Side hustle might be the way of today’s economic climate, which seems to be one of the toughest in years. Accompanied by so many uncertainties, inflation in recent times has been alarming.
It’s no news that the instability in the prices of goods and services has affected many including salary earners who thought their salaries would be enough to take care of their basic needs.
Several people have jumped on the train of creating other streams of income to earn more and create some sort of financial stability and freedom.
There’s a report that says 44% of entrepreneurs who started a side hustle in 2023 did so while retaining their job for another employer. While others are aiming to build their side hustle into a full-time job, some still intend to keep their 9 to 5 employment.
If you’re interested in making a big financial move this year, getting one or more side hustles would be the best bet. You can either choose to keep your job or grow it into a full-time job.
Also Read: These 10 High-Paying Side Hustle Ideas Will Help Boost Your Income As A 9 To 5 Worker
5 Reasons You Should Start A Side Hustle
In the past few months this year, the prices of things have skyrocketed and many are finding it hard to afford needs for basic lifestyle. This is an era where your salary might not be enough to sort out your bills.
Starting a side hustle will help you make a huge financial move. Here’s why.
1. Expansion Of Skills And Professionalism
While you may be sticking to your industry, running a side hustle requires a lot more than just professional skills. You require other skills to scale your business.
When you have a side hustle, there’s a huge opportunity to improve your skills and professionalism. You get to deal with your clients directly, thereby creating an environment for entrepreneurial growth and development.
If you’re branching out of your industry, starting a side hustle will create an avenue for you to learn new skills and broaden your skillset.
From negotiating work contracts to managing your time, closing sales and delivering the right results, starting a new business is a whole new experience.
2. Improves Financial Stability and Security
Increasing your income is the primary aim of getting a side hustle. When your income is more than your expenditure, financial stability and security develop gradually.
You would agree with us that every extra cash matters in this economy where the prices of things are hitting the roof.
With a growing side hustle, there’s a potential of making a lot more per month, making it easier to pay off debts, save money, and be able to fulfil a lot more goals on your bucket list.
Side hustle also provides you with another stream of income. In cases where you lose your job, your finances don’t get cut off immediately because you have income from your other businesses.
3. Boosts Your Confidence
Starting your own business requires some level of bravery and confidence in your ability. Strong confidence is one of the soft skills required to succeed in any career.
If you want to boost your confidence, start a side hustle.
The freedom to have a certain level of control over your business decisions and working a high-demand job has a higher possibility of improving your confidence over the years.
The more your business grows, the more your confidence grows as you see your decisions and actions shape into a successful career path.
4. Explore Your Passion And Interest
Are you currently on a career path that doesn’t involve your passion and interest? You don’t have to give up totally.
A side hustle will help you explore your passion and interest without worrying about losing your primary source of income. The additional income from a side hustle passion project is like a jackpot.
If you’re unsure about the outcome of your passion project, you can retain your primary source of income while you explore.
5. Build Your Portfolio
For lasting financial security and to make that big financial move, you need to build your portfolio. That’s what a side hustle will do.
If you’re new in the industry, experience is needed to advance, and running another business outside of your work hours will get you that experience.
A good portfolio will position you as a reliable prospect for hire. A strong portfolio will get you the next job opportunity with future hiring managers and prospective clients.
Getting a side hustle is certainly the next big financial move you can make this year. Start one today.
Do you want to improve your skills or earn skills to help you start a side hustle? Join our skill acquisition BootCamp. You can be part of this opportunity by sending us a DM on our social media platforms or calling 07025165691 or 09028820471.
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