Side Hustles

When Passion and Financial Freedom Collide

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In the post-Covid era marked by economic uncertainty and a desire for greater autonomy, the concept of the side hustle has emerged as a beacon of opportunity for millions across the United States.

What exactly is a side hustle (sometimes referred to as a “side gig”)?

At its core, a side hustle is a supplementary source of income pursued alongside a primary occupation or commitment. It’s a manifestation of one’s entrepreneurial spirit, often rooted in passion, skill, or interest. It’s often a fulfilling way of generating extra income.

Side hustles come in various forms

Virtually unlimited options for side hustles reflect the diverse talents and passions of individuals. From freelance writing and graphic design to dog walking, pet sitting, and handmade crafts, the possibilities are as limitless as one’s imagination. What distinguishes a side hustle from a traditional part-time job is the personal investment and creative autonomy it affords. It’s a chance to channel energy into something meaningful and potentially lucrative.

Not solely about financial gain

While the additional income can certainly ease financial burdens or fund pursuits like golfing or traveling, they also provide a platform for personal fulfillment and growth. Many individuals find joy and satisfaction in turning their hobbies or interests into viable income streams. Whether it’s baking, photography, or tutoring, a side hustle allows individuals to monetize their passions and share their talents with the world.

Why are some driven to earn more money thru a side hustle?

It may help cover essential expenses such as rent, groceries, or student loans, providing much-needed financial relief. Alternatively, it can fund aspirational endeavors like purchasing a dream car or saving for retirement. Maybe the effort these folks are giving now results in retiring earlier than expected. Side hustles offer a degree of financial flexibility and control, empowering individuals to pursue their goals on their own terms.

Your Employer and your Side Gig (a huge question to consider)

• What will your employer think of your side hustle?
• Do you have a non-compete agreement that could derail your ambitions to earn more income?
• Should you keep it a secret from your employer?
• What if you don’t notify your employer, but you were supposed to let them know? What are the implications?

Unfortunately I can’t answer this for you, but these articles paint a pretty good picture of the employer vs side gig topic with differing opinions.

• Does Your Employer Know? How to Be Public About Your Side Hustle by Ariane Hunter, MBA
• Keeping side hustle a secret from full-time employer – is this situation normal?
• Are You Entitled Not to Tell Your Boss About Your Side Hustle? by David Sable
• Should you hide your side hustle from your employer? Here’s what to consider by Gili Malinsky
• Secret Side Hustle – How to keep your side hustle a secret by Colin Ley (this is about side hustles in the UK, but still relevant to the United States)
• Should You Keep Your Side Hustle a Secret? by Techround Team

E-Commerce and Social Media Options

In recent years, the rise of the gig economy and digital platforms has facilitated the growth of side hustles. From e-commerce platforms like Etsy, Shopify, and Amazon to freelance marketplaces such as Upwork and Fiverr, aspiring entrepreneurs have access to a wealth of resources and opportunities. Social media channels enable them to showcase their products or services, reach a broader audience, and cultivate a loyal customer base.

 

Turnkey options like becoming a driver for Uber and Lyft

Driving for rideshare companies like Uber and Lyft has become a popular choice for many looking to earn extra income or work flexible hours. However, like any job, it comes with its own set of advantages and disadvantages.

One of the primary advantages of driving for Uber and Lyft is the flexibility it offers. Drivers can set their own schedules, allowing them to work as much or as little as they want. This flexibility is especially appealing to those with other commitments, such as students or parents. Additionally, driving for these companies can provide a steady stream of income, with drivers often earning competitive rates for their services.

Another advantage is the opportunity to meet new people and explore different parts of the city. For social individuals, this can be an enjoyable aspect of the job, as it allows for meaningful interactions with passengers from diverse backgrounds.

Signup to Drive for Uber
Signup to Drive for Lyft

However, there are disadvantages to consider. One major downside is the lack of job security and benefits. As independent contractors, Uber and Lyft drivers do not receive benefits such as health insurance or paid time off.  You’ll also be responsible for covering their own expenses, including gas, maintenance, and insurance.

Driving for rideshare companies can be physically and mentally exhausting. Long hours behind the wheel, dealing with traffic, and managing demanding passengers can take a toll on drivers’ well-being.

So, while driving for Uber and Lyft offers flexibility and the opportunity to earn income, it also comes with drawbacks such as job insecurity and the potential for burnout. Prospective drivers should carefully weigh these factors before deciding if rideshare driving is the right choice for them.

Flipping

When one hears the term “flipping,” real estate often comes to mind. However, the concept extends far beyond the housing market and into the realm of retail products. This practice, known as “retail arbitrage,” involves buying discounted items from various retailers, both online and offline, and reselling them for a profit. We’ll explore the ins and outs of flipping retail products, from sourcing to selling, and provide insights into maximizing profits.

Sourcing Products

1. 1. Walmart: Post-holiday clearance sales at Walmart offer lucrative opportunities for flipping products. Look for items in high demand to ensure a quick turnaround.

1. 2. Nellis Auctions: A hidden gem for product sourcing, Nellis Auctions provides access to a diverse range of new products at competitive prices. Auto parts, in particular, have proven to be profitable due to their inherent demand and scarcity.  And car seats………I’m amazed at the number of car seats (most of them new or like-new) that go up for auction every single day at Nellis.

1. 3. Facebook Marketplace, Offer Up, Craigslist: These online platforms are treasure troves for finding discounted items from individual sellers. Quick negotiation skills are essential for securing deals, especially on Offer Up, where sellers may be eager to offload items quickly.

Selling Strategies

1. 1. eBay: With its extensive reach and robust selling features, eBay remains a top choice for flipping products. Utilize the “Buy it Now” feature to streamline the purchasing process and leverage past sales data to price items competitively.

1. 2. Offering Free Shipping: Incorporating the cost of shipping into the selling price allows sellers to attract more buyers and maintain healthy profit margins. Detailed product descriptions and photos help build buyer confidence and minimize returns.

1. 3. Local Selling: Platforms like Facebook Marketplace and Offer Up are ideal for selling to local buyers, eliminating the need for shipping and facilitating faster transactions. Craigslist, although less popular for retail arbitrage, still presents opportunities for skilled negotiators.

Maximizing Profit

1. 1. Research: Before making any purchases, conduct thorough research to determine the potential resale value of a product. Consider factors such as market demand, competition, and selling fees to calculate the optimal purchase price.

1. 2. Diversification: Explore various product categories and sourcing channels to mitigate risk and maximize profitability. While auto parts may yield consistent returns, branching out into other niches can uncover new opportunities.

1. 3. Efficiency: Streamline the flipping process by optimizing sourcing and selling workflows. Invest in tools and resources that automate tasks such as inventory management and listing creation to increase productivity and scalability.

Flipping retail products for profit offers a lucrative opportunity for savvy entrepreneurs willing to put in the effort. By strategically sourcing discounted items and leveraging online platforms for resale, individuals can create a sustainable income stream with minimal upfront investment. Whether you’re a seasoned flipper or just starting out, mastering the art of product resale can lead to financial success in today’s competitive marketplace.

When the side hustle grows into something more……and when to quit your day job

One of the most intriguing aspects of side hustles is their potential for evolution. What begins as a modest endeavor to earn extra cash can sometimes blossom into a full-fledged business venture. For some, the success of their side hustle prompts a pivotal decision—to leave behind their traditional job and commit fully to their entrepreneurial pursuit. This transition represents a profound shift, not only in terms of career trajectory but also in lifestyle and mindset. Embracing a great side hustle as a primary occupation can inject a newfound sense of purpose and fulfillment into one’s life.

Freed from the constraints of a traditional 9-to-5 job, individuals are able to dedicate themselves fully to something they’re passionate about. Whether it’s launching a clothing line, starting a catering business, or offering consulting services, they’re pursuing their dreams with unwavering dedication. The decision to transition from a full-time job to a side hustle-turned-business is not without its challenges. It requires careful planning, financial stability, and a willingness to embrace uncertainty. Yet, for many, the rewards far outweigh the risks. The autonomy, creativity, and sense of accomplishment that come with running a successful venture are unparalleled. Moreover, the happiness and fulfillment derived from doing what they love are immeasurable.

 

Side Hustles for Students

Mark Tilbury, with over 2.7 Million YouTube followers has 7 options for students looking for a side hustle.  Complete with real-life examples he’ll show you how to turn them into a passive income goldmine. 

Don’t quit your full-time job just yet

While side hustles often promise financial rewards and personal fulfillment, some evolve into enjoyable commitments that don’t necessarily generate substantial income. Whether it’s a passion project like deciding to start a blog, tutoring, playing in a band, or creating art, these endeavors may bring joy and satisfaction without significant monetary gain. Despite the modest earnings, individuals may find immense value in pursuing activities they love and sharing them with others.

These side hustles serve as creative outlets, sources of personal growth, and opportunities to connect with like-minded individuals. Ultimately, while the financial return may be limited, the intrinsic rewards of pursuing a meaningful passion can be immeasurable. However, amidst the allure of side hustles, it’s essential to acknowledge the importance of balance and self-care. Juggling multiple commitments can be taxing, both mentally and physically.

Burnout is a real risk, particularly when passion turns into pressure to constantly perform and produce. Finding free time for rest, relaxation, and meaningful connections is crucial for maintaining overall well-being. In conclusion, side hustles represent a dynamic and empowering avenue for individuals to pursue their passions, supplement their income, and achieve financial freedom.

What’s next?

Think you have what it takes? If you answer yes, then go for it. Start now.

If you answer “maybe”, then keep it in the back of your mind.  “Maybe” is too non-commital, even for a side gig.  Even though there usually isn’t a ton of risk or startup money required to get your side gig going, you should be all in.

If a side hustle is in your future, the Good luck!