If you’re planning to start a side hustle, or you’re already earning extra income from it, this article will open your eyes to what’s ahead. The thought of doing work on the side to earn additional income can be a little overwhelming, particularly when you consider all of the tasks that you need to do.
At some point, every entrepreneur or marketer engages in one form of side hustle or the other. When a friend of mine started freelancing on the side, he did a lot of research. He tried to figure everything out. Trust me, this is really important whether you’re in a real business or just doing it for the extra money or passion.
Personally, I like to jump straight in and figure out the details as time goes on, but that doesn’t always yield tangible results. It further lowers your chance of succeeding in a new business.
In any case, whether you’re loving a side hustle or you’re still figuring out how to make it work, the truth is, it can delay your real business. Why? Because everything worthwhile thrives on specific timing. If you fail to start and grow a real business, and decide to stick to a side hustle just because of the quick bucks, you may not be happy at the end of the day.
Let’s consider a few of the reasons why a side hustle may not be right for you and why it can hinder your business.
1. Side hustle isn’t a real business.
It’s no secret that many people wish to quit their 9 to 5 job and work on a venture that will be more fulfilling. If you’ve made up your mind on this, here’s what you need to know — a side hustle is not a real business. That’s why it’s called “side.”
Instead of waiting for your side hustle to mature, why not turn it into a real business? It’s not easy, but it’s doable. How? Use this side hustle worksheet to write down your ideas, then choose the one that you’re most excited about and launch a full-fledged business.
A real business fulfills all the basic requirements. Most importantly, it’s registered with the appropriate body, and it becomes ready to provide solutions. A side hustle, on the other hand, doesn’t need any of these requirements.
You can start now. Unfortunately, that’s where the problem lies. For example, if you’re a startup entrepreneur, you could take on a copywriting job or project with another company. There’s no requirement — except the skills for the job. All you have to do is write the copy and get paid.
One of the advantages of a side hustle is the fact you can get started with little or no resources…