In episode 2, we talked about the importance of our income and walked through the process to ask work for a raise. Today we are going to stay on the topic of our income and talk about supplementing our paychecks with side hustles. About 44M Americans have a side hustle. If you don’t know what a side hustle is, think of it as anything you do outside of your day job to earn money. But the spirit of a side hustle is more entrepreneurial than just getting a second job. You do it on your time, hopefully by your rules and ultimately you’re responsible for your own success.
I am a big fan of side hustles for a number of reasons. They allow us to learn and grow new skills and capabilities, pursue our interests, do constructive things with our time instead of watching a bunch of Netflix and, most relevant for Calm Cash, they bring in extra income to put towards our money goals! But before you dive in, here are some questions and then recommendations to get you going.
Question 1: Will I let my side hustle disrupt my day job?
If the answer to this question is yes or even maybe, then I would be very careful about pursing incremental work and responsibilities. What can’t happen is you lose your focus and your ability to keep crushing your day job. If this were to happen, now you are jeopardizing your primary income and that can majorly set back your progress towards saving and paying down debt. I encourage you to spend time thinking and reflecting on how your day job is going and deciding if you have the time and energy to do both well. If after reflecting you want to move forward, the next question is…
Question 2: Do I want to start my own hustle or join up with an existing business?
This really comes down to time and effort. Starting your own business or opportunity from scratch can take a lot of time, especially if this is your first side hustle. Also, building from ground zero takes a lot of intense execution and effort. Let’s look at an example. Maybe you are a great writer and you want to use that skill to make some extra money. You could start your own business and write for customers who need help, but that would involve a bunch of steps before you probably make your first dollar. You would need to get your name out there through a website or social media, determine your pricing model, find customers and then start delivering your writing.
Alternatively, you could join a platform like Fiverr. It brings buyers and sellers of professional services together and helps you start earning money faster. You don’t have to build a website, create a social media presence and perfect your marketing. You just need to create an account and clearly show your skills and expertise to attract buyers. There is still work to do but the platform, Fiverr, helps you get going faster by providing tools and resources.
But like most things, there is a tradeoff. You have to give Fiverr a cut of the profits because they DO provide help and resources. That is probably going to be the case whenever you join up with an existing company whether that is driving for Uber, running errands on Task Rabbit or being a shopper on Instacart.
The tradeoff you have to consider is the time and effort to start your own hustle vs. joining up with a company. My personal recommendation is if you have the time and drive, start your own thing! You will learn way more but the time to see cash coming in might be a little longer than the other alternative.
Question 3: When am I going to do the work?
This is especially important if you are starting your own endeavor instead of signing on with an existing business. Is there time in the morning before you start your day job? Are you designating time on certain nights to make progress or deliver work for your clients? Are you going to be a weekend warrior?
I would create a plan for when and where you will work on your side hustle. Let’s talk about what I do for Calm Cash. On Sunday’s I plan out the goals and actions for the next 7 days. Things include writing content that can be used in blogs and on the podcast. But that isn’t it. I have to create visuals and infographics to support the content and, hopefully, attract new listeners from social media. The website needs updates or new functionality, and I actively work on Search Engine Optimization and my strategy to continue to grow reach. The bottom line is that it is a lot of stuff but I do it because I love it and it helps me to ultimately accomplish the mission: to help others reach their goals with their money and mental health.
This sounds overly formal and maybe it is, but it works for me. Without it I personally run the risk of not focusing enough on my family, my day job or Calm Cash…priorities in THAT order. Whatever system you use, make sure you have enough time to be successful.
Question 4: Do you want to interact with people?
The last question to consider might seem a little weird but I think it is important. More and more, there are good paying gigs that require no interaction with another person. Amazon Flex is a great example. You tell Amazon when you are available and then you deliver packages to houses. You simply go pick up the packages where Amazon tells you to and then you drive it to the home or business. Easy as that and you never have to speak to a soul.
If you are providing services to customers, as a freelance writer like we used earlier, a dog walker or driver, you are going to have to interact with people and potentially have rework or customer service issues that have to be addressed. If you are a people person, it probably isn’t a big deal. But if you aren’t or maybe you deal with people all day in your day job, you may want to find an opportunity that doesn’t have those potential headaches. Remember this should be fun, fulfilling and help you learn and grow.
So those are four key questions before you dive into a side hustle. I hope you will consider taking the plunge because it can fun and make you some extra cash.
Do you need help brainstorming ideas to make some extra cash? There are tons of side hustles out there but here is a brain dump of the ones I can think of to get you started:
Rent your car on Turo
Dog sit or walk on Rover
Drive for Amazon Flex
Teach on Skillshare
Tutoring
Write an ebook
Babysitting
Sell stuff on Mercari
Deliver Food on Uber Eats
Drive on Uber/Lyft
Give music lessons
Become a personal trainer
Advertise on your car
Focus groups
Freelance writer
Interior design
Consulting
Mystery shopper
Create a blog
Start a podcast
Rent your house on AirBnB
Manage Social Media for a person or company
DJ
Create an Etsy store
Bartend on weekends
Graphic Design
Programmer/Developer
Photography
Start a moving company
Video editing
Host dinner parties
Wedding planner
Scooter Charger
The possibilities are endless and the extra income can unlock a better future for our money and our mental health. So start hustin’!
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