A side project refers to setting up smaller projects and businesses, outside your current career/job. It’s a money-making pursuit and for some, also becomes the start of their new regular career.
Having a side hustle and turning multiple passions and skills into a course of income has become increasingly popular, especially amongst millennials and Gen Z in the last couple of years. Almost every individual now has a side project going, a business starting, doing freelance work, or some sort of consultation other than their regular jobs. Whether people are not happy with their jobs, or have more time available, want to earn more cash, or are ultimately sucked into the hustle culture, side projects are becoming more and more common every day. But it does come with its demands and whether you know it as yet or not, there are multiple pros and cons of side projects.
A side hustle, or a side project/freelance work, can be anything you are interested in. It could be you investing your time and effort into making jewelry, setting up an online shop, selling homemade food, setting up a bakery, or supplying your writing or consultancy services. Investing in cryptocurrencies is also a part of side income. According to a study conducted by Dollar Sprout, side projects have become a go-to way to supplement monthly income. To understand it more, let’s look at how it can benefit us or how it would put us at a disadvantage.
Let’s look at all ways side hustles benefits us:
Now let’s pay attention to its demands and disadvantages:
When choosing whether to indulge in a side hustle or not, you must weigh the pros and cons for yourself. We recommend you speak to professionals in the field to get an idea of whether the advantages outweigh the disadvantages or vice-versa. This is also a very subjective decision as some people are more likely to pull in all-nighters, and extra work hours, to reach their professional goals. Whilst some may be fans of the traditional 9-5 and keep their peace of mind, above all.
A side hustle can definitely increase your income, open more doors for you, connect you to people, and broaden your professional portfolio, but it will also demand more time and effort, there are chances of failing, the income is not always stable unless the business has settled, and requires a lot of patience. So, whether you choose to do it or not, we recommend that you weigh the pros and cons of side projects and become wary of the common pitfalls, mistakes, and best practices so that you don’t have to risk financial security and can hustle on your terms.
