What is a side gig?
Let’s look at what exactly a side gig is before we talk about the benefits of starting a side gig startup.
A side gig, also called a side business or side hustle, is a small, usually flexible job you could easily pursue on top of your full-time job. By the looks of it, it is essentially a second job, though not as demanding as your day job, and allows you to have a flexible schedule.
Many people “moonlight,” i.e., work a side gig, to pursue their passions and interests while earning extra money on the side. Many others do so to eliminate debt or learn how to set up and run their own business venture. The idea of a side gig is to do something on the side while using your full-time job to support you until it’s time to adjust to full-time.
A Gallup poll revealed approximately 57 million people – or 36 percent of the U.S. workers – have a side gig. And, chances are, you’ve heard of a family member, friend or co-worker who has made the leap to side gig entrepreneurship and started a side business outside of their full-time job.
You’ve probably thought about starting a side gig startup but may have talked yourself out of it thinking it’s not something you could manage on your own. Or perhaps you were thinking you wouldn’t have the time, resources or expertise.
But before you dismiss the idea of “side-gigging,” why not consider the amazing benefits of hatching a startup?
Benefits of starting a side gig startup
Although side gigs require time and energy, they also provide you with a host of amazing benefits. These include:
1. Financial freedom
The obvious reason why nearly 4 in 10 Americans work side gigs: according to Betterment’s 2018 Report: Gig Economy and the Future of Retirement, nearly 70 percent of people work a side gig for financial reasons.
“Having more than one source of income is a smart move,” said Amanda Dixon, an analyst for Bankrate.com, “having a side gig is a great way to boost your savings and meet other financial goals.”
Who wouldn’t want extra cash in their pockets? Whether you would like to build an emergency fund or buffer fund, pay off credit card debt or student loans, or enjoy the finer things in life, working a side gig offers you a chance to earn more money and improve your financial outlook.
2. A greater sense of security
A great reason to start a side gig startup is the same reason you get insurance. You don’t know what the future holds. In the world we live in today, you just never know. What’s the worst that can happen?
No one likes to think about the possibility of suddenly finding themselves unemployed and without a paycheck. That could happen to anyone at any time. But if you have a side gig in place, you could have a greater sense of financial security, knowing you have extra money coming in case you get laid off or simply face unexpected financial burdens such as house repairs and medical bills.
Your own side gig offers you a safety net which can prove worthwhile in a volatile job market by making you capable of taking on more than one job.
3. Expanded personal network
Side gigs provide you with plenty of opportunities to grow your personal network. When you work a side gig, you often get the chance to meet – and eventually collaborate – with people you otherwise would never have interacted with before. You never know where your next connection could lead you.
In today’s increasingly competitive landscape, your network is essential to your professional success. Your side gig could help you build as many connections as you want. These connections will go a long way in helping you access more exciting career or entrepreneurial opportunities.
4. A greater sense of happiness
Do you feel unhappy with your day job? Does it drive you mad? Well, side gigs can help you cope with stress, anxiety, and other work-related frustrations.
Even if you’re stuck in a job you dislike, your side gig startup gives you the chance to explore your passions and find a greater purpose and meaning to your life and career. Plus, it gives you an outlet to relieve your stress, prevent burnout and rejuvenate.
Since side gigs are often activities people enjoy doing, they achieve a greater sense of happiness and satisfaction, on top of getting paid to do something they truly love. Your side gig could give you the excitement and enjoyment that are missing in your day job.
5. Risk mitigation
For people who want to become side gig startup entrepreneurs but unsure whether they could handle the risks, side gigs provide fertile grounds for experimentation. If you want to determine whether the entrepreneurial lifestyle is for you… or test a new business idea or technology, pursue a side gig.
You will never know if you have what it takes to become an entrepreneur… you will never know how your idea or technology would work unless you pursue it. Develop and test your entrepreneurial ideas and work on them as a side gig for a few months to gain some traction, and then you could answer your questions.
Pursuing a side gig is the best thing you can do to test your capability or idea without losing your primary income or blowing through your savings.
Join the side gig club
Take a leap of faith – start your side gig startup today. You never know; today’s side gig could become tomorrow’s source of steady income. Earn additional cash, hone your entrepreneurial skills, and expand your network.
Become happy and financially independent! Become your own boss! Become a side gig startup entrepreneur today!