The term “Side-hustle” is a concept that is often used in our society. It can be described as a job that brings in an extra income aside from a person’s primary job or occupation. It pivots from conversations with our families, friends, colleagues and acquaintances. A side hustle is all about your passion, your interests and how best you can develop your entrepreneurial, business and personal skills. It provides a platform that allows one to explore the full potential of one’s passions without having to give your life, finances and career a complete 360-degree turn.
According to the African Development Bank, 22% of Africa’s working population has ventured into entrepreneurship or business. This is the highest rate of entrepreneurship in the world. The financial rewards are definitely one of the motivating factors for setting up or establishing a side hustle. This entrepreneurial venture is dependent on how best you can turn that passion into a profitable activity. It is pretty obvious that it pays very well and it is no wonder that the side hustle business is booming. So why should you also tap into this booming industry?
Here are 4 reasons why side hustles are so alluring and captivating.
Diversify your income- create more financial power for yourself
Creating multiple sources of income has to be one of the most liberating decisions a person can do for themselves. As one of the motivating factors for side hustle businesses, it not instils a sense of independence, power and control over one’s life but it also alleviates and offsets some financial demands of our commitments because let’s face it the economy is not getting any cheaper and our spending any less. By providing some financial security, side hustles are a great way to start building some savings, participating in activities such as investment or just basically earning a bit more cash to top up your salary.
An avenue to explore your passion
Your side hustle can be your passion project. It could be starting a youtube channel, or blog, selling your art and many others. The point is your options are unlimited and you do not have to worry about losing your primary source of income. It creates the opportunity to refine your creative skills while getting paid for it. The silver lining is also the fact that your passion could naturally turn into a career or profession as you become more adept in your skills. You might find that your side hustle may become a source of fulfilment and joy. And who does not want to get paid for being fulfilled?
Expand your network
Your operations allow you to form meaningful relationships with customers, suppliers, fellow entrepreneurs and many other stakeholders that will span across many different professions, industries and interests. Establishing rapports and relationships with these people may open more doors of opportunities that could possibly lead to the expansion of your existing and potential businesses. Additionally, networking exposes you to a spectrum of new ideas that can also aid in your personal entrepreneurship and business journey but also allow for fruitful partnerships and synergies. Having such contacts at your disposal helps in navigating your experiences, struggles and growth throughout your journey.
Develop and nurture your skills
As said above, side hustles are a great way to gain practical knowledge and experience in business and entrepreneurship. This platform will expose you to a plethora of business and entrepreneurship activities such as brand building, marketing, finance, customer service, operations and many others. Even if you have some prior knowledge, a side hustle is your one-way express ticket to gaining some quality in-field experience. It is a stepping stone to refining your foundation, skills and expertise in business management and entrepreneurship such that should you decide to increase the scale of your operations, you would be more equipped and adept to run and manage your business sustainably.
So what’s the wait? Start your side hustle today!!!/ Hustle ooo!