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10 Reasons Why You Should Start A Side Business

10 Reasons Why You Should Start A Side Business

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10 Reasons Why You Should Start A Side Business

Why Start A Side Hustle

Starting any new business can be a challenge, especially when you already have a full-time job to contend with, so why should you start a side business in your spare time when it’s easier to simply tick along and maintain the status quo?

Below, I’ll outline 10 of the most compelling reasons why you should take the leap into side hustling, no matter what your current short and long-term goals may be. 

10 Reasons Why You Should Start A Side Business

1. You May Regret it If You Don’t

The very fact that you’ve chosen to click on this article and invest time reading it tells me that you’ve at least thought about starting a side hustle, even if only a little.

So, what are you waiting for?

If it’s for all the stars to align and the perfect conditions for launching a side gig to magically fall into place, you’ll probably be waiting a very long time for something that rarely, if ever, happens.

In that case, that long-held dream of yours to turn your passion into profit or to become your own boss may be a dream left unfulfilled, and without wanting to get too deep and philosophical on you, life’s too short for that.

Instead, follow my favorite mantra:

Start where you are. Use what you have. Do what you can. 

By taking the necessary steps to start a side business now, you not only avoid the pain of regret but also set yourself up to reap all the following rewards too. 

2. Take Charge of Your Future

According to Pew Research, almost half of all Americans are unhappy in their place of work

Research why you should start a side business

(image source: https://www.pewresearch.org/social-trends/2023/03/30/how-americans-view-their-jobs/

For some, that’s down to a lack of progression opportunities. 

For others, those opportunities may exist, but seeing out their career in an upper management position for a company that aligns with neither their goals nor values is exactly what they dreamed about doing when they were kids. 

Whatever the case may be for you, if you shiver at the thought of spending all your time at a job that leaves you feeling unfulfilled, unsatisfied, or perhaps downright miserable, starting a side hustle is a great way to do something about it and regain control of your life. 

Although it can take some time and a lot of hard work to turn your side hustle into a full-time business, it can be done. 

Speaking from experience, I can confirm that even taking those first initial steps towards building a secondary source of income can not only provide an effective escape route for leaving your current job but also change your outlook on that job while you’re still there. 

Before I took the plunge into entrepreneurship, I was stuck in a marketing job I was quickly starting to loathe. 

The idea of becoming my own boss was one I found very alluring. So, I created an action plan and started a side business alongside my full-time job

Straight away, I felt like I was taking control of my future and started to view my day job differently. I no longer felt stuck without a purpose in my 9-5, but rather saw it as part of a bigger goal, providing financial security while I worked on building my dream business.

Before too long, I’d saved up enough extra money to quit my job and run my business full-time. 

In doing so, I made a very different kind of future for myself than I would’ve had if I’d stayed at my day job, and haven’t looked back since.

3. Clear Your Debts 

It’s no wonder so many people are interested in developing a side hustle when you consider that 340 million people living in America are in debt to the tune of $16.9 trillion.

Debt by generation

(image source: https://www.debt.org/wp-content/uploads/2023/06/Demographics-of-Finance-2023.png)

With the cost of living on the rise, many people are finding it harder and harder to make ends meet, even with a full-time salary at their disposal. 

If that’s the challenge you’re facing right now, the extra cash you make from your side business can prove invaluable for getting you out of the red and back into the black. 

4. Save for Emergencies

If you’re fortunate enough not to be saddled with debt right now, the additional income you generate from your part-time business can be saved up into an emergency fund.

Whether it’s an unexpected medical emergency, essential home and car repairs, or anything else, saving up your side income gives you the peace of mind that comes from knowing you’re financially prepared for any eventuality. 

5. Create Your Own Contingency Plan

Speaking of emergencies, what would happen if your employers suddenly announced layoffs or you lost your job for some other reason?

Sure, you might have some money saved up to cover all those expenses, but that’s only going to last you so long. 

We’ve already seen how side hustles can help you prepare for such emergencies by saving up your earnings, but they can also prove invaluable for ensuring you still have at least one income stream, even if you lose your job. 

6. Build Towards Your Dream Retirement

While there are many side hustle ideas perfect for retirement, working in your golden years may well be the last thing you want. 

Retire earlier by starting a side business

(Image source: https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp

It may be that you’re a proponent of the F.I.R.E (Financial Independence, Retire Early) movement or perhaps simply want to gift yourself the best possible quality of life during retirement.

Whatever the case may be, starting your own side business now will allow you to bump up your retirement plan and achieve whatever goals you have in mind for when the time comes to finally hang up your working boots. 

7. Level-Up Your Skills

Investing your time and energy into a side business isn’t just about the financial gains. 

It’s also a fantastic opportunity to level up your skills, boost your knowledge, and establish yourself as an expert at what you do. 

When I first started a side hustle, I couldn’t possibly have imagined how much I’d learn. 

As any entrepreneur will tell you, running any successful business in a competitive environment means constantly staying ahead of the game, continually sharpening your skills, and learning everything there is to know about your industry. 

I truly believe that part of the reason I achieved success with my business is that I was always learning, not only through the experience of serving my clients but also through books, courses, and podcasts. 

Yet even that was only the start of it. 

From developing marketing skills and learning how to use software to run my business more efficiently to grasping the fundamentals of networking, bookkeeping, and all the other essential tasks that come with running a small business. 

While these skills proved to be vitally important when it came to growing that small business, you can still benefit from the learning and growth opportunities offered by entrepreneurship, even if you don’t plan on running a business full-time. 

The skills, knowledge, and experience you gain from your on-the-side endeavor can also pay dividends when it comes to landing a better 9-5 position or perhaps even a brand new one in a company that more closely aligns with your passions and aspirations. 

8. It’s Easier Than Ever

Don’t get me wrong; most side hustles come with challenges that require some serious hard work to overcome.

Still, the fact remains that bringing your business ideas to life has never been easier than it is right now in the midst of the digital revolution. 

From using sites like Kickstarter to fund your new business to using the web to speed up your application for a business bank account, the device in your pocket gives you quick and easy access to a whole world of tools and platforms designed to help you succeed.

The best part is that a great many of these tools are free to use, which may come as a relief if you’re concerned about starting a side hustle with no money

Related: 10 side hustle ideas you can start from home

Take sites like Fiverr and Upwork, for example.

Find freelance work on Upwork or Fiverr

These popular marketplace sites connect freelancers with clients who want to hire them.  

If your side business involves providing any number of creative or business-support services (such as copywriting, design, administration, marketing, and accounting), you can use these platforms to showcase your portfolio, and find paying clients without paying a penny upfront. 

You only pay a small commission fee, which is deducted from your earnings once you’ve been paid. 

Uber side hustle

Likewise, signing up for a ride-sharing app like Uber takes a matter of minutes, after which the short approval process of up to five working days means you could be on the road and earning money within the same week. 

9. Create a Self-Sustaining Hobby

So far, we’ve talked a lot about the upsides of side hustles as a means of taking control of your career, future, and financial security, but what if you’re happy with your job and your personal finances are in a healthy state?

Does that mean there’s no reason to start your own business on the side?

Not necessarily. 

Think about your hobbies, passions, and interests. 

I’m willing to bet at least some of them cost money, and although you’re happy to pay it to spend your free time doing something you love, wouldn’t it be nicer if all your expenses were covered?

The good news is that many hobbies make great side hustles. So, even if you’re in no hurry to ditch your job and you’re well on track with all your financial goals, spending even a small amount of time monetizing your hobbies can be an effective way to ensure that they ultimately pay for themselves. 

Take art, for example. 

Paints, canvases, participation in art contests, all those things cost money.

Etsy side hustle

Simply by learning how to start an Etsy store and selling your finished work on the popular artisan marketplace, you can take steps towards recovering your costs and maybe even saving away a little something extra for a rainy day. 

10. The Possibilities Are Endless

Last but not least, it’s important to remember that mobile apps and readily available access to the Internet open up a whole new world of possibilities for would-be entrepreneurs willing to put the work in, all of which can benefit you in your side hustle journey. 

For example, if one freelance marketplace app doesn’t bring enough clients, there’s a whole host of others that may be better suited to showcasing your talents. 

Or maybe the blog you start to bring in some extra funds really takes off, opening up new doors to publishing a book, starting a podcast, or perhaps even launching an eCommerce store relating to your niche. 

In other words, no matter what your situation may be and no matter what your goals are, there’s an abundance of opportunities to experiment with different side hustle ideas, grow a business, and build a brand new side career on your own terms. 

Why Should You Start a Side Business in 2023? Final Thoughts 

If there’s one key point that I hope came across in this article, it’s that perhaps the only reason why you shouldn’t start a side business is if you’re already 100% happy with the status quo. 

If you have all the professional and personal satisfaction, free time, and extra income you could ever ask for, then you probably have little need for a side hustle other than to self-fund your passion project. 

However, if you’re currently lacking any of those things,  then taking the steps to start a side venture is an ideal way to gain them, bringing more balance, freedom, and financial stability to your life. 

And if all that leaves you asking, ‘what’s next?’ Check out my guide to the 8 things you need to consider before launching a side hustle to help get you started.

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10 Reasons Why You Should Start A Side Business

10 Reasons Why You Should Start A Side Business

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