Why starting a side hustle is a great idea

Business

Oct 14

I always believed in having multiple income streams, or at least a way to make some money on the side. Think of your income as a table with just one leg, where the leg imitates your income stream. If one leg breaks, the table collapses, but if you have a table with multiple legs and one breaks, it will remain standing. What I am trying to say is set yourself up with multiple income streams so your life won't collapse if one fails.

When I was younger, I would go to a car junkyard, looking for speedometers or other car parts to polish up and sell on eBay. You'll be surprised how much someone is willing to pay for a speedometer.

During college, I was the first one who raised their hand for any projects with monetary compensation or experience to gain, whether this is working on a survey for a marketing class, handing out roses for the annual festival, or being a tutor for the first semester students. I did it all. No project was too small or too big for me. I always say if you don't value the penny, you are not worth the money.

I also was a poll worker for every election that happened in my hometown back in Germany. One year I even worked for the census.

I think I got the hustle gene from my dad, who has multiple income streams. I used every opportunity to gain experience and, of course, make money.

For example, the census taught me how to deal with people who are yelling because you are trying to do your job of asking them questions. I learned how to be professional and always try to find the best possible solution to overcome barriers. This skill is super helpful because I currently manage a sales team that has to overcome obstacles daily. As a leader, I can share my knowledge and make my sales agents feel less stressed when someone yells at them.

Shortly after I moved to the U.S, I started my blog. At the beginning, I used my blog as a creative outlet to share my thoughts and fashion sense. When I started my blog, I did not have access to social media strategies or Instagram marketing tips; everything was very new.

The experience I gained through my online presence and marketing related jobs helped me monetize my blog and create a lucrative side hustle.

The big question is, why should you start a side hustle? Why is it so essential to create the second, third, or fourth income stream for yourself? The answer is simple, especially in the year 2020, where most of the world is unemployed.

1. More freedom

Turning your side hobby into a lucrative second income stream helps you to gain independence. Combined with your primary income, you will have financial freedom. Meaning you can splurge on things you wouldn't normally spend money on, like a fancy dinner or a pair of french shoes you saw in the boutique window the other day. You can also increase your savings.

2. You will improve your skills

Starting a side hustle is a great way to improve your skills. You will learn new skills and improve your existing skills. This will not only make you a more well-rounded person but will also help you when applying for your next job.

Take me as an example. I became the COO of a law firm in my mid-20s, managing over 50 employees while running all the marketing efforts. If I wouldn’t have started my own online presence which included running Facebook ads, attending conferences and seminars, and reading tons of books - I wouldn't be as successful as I am today.

The more experience you gain with the skills you develop from your side hustle, the clearer your vision will become, whether your current career is something you truly want in life or not. By starting your side hustle, you will pick up a new skill like communicating with customers, how to brand yourself, or what pricing structure to use. These skills are incredibly helpful for the real business world.

3. Testing the waters

Are you dreaming of running your own business full time, But you're not ready to call It quits on your full-time job, or you are questioning if your side hustle would support your lifestyle, then a side hustle is the best way to test the waters.

In general, I would never recommend leaving your full-time job to start a side hustle if you do not have a tremendous amount of savings. Running a business has a lot of "hidden" expenses that you aren’t aware of.

Whatever you decide to do with your side hustle, always keep in mind that the main goal is to be happy. If you're not enjoying your side hustle, then ditch it. Turning your hobby into a side hustle is a flexible way to gain experience, understand what you're really interested in without committing all your time, energy, and money.

So what are you waiting for? Let me teach you how to start a successful side hustle!

Talk soon,

Nina