Myths and facts that you should know before starting a side hustle

Myth: Everyone must have a side hustle

Fact: The notion of 'being your own boss' seems like a dream come true, along with a bunch of advantages. You can enjoy your hobby as a side hustle, save extra money for any big purchase, clear your debts, and so on. Though it seems to be worth giving a try from the outset, side hustles can also put you in the pool of stress and take chunks out of your leisure. You will need to make a lot of sacrifices and can juggle multiple challenges at a time. So if you are happy with your current job, feel financially secure, and have no particular entrepreneurial passion, there is no need to take unnecessary stress and spend hours of hard work on a side hustle.

Myth: A side hustle can solve your money woes

Fact:  Having multiple streams of income makes you more financially sound. However, it is not a rare case for side hustlers to lose more money to keep their business afloat than earning it. There are some extra expenses to run a business or to be out of the red. But these costs are often overlooked while preparing a budget for it. Make sure that you know about these additional fees and have a proper plan to recover these costs from your side hustle. If the losses need to be covered by a significant part of your primary income, then it is not worthwhile to continue, and it can eventually exaggerate your financial problems.

Myth: Your side hustle needs an insane amount of time and attention of yours

Fact:  Balancing a full-time job and a side hustle is a big deal. While trying to give your best, you can feel burnt out on both jobs. And it is not even necessary to allocate more hours to your side gig. It's not about how much you do, but what you do. Make a comprehensive outline on how to proceed with your side hustle, and take the help of someone or a team if possible. For example, if you are running an online business, you can appoint someone to manage the page inbox and write down necessary details, and you'll just oversee all the activities. In this way, you don't need to stress over every single thing and can think of more creative ideas to expand your side gig.

Myth: Monetising your passion is a dream side hustle

Fact: You can have one or multiple passions at a time. But turning your every passion into a business may not provide you with the satisfaction that you have earlier. For example, you may love to cook or bake. But when you start a side gig out of it, the matter is not only about cooking or baking anymore. You need to update your strategies to expand your business, deal with bulk orders or different requirements of customers. Among all these issues, you may no longer enjoy your passion. Instead, choose something as a side hustle that you can do repetitively and won't feel that the fun or satisfaction is out of it for you.

Myth: Side hustlers hate their main jobs

Fact: There can be various reasons for taking up a side hustle, such as financial issues, enjoying passions, or even looking for new opportunities in their career. The idea of doing a side gig is quite different for every person. Sometimes side hustlers do such gigs despite their likeness towards their regular job. They may just need this leap to try their luck in a different field and ignite a new career passion. Not necessarily, side hustlers want to or must take this gig as the primary job in the future. They can reap the benefits of such new experience and skills in their current position along their optional income stream.