The first time I heard about a “side hustle” was probably four years ago.
Prior to that I was deep into my graduate studies.
I mean DEEEEEEEP.
Like I had no life or any awareness of life outside of my dingy, basement lab.
Anyways, when I graduated and re-entered the world as a normally functioning human being I kept hearing the term “side hustle,” “side hustle this, side hustle that.”
As a new grad I was lucky to have no debt. That’s right people, I graduate after 10 years of post-secondary with no debt (find out how here).
So, I had no debt but, I also had no money.
My husband and I purchased our first home right after I graduated (was this the best decision? Probably not, but it was the right decision at the time and I won’t go down this rabbit hole right now).
Bottom line, we were broke-ass. So, the idea of a side hustle really peaked my interest.
For those of you who have never heard of this term, or you have but you’re still a little unsure about what it means, let me explain.
What is a side hustle?
A side hustle is just a side job.
You can think of it as your career mistress. You’re married to your 9 to 5 but your getting some side ass with your side hustle!
SIDE NOTE (!): I do not condone cheating, this was merely a metaphor for the purpose of explanation.
Anyways, a side hustle is something you do to make extra money outside of your primary job. For example, let’s say your primary job is as a business analyst but you drive uber on the side…uber is your side hustle.
Often times your side hustle is built out of a passion project or hobby.
Maybe you just love knitting and then you realize you can monetize (a.k.a make money) by selling your hand knitted creations on etsy.
Or, maybe you are super into photography and you start photographing weddings on the weekends for some extra cash….congrats, you’ve got yourself an awesome side hustle!
You also hear magical fairytales about someone whose managed to turn their passion into a side hustle into a full time gig!
This is the dream people.
So, now that you know what a side hustle is….
Why should you care?
Well I don’t want to scare those of you getting ready to graduate from high school or post secondary BUT, the working world is much different then it was when your parents were raising you.
Back in their day….not to be confused with “THE” day, the formula was simple.
Graduate from high school —> go to university —> get a good job —> stay at said job for the next 30-40 years —> get a pension that you can actually live off of.
This was also a time when you could purchase a house for $125,000 while making an annual salary of $75,000.00.
Can you imagine?
Today, at least where I live, people are purchasing “starter homes” for $450,000 or more on an $80,000.00 salary. Inflation is rising at a much faster rate than salaries are rising. Not fair!
In fact, this Global News article reports that the hourly wage for Canadian workers has hardly changed since the 1970’s despite a much more educated labour force.
Shitty deal.
Now, where was I going before I got off on this tangent….let’s bring it back.
Why should I care about a side hustle?
Well, because chances are you will need or want one at some point in your working life.
The world is changing, the formula (college —> job —> pension) is also changing.
Getting a college or university degree no longer guarantees that you will find a “good” job, or any job for that matter.
What is usually guarantees is a whole lot of debt that you have to try and pay off when/if you get a job upon graduation….which is why a lot of people turn to a side hustle to make some extra cash.
Even if that college/university degree helps you to land a job it’s likely that it won’t be a permanent position with good benefits. More and more jobs are being posted as contract positions, good for the companies bottom line but not always for yours.
Not to get get all Debbie Downer, but even if you are one of the lucky ones and you find a permeant position with good benefits…the chances that you will stay at that job next three of four decades and then retiring with a full pension…..very unlikely.
This is assuming that you would even want to stay at a job for three or four decades.
This just isn’t the norm. The old formula doesn’t work people. The new formula is a bit more complicated…
High school —> post secondary/travel/college/trade school/entrepreneurship/whatever you want —> find/create a job/company —> start a side hustle —> get a new job/create a new job, sell your company, start a new company —> start another side hustle —> start saving and investing because no one is going to fund your retirement except you
In some ways this is shitty. There’s no easy, liner, fool proof way to be “successful” at life. However, in other ways it’s kind of exciting.
Without a prescribed way of doing something this gives you the liberty, and maybe the inspiration, to get creative.
If university isn’t going to guarantee you a well paying job then maybe that will give you the motivation to start your own thing!
Another reason to consider a side hustle….
Diversification.
Just as diversification is necessary in the world of investing, it’s also wise when it comes to your income.
You don’t want to get stuck with only one source of moola. What if you get fired from your full time job?
Then what?
A side hustle gives your some financial back up so if shit hits the fan, if you do lose your job or face some sort of unexpected emergency, then you have some additional cash flow to keep you afloat.
Even better, work hard to turn that side hustle into a full time job so that you never have to work for someone else again!
One more reason to love a side hustle….
If you think you love something be it photography, teaching or dog walking, and you think maybe you want to change careers - a side hustle is a great way to dip you feet into something and see if you like it/are any good at it before you go all in.
This way you don’t quit your day job on a whim only to find out that you really suck at taking pictures or you really don’t love spending your time walking puppies….you monster!!
This is where I’m at with my side hustle, a.k.a this blog.
I love to write. I really do. But, I’m still trying to work out if I am any good at it and if it’s something I want to pursue in the future.
It’s not all about the money….it’s also about acquiring new skills.
Guess what guys…
…this blog makes absolutely NO MONEY. That’s probably not shocking to anyone.
In fact, it costs me money to keep this blog up and running. Granted, I have made no effort to monetize because:
- Right now that is not my priority. I am trying to set myself up to do some freelance writing.
- I’m pretty sure that I don’t get enough page views to make any money. Sad, but true.
My point is…
The side hustle doesn’t just have to be about the money….at least not right now. It can also be about acquiring new skills and testing to see if your side hustle is something you want to continue to pursue in the future.
How to figure out what you should do for a side hustle?
By now I hope you think that side hustles are awesome because, they really can be. But here is the tough part, at least this was the tough part for me.
What do you want to do for your side hustle?
If you are one of the lucky ones and you have a crazy passion that you can’t wait to pursue then go for it.
If not, that’s totally okay. But, be ready to put some real thought into what you want to do…
Here are a few actionable tips to help you come up with a side hustle that’s right for you:
1. Take some time to reflect….
Take an inventory of your interests. Sit down and jot some notes on a piece of paper. Think about how you like to spend your time. When you have a spare minute to yourself to do what you please, what do you do?
Think about what podcasts do you listen to? What publications do you read? What websites and blogs do you visit on a regular basis.
Where do you choose to volunteer your time?
Take inventory of your skills. What did you go to school for? What do your friends tell you that you are good at? What do they ask you for advice on?
Ask yourself this question: If you couldn’t fail, what would you want to do with your life today?
2. Read
Reading opens your mind. It gives you a look into different worlds from the comfort of your own home.
If you want to expand your mind then pick up a library card, turn off the t.v., put down your phone and start reading.
Pay attention the books you are drawn to.
3. Talk
Sometimes coming up with a good idea can be as simple as talking with your family and friends. Find someone you trust and ask them “what are my skills, what do you think I am good at?”
The people that know you best can be a great source of information.
4. Write
Keep a journal. Carry it everywhere with you and get in the practice of recording any ideas that come to you. Or, make it a more structured activity. Every morning try to generate 10 new ideas. Read through you notes every once in a while and see if there are any idea gems in there. Can you identify any trends?
5. Get out of your comfort zone
“Do one thing every day that scares you.” ~Eleanor Roosevelt
This is great advice. If you want to come up with a new idea, then do something/see something/talk to someone different.
And remember this quote from Albert Einstein:
“The definition of insanity is doing the same thing over and over and expecting different results.”
So, if you want to come up with a new/different idea, then do something new or different.
Check out my post titled: 19 Principles That Will Help You Succeed in the “Real World” for more helpful hints on generating ideas.
A few helpful resources to get you started
- Visit Nick Loper at his site Side Hustle Nation for information on what a side hustle is, how to get started and tons of clever ideas on different side hustles.
This was the first site I spent a lot of time on when I was starting to research all things side hustle!
You can also check out his podcast here where he interviews people who have turned their side hustles into lucrative businesses and provides useful tips on how you can do the same!
- Check out Chris Guillebeau’s site, Side Hustle School
He also has a podcast of the same name and has a book called “Side Hustle: From Ideas to Income in 27 days.”
I haven’t read this book yet, it is on my to do list, however, I have read his book The $100.00 Startup which had some great stories about how people turned their side hustles into successful businesses in all different categories.
- Ryan Robinson is another side hustle aficionado. His blog provides some great interviews with inspirational side hustlers, as well as tips on how to be an entrepreneur, how to stay productive etc.
He also has a podcast that you can check out here
I think these resources will give you some great insight into all things side hustle. However if you are hungry for more just google “side hustle” you will find tons of information on what a side hustle is, step by step instructions on how to start a side hustle today and a number of success stories on how someone took their passion project and turned it into their full time gig.
I want to hear from you!
Do you have a side hustle? What is it? Do you hope to turn it into your full time gig?
Until next time!
References
Post Photo by Tim Gouw on Unsplash
