In this bustling, fast-paced world, making ends meet with a nine-to-five job may never be enough. Many people find the need to make time for a secondary source of income – indeed, 34% of Americans are working on a gig outside of their day job. These are called side hustles. They sometimes take the form of a part-time job or some profitable errand, but for many people, this involves running a business in their spare time.
Can side hustles replace the day job?
By their very nature, side hustles are not meant to take the place of a regular income from a day job. They are, instead, supplementary income streams. While the former takes care of your bills and rent or mortgage payments, the latter usually extends your finances and provides you with a certain amount you can spend on other non-essential expenses. In other words, for a few more working hours, side hustles let you earn more money and help you be more financially secure.
Sometimes, though, side hustles end up having a high potential for bigger profits than any eight-hour job can offer. Sure, having stable employment ensures that you have a secure, steady stream of income so long as your performance is deemed adequate for your work. However, you may not get any promotion or raise any time soon, and even large rewards for a job well done are fleeting at best. However, if you are running a small business as a side hustle, you might want to scale it up for maximum profits, and you will need to give it the full attention it needs to grow.
Does your boss need to know?
Everyone has the option to keep their activities past working hours from the prying eyes of their managers. However, how long you can keep up the ruse is an open question, and your boss will eventually catch on to the dip in performance caused by the stresses of working on multiple jobs. Making them aware of your other income-generation activities is important in this case. It will give them a realistic expectation of your performance and prepare them for your eventual departure should you decide to leave your work.
Now, what if your boss does not take lightly to you serving two masters? In this case, you might want to choose to abandon your side hustle or consider a different employment option. After all, it’s not healthy to work under a manager that does not consider their people’s financial needs while demanding full dedication to their company.
Should you take your side hustle to new heights?
Deciding to take your side hustle a few notches higher can be a difficult choice to make. This is especially true if your existing job pays you a decent amount, even if it is just a little more than enough to pay your bills and keep your pantry stocked. You may have to choose between abandoning your current employer or keeping your business at a marginally profitable but mediocre level.
This, then, calls for a thorough evaluation of your prospects. You will need to weigh your choices. You will have to look into your business plan and see if it will soon earn you enough money to take care of the essentials and help you maintain your current lifestyle. You will also need to take a look at your current career path and see if there is an opportunity for growth that may make your side hustle irrelevant.
You will need to consider your decision if you are raising a family. Your daily budget is determined by the number of people that depend on it, which is often kept within the constraints of your day-job salary. Suddenly quitting your day job to pursue the prospect of growing your business may thrust you into an entirely different financial world, one where your debts and profits may control your decisions, and income fluctuations are the norm. It may be hard to adjust to this reality if you have grown used to working for someone else.