Side Hustles Are Here To Stay

business Nov 26, 2019

What is going on with this "Side Hustle" trend? 

It seems like every other person on Facebook is starting a new business, joining a network marketing company or promoting some kind of income-producing opportunity. 

It's been growing in popularity over the last couple years, and I suspect it won’t be going anywhere as we approach 2020. With living costs on the rise, wages barely keeping up, and our generation's desire to have a more fulfilling life, it's really no surprise that about one in four Millenials have one, according to data from Bankrate.

Nearly half of Canadians pursing a Bachelor’s degree graduate with over $25,000 in debt and depending on your field of study, high-paying jobs aren’t always easy to find. This leaves many of us with a perpetual feeling of scarcity and the need to find extra income, if for no other reason than to avoid living like a student for several more years after graduating. 

Whether it’s managing debt, having the funds to take a trip next year, saving for a house or giving your fur-babies the life they deserve, there are plenty of reasons to look for an additional source of income.  A side hustle allows you to earn extra with the freedom & flexibility to be your own boss and pursue your passions.

Another benefit? The skills and personal growth that comes from a side hustle. To me, it's more than just a second job. Entrepreneurs need to be efficient and resourceful. You will likely develop skills that are complementary to your 9 to 5, like resiliency, effective communication and organization. 

It’s also an opportunity to build a meaningful business, with more upside potential & creative energy that your day job might not offer. By starting with a small time and financial investment, you can grow a hobby or passion into a sustainable, scale-able stream of income. 

On that note, what is the difference between a hobby and a side hustle? 

Most hobbies cost you money. 

If your side hustle doesn’t have an income stream associated with it - or you can’t see how you’ll create one - it’s a hobby and not a business. It is also important to note that if you don’t treat your business as such, it will likely remain a hobby.

This mentality is, in my opinion, part of the reason that affiliate & network marketers don’t find the success they want and give up in the first year. So, how does one build a successful side hustle? 

80% mindset, 20% mechanics

The first step is an optimistic, make-shit-happen attitude. Even with the best training and mentorship, attitude is everything and it certainly makes all the difference in business. You can’t teach work ethic or perseverance. 

Then, it’s finding the right opportunity for you. I believe that it’s important to be both aligned and excited about what you’re doing. If you can’t get excited about it, then you probably aren’t going to make the time to work on it. If it feels off, then other people will sense that energy from you. Side hustles should be fun!

As far as investment goes, typically the biggest one is time. Side hustles can be started with minimal overhead costs, provided you have the dedication. Starting off, I recommend budgeting about 20 hours a week of your time consistently and look for a lower-risk opportunity that complements your existing skill set, interests or lifestyle. We can become so familiar with our own skills and abilities, we forget that they are of value to somebody else out there. 

“Lack of direction, not lack of time, is the problem. We all have 24 hour days.”
–Zig Ziglar

There is an abundance of opportunity online - the world is literally your oyster, especially if you’re looking for freedom and flexibility. Some common digital side hustles include affiliate marketing, virtual assistant services, copywriting, content creation, photography & videography, network marketing, teaching online courses, and social media management.

If you’re looking to turn your side hustle into your full-time hustle, the option is certainly there. Thousands of people are seeing how they can take control of their lives as a whole and develop multiple income streams that together deliver the lifestyle and success that they want.

Keep in mind - this takes time. Overnight success is rare, and it usually doesn't last. That's why mindset AND skill set are both so important. Patience, trust and a clear vision are critical for this journey. 

For me, it was really about having a fulfilling career that allowed me the time and freedom to do what I love. I wanted more control over my life, to not be dependent on a sole employer or industry or the economy. This want for more is what led me down an empowering path of entrepreneurship that I wouldn't trade for the world.

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