With the soaring cost of food and housing since COVID-19, the idea of starting a side hustle has become more appealing to many people. But before you start spending your last $100 on a web domain or a second-hand pressure washer, take a moment to assess whether your side hustle is truly the right fit for you. Here are five things to consider before diving in:
1. Could Your Side Gig Conflict with Your Current Job?
Before you become a lawn-mowing, dog-sitting or digital colouring book guru, take a minute to check your employment contract. The last thing you want is for your shiny new side hustle to clash with your day job. If your side gig involves using company time, resources, or is a direct competitor to your current employer, you might be setting yourself up for a clash. (And no, your manager probably won’t find it funny when they find out you’re using office supplies to launch your online store.)
A quick check-in with HR or your manager (preferably in writing) can save you from an awkward situation. If you’re a dog groomer who wants to mow lawns on your day off, you’re likely in the clear. But if you’re secretly planning to sell homemade dog shampoo under the same roof, you might want to rethink that idea.
2. What Do You Hope to Achieve with Your Side Hustle?
Are you looking for some extra pocket change to cover your Netflix subscription, or are you planning to quit your 9-5 job and become the next big entrepreneur? The clarity of your goals will help you determine the right type of side hustle and set realistic expectations. If you’re after a few hundred bucks for a vacation, you don’t need to go full-on startup mode with a slow-turnover gig. Instead, aim for something that offers fast returns, like flipping second-hand items or driving for a rideshare service.
3. Do You Have the Time and Energy?
Let’s be honest. After a full day at your regular job, cooking dinner, folding laundry, and avoiding your kids’ endless questions, the idea of adding a side hustle may seem… well, exhausting. How much energy do you really have left to dedicate to your new project? Don’t overestimate yourself. Side hustles are like a second job, and if you’re already struggling to fit in a nap between work and family duties, you might want to rethink how much hustle you’re capable of.
4. What Are the Costs?
Research, research, research. You don’t want to dive into a side hustle only to realize you’ve spent all your earnings on things like website hosting, fancy equipment, or shipping supplies. Start small and build up. For example, if you want to start a YouTube channel, don’t run out and buy a fancy camera before you even know if you like making videos. Many successful creators started with just their phone. Spend your money wisely. Overbuying can lead to piles of unused equipment or worse—a room full of unused candles.
5. Are You Prepared to Learn?
A side hustle isn’t just about doing something you love; it’s about learning new skills, and trust me, some of them may not be as exciting as you think. You might be thrilled about candle-making, but you’ll also need to learn things like website creation, SEO, and social media marketing. It’s like getting a crash course in everything that isn’t your passion. But don’t worry; there are endless resources available, from blogs to YouTube videos. Just be prepared for a learning curve that might feel more like a rollercoaster than a straight line.
Conclusion
Side hustles are a great way to earn extra income or explore your passions, but before you jump in headfirst, take a moment to reflect. It might sound glamorous to make thousands on Etsy or TikTok, but real success comes with a time and financial commitment. If it feels like too much, consider focusing on upskilling at your current job, or asking your boss for a raise (because who doesn’t love free money?). The key is to balance your goals, time, and energy to make sure your side hustle adds value—not stress.