Top 10 Considerations For A Side Hustle That Fits Your Life...And Your Wallet!

Inflation has sparked many people to wonder how they will continue to afford their essentials, let alone the extras in life.

Many have started a side business over the last few years, hoping that it will bring in the extra money they need. Many more are thinking about it and just aren’t sure what the right business ‘is’ for their family.?

Opportunity Share, which means those who began a new business out of choice vs necessity fell 17.1% in 2020, meaning more businesses are being opened out of necessity rather than choice. That’s the largest drop in the last 25 years, according to a report by the Kauffman Foundation.

According to a 2021 Bankrate survey, 38% of those with a 2nd job do it just to cover ordinary living expenses and 49% of side hustles pay less than $200 a month??

If you are going to do it, what’s the right thing to do?

There are 4 types of businesses people are starting:

-??????Doing a service business outside the home, like driving for Uber

-??????Doing a service from home (like customer service for a large company)

-??????Creating products at home to sell to others

-??????Working for someone else as a 1099 contractor and getting paid on commission

Side Hustle Stats:

-> 34% of Americans had a side hustle in 2020

->An Additional 24% planned to start in 2021

->46% are hoping to generate passive income

->Parents are 2x more likely to have a side hustle

(Source: Zapier online survey conducted by The Harris Poll

Starting a business and ensuring it is profitable, however, are two different things. Some businesses require an investment to get started.?

There are many factors to consider when you think about starting a side-hustle, especially as they relate to your time available, money available to spend, the money you want to make, family circumstances, and your skillset.

When you have a spouse or family to take care of, being away from the home is a big issue - who takes care of the spouse or children (or parents) while you are away from the home working??If you must take them someplace to be cared for or have ‘in-home’ help, in many cases, those things cost more than you will make, and therefore working “just is not worth it,” many people say.

And, even when working from home, some side hustles do not allow the flexibility to jump up and care for a family member at a moment’s notice. ?

So, the decisions people must make today are harder than ever when people start a side hustle!

I get it. I had 4 side hustles while I was in corporate America because I knew that eventually, I wanted out of that corporate job so I could have both time freedom and a reliable income. I tried several things before having the “Ah Ha” success and freedom I was looking for.

As a first step, you must take into account the total ‘cost’ of the side hustle business.?Things such as:

Expenses required, including:

• Upfront monetary investment
• ??Time required to get the minimum number of clients/customers you need in the next 30-60 days to make the money you want?
• Skillset required to acquire those customers
• Equipment or inventory investment
• Family cost – are their elders or children that need taking care of?

2nd, Success can be found in a side hustle, and many times, it can lead to substantial long-term income - However, NOT ALWAYS! Many side hustles require that you start over at $0 every month.

So if you find and start one that really works for your life and your wallet...

Imagine what your life will look like when you have reduced the stress associated with money & time giving you the freedom to take care of your family and live life the way you want to. It’s absolutely possible for you!

For more tips to make the right decision on a side hustle for you and your family, download my PDF of “Top 10 Considerations For A Side Hustle That Fits Your Life – And Your Wallet” CLICK HERE!

Already considering some options? Unsure what you’re missing??Schedule a 30 min zoom with me to guide you through some of the questions (and best answers) by CLICKING HERE!