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Side Hustle Formula To Build Wealth - Education - Nairaland

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Side Hustle Formula To Build Wealth by Okfiscal(m): 6:35pm On Jun 03
May be you are working below your standards, your salary is not enough to tackle your expenditures? Or you are looking for something else to join with your 9am-5pm job to boost your earnings? Or you self-service to be a self made boss.

Then you have to read this article.
What is side hustle?
A side hustle is a way to make some extra cash that gives you the flexibility to pursue what you ‘re most interested in outside the 9-5 job.
Side hustle gives you the freedom to buy things you want and lower any financial worries.sincerely speaking, the said 9-5 jobs something don’t always pay the bill especially if you ‘re just starting.
For instance when you remove the cost of rent, food, transportation, children up keep you might realize that removing the cost of these bills you ‘re barely have anything leftover to save.
The annoying part of the said 9-5 jobs is that your financial growth is always capped by your boss who decides your salary.
Therefore, if you want to decide your salary yourself the best way is to start side hustle and build your self employed income while you still have the safety and security of your 9am-5pm job.
In addition, side hustle also improves your skills and it creates career changing opportunities you wouldn’t have stumbled upon at your full time job.
For example, hilary vanderschaaf was a Licensed Occupational Therapist, but decided to start a side hustle for making clothes, today her clothing line company is well recognized – hill hustle clothing line. Here was her reason for starting hill hustle clothing line

I realized I needed a side hustle and passive income as I was paying off my daunting student loans. I came up with the idea over a year ago, began getting my shirts made and wearing them myself. I hired a web designer to create my site and bring my vision to life. Since I have a decent following on IG, I have used that to promote and grow my brand.

Quickly before we discuss why you need side hustle, i will like to share step involved to develop successful side hustle
1.Make a list of what you are interested in
You need to love what you are doing as a side hustle for it to be successful for you. This job will be done on your own time, and outside office hours if you have a day job, so it will take a lot of energy and motivation to make it stick. Only something that you are passionate about will drive you this much. Brainstorm side hustle ideas around your interests, hobbies, and skills to discover the best business to start.
After all, business success happens only when the right skills meet the right interest areas.

2. Decide early if you will invest money
Side hustles shouldn’t cost too much money but they may require some investment upfront for things like hosting, branding, and tools. You may decide that you want to do advertising to find your first customers. Whatever your growth and expansion plan is for your side hustle you need to be aware of your spend before it happens so plan your spending accordingly and measure your success to know whether you should continue.

3. Make sure there are no conflicts of interest
If you have a day job or have connections that could lead to a conflict of interest with your side hustle then it is not a good idea to continue with it.
Obviously, you shouldn’t work on your side hustle during company time, nor should you use company resources to advance your own pursuits. Not only is it unethical, but it’s likely a violation of the employment agreements you signed when you began your job.
Sometimes the best advice is to try something else or to shelf your idea for another time so that you don’t end up doing something you regret.

4. Schedule time for your side hustle
A side hustle takes time out of your day, daily, so ensure everything is going right. It is not possible to set up your website, schedule your content, and forget about everything until next month.
Set aside time in your calendar regularly for your side hustle and outline actionable goals for this time so you know what you are doing is valuable. If you have a day job, aim to give three to four evenings a week and perhaps some hours at the weekend to your side hustle, depending on what it is.

5. Don’t forget about your day job
If you are setting up a side hustle while also having a day job, remember to put 100% of your energy into your day job when you are there. A side hustle will give you some money but you rely on a cheque from your day job which you need to pay the bills with. Don’t try to juggle your day job and side hustle within your 9-5 hours as this is a recipe for disaster.

Why you need to start side hustling now;

Read also: 8 proven and fast side hustle you can start today[url] https://okfiscal.com/8-side-hustle-you-can-start-aside-your-9am-5pm-jobs/ [/url]
Statistically, a large number of world population (myself included) have launched side hustles related to freelancing, blogging consulting and other online-based businesses such affiliate marketing, ecommerce, Email marketing and digital marketing while having regular employment. In fact, according to a 2016 study by LinkedIn ProFinder, more than 331,941 professionals in the U.S. alone are already freelancing on the side of their day jobs .

Regardless of where you are at in life, in debt or not in debt, married or single, twenty years old or fifty years old, there is something that you can gain from starting a side hustle;

1.Diversify Your Income
There is nothing like the security of having more than one income stream. Even if you absolutely love your full-time job, situations can change. Perhaps demand drops or a new executive decides to cut 10% of the workforce. No job is safe.
Even if your job is extremely secure, you may find yourself going to work one day and thinking “I don’t want to do this anymore.” If you started a side hustle years prior to this you are likely much better positioned to look for other employment or even take the necessary steps to turn your side hustle into a full-time job.
One key takeaway to remember is that the earlier you start a side hustle, the better. Some side hustles – like blogging – can take months of work before you start making money, and if you re-invest your income back into the blog it could be several years before you have built the site up to the point where it can replace your full time job.
2.Test a Business Idea Without Quitting Your Full-Time Job
One of the greatest things about the world we live in today is that it’s easier than ever before to test out a business idea while working a full-time job. No need to quit your 9-5 and go all in; instead you can give a go at it during nights and weekends (and for the early birds out there – mornings as well!).
If you ask me what my long-term goal is I can tell you without hesitation that it’s to run a business or multiple businesses full-time. Working in corporate isn’t for everyone, and while I do a good job I know I will be much happier running a full-time job.
With that goal in mind, I love that I can test business ideas without sacrificing my stable full-time income. If any given idea or business venture flops I am out only time and, in certain situations, some money.

3. Break into a New Career Field
If your goal is to switch to a new career field, think about what sort of side hustle helps you gain experience and a track record, and then pursue that side hustle. If you want to code for a living but currently work in marketing, start coding in your spare time. Gain clients and those who will vouch for your skills.
You can start with blogging because These skills are in high demand and almost every company is staffing up in this space. The problem is that traditional corporate marketers likely have not developed the deep hands-on experience that bloggers have.
Starting a blog could set you up for a job in the new digital landscape that you otherwise wouldn’t have even been considered for.
Blogging isn’t the only side hustle that can help you break into a new career field. Let’s say you enjoy social media management. By starting a side hustle focused on this you could gain the skills needed for a job in this space or you could build up a business that allows you to leave your 9-5.
4. Pay Off Debt Faster
Paying off debt faster is one of the main motivations many people starting a side hustle. It provides plenty of motivation to stick with a side hustle, too, as staying with your side hustle is half the battle.
The initial goal many people worked towards with side hustles was to make enough make that would offset their monthly loan payments and open up cash flow for other goals like establishing an emergency fund and saving for a down payment on a house.
5. Reach Other Money Goals Faster
Don’t have debt or not looking to pay it down faster? Side hustles can still be a huge benefit to your finances. In fact, if your side hustle money isn’t going towards debt you are in a great position to reach other money goal fasters.
For instance you want to go on an expensive holiday, you want to own a house or you want to buy a new car. Whatever your goals are, side hustles can help you accomplish them faster.
6. It Can Change the Trajectory of Your Life
I could fill an entire book with examples of people who started a side hustle that transformed their lives. From the hairstylist single mom who now makes over $100k as a social media manager to the blogger who was able to escape the corporate life they despised, side hustles can change the entire trajectory of your life.

7. Side hustle open up a whole new path to
making your dreams a reality

For me, I truly believe I should be running a business full-time. Debt makes that dream unattainable. Side hustles help me test business ideas with no risk, though, while also helping me pay off debt faster. I’m able to bridge the gap and have a clear path to my goal, all because of side hustles.
8. Meet New People and Build Your Network
One thing that is virtually guaranteed with a side hustle is that you will meet new people. Most, if not all, of these people you would have never crossed paths with if it wasn’t for your side hustle.
I took a few minutes to think of some of the incredible individuals I’ve been lucky enough to come into contact with because of my side hustles, and it’s really overwhelming to think about. The wide diversity of opinions, geographical locations, ages, professions, and interests is truly astonishing.
You won’t become best friends with everyone you meet through your side hustle. With that being said, you very well could meet future business partners or even employers through your side hustle. Don’t discount this potential upside of having a side hustle.
9.It unleash your inner potential and move you out of your comfort zone
Prior to starting my blog I hated public speaking. And I mean to the point where I didn’t even want to talk on the phone because of my accent and vocabulary. but my side hustle has pushed me outside my comfort zone and it’s made me a better and more confident individual because of it.
Now speak at seminars, workshop, radio shows. This is something that is nearly unthinkable to me years ago. but my side hustle has led me down that path and I’m grateful for it.

10. It re brand your skills Get you paid for it
In the past i used to write articles, report and essay for my colleagues while still in school then. I by no means am a seasoned veteran. That doesn’t mean I don’t have skills that are advanced enough to copy write to companies looking for help.
Though, Through starting blogging as a side hustle I was able to further develop my copy writing skills. Not only was I learning on how to write better content, I was getting paid for it. What more could you ask for?
Continue reading... [url] https://okfiscal.com/things-to-know-about-side-hustle/ [/url]

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