The Art of a Side Hustle
- Deb Pitcher
- May 14, 2022
- 2 min read
Updated: Jun 7, 2022
There’s only 2 options when you need to get out of debt or build an emergency fund: cut your expenses or increase your income. When clients feel that they’ve cut expenses down as much as possible, but still aren’t making as much financial progress as they’d like to, it’s then time to figure out how to increase income. Thus, the side hustle. A side hustle creates many benefits such as increased income and the ability to do something you love. However, it’s crucial to weigh the benefits with the drawbacks before you dive in. Here are some questions to ask yourself before you jump:
What is your “Why”? What is the reason for starting this venture and will you still be passionate about it in one month, six months, six years?
Is it a business or activity that brings you joy and satisfaction? After working on it, do you feel more energized or are you drained?
Will you be motivated to consistently invest time into it even after a full day at your current job – week after week after week?
Exactly WHEN will you work on it? Do you have margin in your day or week to devote the necessary time to it? Write down the exact days and times you have available.
What are the costs necessary for start-up? How will you get that?
How much money do you need to earn from it and can you realistically earn that? What will it take to earn that amount?
If you start, what are some pitfalls that might cause you to lose steam or derail you? Think those things through now, before they surprise you later.
If you have a family, will there be a “cost” to your family if you shift time from them to this endeavor? Is it worth it? Is your spouse on board?
Have you prayed about it? Everything we own (including our time and energy) belongs to God. Has He given you peace to start this new adventure?
Don’t begin on a whim! Take the time to answer these questions and then you’ll have the confidence to proceed.
If you're ready to take control of your finances, send me an email! vesselfinancialcoaching@gmail.com
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