The first principle of my blog is Creating Ecosystems of Success, and a key area of focus is Business/Entrepreneurship. Many individuals have ‘side hustles’ outside of their day jobs, some of which replace their day jobs, while others create a supplemental income. There are several considerations when creating side hustles. This contributed post is thus entitled; 3 Reasons Why Business Minded Employees Should Have a Side Hustle.
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No doubt you’ve heard of the term side hustle. It’s a multifaceted term that applies to a wide range of activities which involve everyday people making money on top of their day wage in your free time. This can range from using apps to make money from their supermarket receipts to starting up their own businesses. However you choose to side hustle, in an increasingly uncertain economic climate, it can be a great path to economic stability and equilibrium for hard working families who never quite seem to have enough disposable income, even when they pull in as much overtime as they can manage. Whether you do it to earn a little money to make your carefully planned household budget easier to manage or as a precursor to full time entrepreneurship, there are a number of reasons why a side hustle may be beneficial to your household.
First, the caveats
When you choose to side hustle alongside your day job, it’s vital that you keep certain caveats in mind. For example, time management becomes an exceedingly important skill. Remember that even though you pay tax on your day wage, your income from your side hustle is still taxable and needs to be claimed. Of course, this also means that the expenses incurred in carrying out your side hustle are tax deductible. Needless to say, you should retain a clear delineation between your day job and your side hustle. Never, ever use company time or resources for your side hustle as this can land you in a world of trouble. Attain the right balance, however, and your side hustle will benefit you in a number of ways…
It can provide a safety net if you are injured at work or fall ill
Even if your workplace has a group insurance policy, an accident or injury at work can still be ruinous to your finances. Your employer’s insurer may reject a claim for either disability insurance or workers’ comp on the flimsiest of pretexts. That’s why, if your workplace injury renders you unable to work it’s vital that you visit www.longtermdisabilitylawyer.com to help secure that which you are entitled to. Even if your claim is successfully processed, a side hustle can still be beneficial.
You may still be able to manage your side hustle even if you cannot return to work, and it can provide a revenue stream that either supplements your disability insurance (keep in mind that some insurers may place restrictions on how much you can earn) or help keep the bills paid while your claim is processed.
It can give you the satisfaction and fulfillment you’re not getting at work
Many turn to side hustles because they have fallen out of love with their day job. They may have lost their passion for their profession or not get the same sense of challenge or reward that they once did. This can be extremely frustrating or demoralizing, especially if your job has allowed your skills to stagnate. A side business can give you back that feeling of challenge and accomplishment while helping you to build new skills. For example when your business is ready to take on new employees you will be imbued with leadership and management skills.
It can give you an opportunity to save
Finally, saving is an important part of any well maintained household finances. The trouble is that many of us struggle to find enough disposable income at the end of the month to pay into them. By paying a portion of your earnings from your side hustle directly into your savings you can insulate your household from unexpected expenses!