So, you want to start a side hustle?

Time, really, is the most valuable resource we have. And so, the very first and most important point I'll make here is, if you want to start a side hustle, you need to and must consider the value of your time, and whether the incremental time add on of a side hustle adds enough value to your life.

When I say value, I'm not talking about just the time itself, but rather the monetary, emotional, and relational aspects of this.

People start side hustles for different reasons - they have a great idea, they have a passion for something, they have some extra cash on the side, they want to eventually become a full-time entrepreneur. All of these can be good reasons, but it is also the follow through that makes a big difference.

When I took over the bar almost 6 years ago now, I very naively thought that it would generally self-run, pay returns, all while having a good time. I was dead wrong. Over this period of time, it has cost much strain on me in different ways, and so I'll break it down below - both the positive and negative.

Time Commitment - the amount of time you spend on your side hustle, for the most part, will be more than you expect. As mentioned, as I have gotten older, I've realized that time is the most important commodity we have. Everything we do is actually centered around that. People talk about financial freedom, but that's really time freedom that they are talking about, to do what you want, when you want.

Emotional Commitment - If you're really passionate about it, that's wonderful, and can even give you more energy and drive. On the other hand, it might sap all your time and energy, and leave you exhausted each day. Even if you're on holiday, there's always the stress nagging at the back of your mind. And, those emotional drainers lead to the next point, which are your relationships.

Relational Commitment - because your side hustle eats into your time, it also eats into the time with your family and friends. I have lost so many hours with my parents, and bonding time with friends who have now become more distant, because I have been all consumed by the issues that I've had to deal with at Jekyll & Hyde. I've often had to drop things or people to do this or that.

Monetary Commitment - this causes stress across the board. If you're doing well with your side hustle, kudos to you and I'm super proud and happy for you. But, as everyone knows, that's not always the case. And, in mine, it was a lot of my own money lost, and investor money lost. When we closed Jekyll the first time, in hindsight, I should have just lost that finite amount of money and closed it. But, I soldiered on and got people in along with the cause. The strain on my finances has been pretty tough, and also caused that emotional stress.

I have learned so much from this experience, and know that whatever I start next, I will take all these learnings to have a more successful business.

So, if you want to start a side hustle, that is more than fine. Some high level advice though these bullet points:

1. Account for EVERYTHING - hire an accountant FIRST
2. Keep it LEAN - ostentatious gestures don't matter, keep the cash close to your heart
3. Keep track of your team and employees (if you have any) - you're the business owner
4. Don't take debt if you don't need to
5. Remember to stick your head up to breathe

So, as you continue on your personal finance journey, do think before your start!