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Technology almost allows anyone to have a side hustle nowadays. In some cases, these could be enough for you to have more room to breathe at the end of the month.
Others might not be ready to invest themselves in a business full time, or might want to take baby steps. In all cases, you have to be ready for what a side business implies and if this is what you really want to do with your life. Here are some of the pros and cons of side hustles so you’ll be able to make a clear decision.
Cons of Side Hustles
It’s a Lot of Work
You have to make sure that you don’t overestimate yourself and your capacity to work. If you’re going to have a business and a job, know that you may have little to no time for you left.
One of the things you could do, however, is to see if you could take another shift at work, or work on the weekends. A weekend job, for instance, could allow you to downsize and cover your everyday expenses, allowing you to reinvest your money in your business.
Side hustles can be a great way to supplement your income or make the transition from 9 to 5 to bonafide entrepreneur. Make sure that you are cut out for this and be ready to put the work in if you want both your business and professional life to be a success.
It Might Distract You From Your Job
While there are loads of benefits to having a second income, a side hustle could be taking you off your work or vice versa. If you wanted to get some advancement where you are and can’t be as available or productive, then it could be an issue.
On the other hand, only being able to work part-time on your business could also limit you when it comes to your opportunities. Sometimes, you just have to jump and see what happens, and you can’t do that with a 9 to 5.
Pros of Side Hustles
You Can Afford Luxuries
A great thing about having a side hustle is that you could end up earning a lot of money when you count all your sources of revenue. You could then segment your income and use your work money for everyday expenses and save your business revenue towards something you always wanted, like buying your dream car, for instance.
Many people put off buying a luxury item that they want to purchase because they cannot afford it on one income alone. Now you can by using your side hustle your way into some extra cash and extra luxuries!
They’re a Great Way to Learn
One of the best things about having a side hustle is that you can use it to learn the ropes and always have something to fall back on if you don’t get it right. They’re a great way to see if you’re actually an entrepreneur.
If you don’t like the idea of having to deal with clients at odd times of the day, or not being able to “turn off” your business for some me time, then you might find out that this isn’t for you.
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.