Benefits of having a side hustle

2022-07-05 by EPR Staff

Everybody can do with a little bit more money. That is why people are adopting the strategy of side hustle to supplement their income. A side hustle is an additional means of making money outside someone’s 9 to 5 job.  Multiple sources of income are always welcome. Side hustles have other benefits too. They help people to learn new skills and pursue a passion outside of traditional working hours. Side hustles are becoming increasingly popular because they give people additional financial opportunities that a traditional job cannot. A lot of Americans have no savings set aside for rainy days. This has only added to the appeal of side hustles. In 2021, approximately 34% of Americans started a side hustle. Given below are the benefits of side hustles that people can enjoy   if they adopt this trend.

Increased financial security

Side hustles are no longer restricted to being a hobby for stay-at-home parents. They are becoming an important part of the entrepreneurial landscape. The earning power from them is limitless. The pandemic has taught people that relying on one sole income is not a wise thing to do. Besides, everyone can use a little extra income. Side hustles provide people with an additional means of income that might have nothing to do with the primary job. Having an extra source of income might also help a person to make certain career moves that would not have been possible as it would mean going without a paycheck. Extra money made from a side hustle can also help to pay off debts.

Helps to stretch creative skills

People can learn new soft skills on a side hustle. These extra skills can actually benefit an organization where they are working. For instance, a side hustle might force someone to manage the social media platforms of a business. When needed, they will be able to implement the skills that they have  learnt in the organization where they work. Their resume is also enriched and they can take up new responsibilities at their day job. It is better to be prudent about discussing side hustles with the employers as employers may feel that it creates impediments during their time at the day job.

Flexibility

The freedom of working for oneself in a side hustle can be stimulating as one can have complete control over it. One can increase or reduce the hours invested in a side hustle depending on their main job. Some side hustles have the benefit of being more flexible than others. For instance, a freelance photographer can take on projects whenever it is convenient. A person who has a lot of spare time can work more on the side hustle to increase their earnings.

Helps to pursue passion projects

For some people, pursuing a passion might not be very profitable. A side hustle allows a person to invest some time into a project that they are passionate about without giving up on a steady source of income.