, then this is a side hustle suited for you.
The concept of this business model revolves around an individual purchasing product in bulk at a lower price and then selling them at a higher retail price to customers. As it is a hands-on process, it allows you to keep a close eye on the quality of your products. You will also be responsible for the shipping and packaging, which means if you put the effort in you can deliver your product quickly to your customers and keep them satisfied.
You can pick a certain niche that you want to sell, which is very helpful as you have more choice/freedom. This could range from your passion for fashion to your love for home décor. Starting up a wholesale business upfront will require money, however there are certain plans in check which can help you while you set up, such as net terms. Net terms allow you to begin purchasing and selling the products of your choice weeks, or even months, before you need to pay for them.
Launching a print on demand store is another side hustle which has increased in popularity in recent times. If you consider yourself an artistic person with a love for custom design, then this may be the perfect side hustle for you. Print on demand (POD) provides you with the opportunity to turn your hobby into cash. POD allows you to sell your very own custom artworks/designs on numerous different items including t-shirts, mugs and phone cases, just to name a few.
This business idea gives you a lot of independence and the chance to grow your own personal brand. The amount of money you can earn from print on demands is essentially down to you. People will obviously need to like your designs in order to buy them, however, the more time and effort you pump into your art will directly correlate between how popular they are. The more energy you put in, the better quality your product will be.
Side Hustle Show
If you are looking to create a side hustle all from the comfort of your own home, then blogging may be suited for you. With blogging you can choose where you want to work from, whether that is from home, a coffee house a library, etc. The choice is yours. You can use blogging to write about what you’re passionate about, or even current topics in the world today. When starting a blog, it is important to commit to a niche you understand. This is because it will help you reach an audience more suited for you, who will often share common interests.
If your audience shares a common interest with you, the likelihood of them being regular readers increases drastically. This can lead to you having a regular and loyal fanbase over time, which will increase the amount of money you earn from it. Some popular blogging niches include shopping, cars, yoga and beauty, just to name a few. You can earn money through blogging through affiliate marketing. This is where you promote other businesses products/goods on your blog and in return the company you’re promoting will pay you.
If you decide to create a wholesale business, like previously mentioned, then you can promote this on your blog to attract more potential customers. In the early days of creating a blog, you will earn little to no money. However, if you stick with it, there is huge financial potential. Some bloggers who committed to it began to earn enough money from blogging to quit their ‘main job’ and blog full-time.
Selling your photography is yet another fine example of turning a passion into money. If you own a camera and have somewhat straightforward photoshop skills, photography can become your side hustle. An example of how you can sell your pictures, is by selling pictures of your city to a local city newspaper for them to use.
You can also print your photographs onto clothing or phone cases, which can then be sold independently. You can even seek clients and venture into pet photography or wedding photography. As you can see there are various choices to choose from when it comes to picking photography as a side hustle.
To conclude, it is evident that there are countless routes to go down when it comes to picking a side hustle. Side hustles can be a great opportunity to earn some extra money, which can then lead to more financial freedom and stability. It is also clear to see how some hobbies can be turned into a side hustle with the right effort and mentality. Side hustles can be the perfect chance to save up for the future and put money towards certain things that you were unable to do on just a solo income.
Disclaimer: The views of the author do not necessarily represent the views of Halal Incorp