What Exactly is A Side Hustle
A side Hustle, also known as a side gig or side line is a way to make some extra cash that allows you flexibility to pursue what you’re most interested in. It can also be your true passion – a chance to delve into fashion, travel or whatever it is you care about the most without quitting your day job. Social media has made having a side hustle pretty easy for everyone. With the use of Instagram, Facebook, Twitter and even WhatsApp can help you sell and brand your business any how you want to.
A side hustle should be something of relevance, something that your immediate environment or target market resonates with and can afford to buy.
How a Side Hustle Works
A side hustle is work completed outside of one’s day job, and therefore the work tends to take place during evenings, on weekends, or during vacation breaks. It provides additional income while offering the flexibility to complete work outside of the traditional 9-to-5 hours.
You can start your own side hustle, or you can complete work on a freelance, contract, on-call, or part-time basis for a company.
For those who aren’t quite ready to quit their day job, or are terrified by the prospect of becoming an entrepreneur, side hustles can provide an outlet to explore passions, test ideas, and grow a solid customer base should they ultimately decide they want quit their day jobs and grow their empire.
Do not discount the possibility of your side hustle one day turning into your primary job. If you enjoy whatever it is you’re doing on the side, and it proves to be a moneymaker, you might eventually wind up in a position where you’re able to leave your day job and pursue your passion full-time. And, really, that’s kind of the dream.
Examples of Side Hustles in Nigeria:
There are endless examples of side hustles, but some popular side hustles that many people engage in include:
- Selling clothing, fabrics, jewelry, bags, lingerie.
- Making and selling handicrafts;
- Freelance writing, editing Resumes and cover letters
- Tutoring or coaching
- Photography services
- Selling baked goods or home cooked family meals; catering
- Providing delivery services
- Personal shopper
- Brand ambassador or product demonstrator
- Make-up artist
- Online brand influencer
- Web design
- Search Engine Optimization
- Logo making
Why you should have a Side Hustle
Exploration of passion and interests:
A side hustle can offer you the opportunity to explore your passions or pursue your dream job, without sacrificing the steady paycheck of a day job. Not only does a side hustle provide an injection of extra cash flow to your bank account, it can also help to boost overall life satisfaction.
Flexibility of working hours:
Another benefit of having a side hustle is that they allow for flexibility in workplace and working hours. Often, side hustles are solopreneurial or entrepreneurial endeavors, and when you’re the boss you get to call the shots – including when and for how long you’ll work. This can be appealing to those who feel weighed down with the rigors and expectations of a traditional 9-to-5 job.
The increased financial freedom that a side hustle provides can not only help with getting out of debt, but it can also help with saving for a rainy day, building a nest egg, or taking care of large purchases or maintenance required around the home. It can also provide for a bit of discretionary spending in your monthly budget.
You can start at any scale (small, medium or large):
A side hustle typically does not require a large financial investment upfront. Some side hustles focus primarily on providing a service, while others involve the sale of goods you make yourself or procure from a third party and resell. Many of these gigs don’t require formal education or a specialized skill in order to be profitable. In fact, some people find their side hustles end up earning them more than their full-time gig.
Your time is your own:
Since there is no minimum requirement to put in a set amount of time at your side hustle, you’re free to take on two or three or even more, as time permits at any given time. This can help open up an unlimited stream of additional income. And, in case things ever take a turn for the worse at your day job, you have the security of knowing you won’t be completely without a paycheck until you land your next full-time job.
A side hustle is sort of an “assurance”:
Just like Davido gave Chioma a porsche for assurance, your side hustle is your assurance. It guarantees that you’re safe no matter what happens at your primary job. No matter what happens, you have a regular source of income that can keep you afloat pending when you get another job.
Road to financial independence:
While everyone wants to be financially independent, most people are scared of becoming entrepreneurs. The constant alert on payday from their employer has made people so comfortable that they would rather keep working for others and living on a budget than start up something that they are passionate about. A side hustle does not mean you should quit your job, at least not until your customer base has increased significantly to the extent that the side hustle can become the main hustle. If for instance, you earn a hundred thousand naira (100,000) naira monthly and you start a side hustle on a small scale which generates a profit margin of thirty (30,000) naira a monthly. That has increased your monthly income significantly and you are a step closer to financial independence.
With side hustles, the risk involved is less than quitting your job and starting up a company without any stable source of income to sustain your lifestyle till the business kicks off.
A side hustle is a fall back plan:
In cases where your side hustle does not work out, you have your full time job to fall back to. The flexibility of a side hustle is amazing.
You become your own boss and an entrepreneur on the side:
You get to be your own boss and possibly an employer of labour too. The feeling that comes from being called a CEO or entrepreneur is priceless. It creates this extreme sense of purpose and relevance.