In the current economy, it could be deemed as risky to have one single source of income. The phenomenon of the ‘side hustles’ has seen a monumental rise in popularity in the UK over the past few years. The term ‘side hustles’ refers to any a second source of income on the side of a regular full-time job.
Side hustles brings over £70 billion to the UK economy each year according to Henley Business School. Incredibly, with around 25% of Brits now thought to be giving their own side hustle a try, this figure could well be on the rise. As a self-confessed ‘side hustler’ here is a reflection on a few lessons I have learnt over the years.
Pros + Cons of Side Hustles
Passion vs Profit
Regardless of what the endless ‘get rich quick’ YouTube video might tell you; a side hustle is very rarely a golden ticket to fame and fortune. For most side hustlers, passion comes before profit and any profit earned is the result of hours, weeks, months and years of work. Following your passion, be that sharing your writing, photography, style, niche tutorials, eco-friendly living tips or whatever, it is vital that you have a real passion for the subject, or your motivation will undoubtedly fizzle out after a few weeks and your website and blog will remain dormant.
The Balancing Act
The point about the importance of having a passion for your side hustle leads me on nicely to time management. Anyone with a side hustle will tell you, time management is key to running a successful side hustle. As many millennials, I have always worked a 9-5 and managed Good Fronds as a side hustle 5-9. Well, maybe not 5-9 each evening, but certainly a few hours a week. The time spent working on the website is a pleasure and has brought a wealth of opportunities that continue to surprise and enrich my life.
What’s your measure of success?
Depending on your motivation, success will look different to you. My motivation and definition of success has never been driven by money or financial gain. Success for me is defined by the impact The Fabulous Times has on those who read and follow along. Over the years the focus of the website has evolved, from sharing vintage shopping guides to now being fully centred around sustainability. Our audience has grown, and I hope continues to gain inspiration, motivation, and entertainment from the website. It’s good to define your measure of success, as this will ultimately determine what you share and where your energy flows. If your ultimate driver is to ‘start a blog to make more money’ then you will want to educate yourself around SEO, affiliates, paid ads, driving traffic and possibly selling products through your website.
Make more money, money, money
According to Caunce O’ Hara most people start a side hustle to make more money. Needless to say, making an extra income is one of the many advantages of being a side hustler. Diversifying your income and having multiple revenue streams will help you to reach your personal financial targets quicker, allow you to have a bigger impact on the charitable causes that are dear to your heart and help you to feel more financially secure.
Your ‘vibe’ attracts your ‘tribe’
Another amazing and often unexpected advantage of being a side hustler is attracting a group of people that share your passion and connect over the nerdiest things. Like the DM’s that I get discussing zero-waste deodorant options or ocean-safe sun cream, these are things that most people wouldn’t be interested in discussing in my day to day life. You’ll find that what you share, you attract- which is true in most aspects of life, but it is even more apparent online. If you share your love of film, you will find your blog attracting other film buffs, maybe being invited to film premieres, and eventually getting paid to review or write about films. So, be sure to share about things that bring you joy and happiness.
Burn Out
Circling back to time management, burnt out is real. If you don’t set boundaries for yourself, you will eventually burn out. This is particularly true if you work online in your day job and then you also spend a lot of time on the laptop working on your side hustle. Make sure you define the hours that you work and always allow yourself time away from the screen and getting lost in nature.
Hopefully you enjoyed reading some of the pros and cons of being a side hustler.
