Having a second source of income is a dream for most but with almost 25% of people in Britain thought to have a side hustle and easy access to e-commerce channels, this is set to rise. There is now more opportunity for people to be in control of their finances than ever before.
Many leading financial institutions have worked on the subject to find out the force behind people making this decision to take up a side job. According to research undertaken by Caunce O’Hara the main reason for starting a side hustle is to earn extra money, followed by people wanting to follow a passion. In this post, we will be looking at the advantages and limitations of having a side hustle.
Advantages of Side Hustle
As we established most individuals decide to start a side hustle for an extra source of income to enjoy multiple benefits, such as –
- Owning your own business or running a side hustle puts you in control in a time where no one is offering security for your job;
- You can upskill or reconnect with a passion from days gone by;
- You can work when and where is best for you, making your work-life fit in with your personal life.
As we like the many advantages there are also several limitations to having a side hustle that you may want to consider –
- Running a side hustle can be stressful, especially if you are aiming to make it your full-time job;
- Consider how much time you have before choosing a side hustle and limit your working hours so as not to overdo it;
- Think about the extra business expenses the side hustle may cost and whether that cost is affordable based on your regular income. The research undertaken by Caunce O’Hara revealed that the top side hustle was in retail with arts and crafts being sold, the initial costs for the materials must be considered and the return on investment clear before undertaking the venture.
Though limitations are there, the positive sides are much greater in the case of side hustles. If you are looking to bring some difference to your financial condition, you should give it a try and experience.