Why We Should All Have A Side Gig
I make no bones, with my attempt of stating some of the obvious in this article. However over the past 10 to 15 years or so, we have seen and experience a major shift upon how we earn a living.
Because as far as I can remember when I speak to those I admire, respect, and follow all seem to have some sort of side-gig / hustle, and for all of the reason you may come up with.
But there were quite a few conversations I had that seemed to have a common thread that related to the word freedom. A word that means many different things . You know like them loveable phrases used every minute of the day, I love you, Fcuk-You, No,
Yes all of which could be misunderstood as its all about the context, which of course is down to how you say it, who you say it too, and when you say it. However, freedom is one of them worlds that doesn’t really have that punchy impact that it really deserves. Well that’s what I use to think until my first exposure to entrepreneurship when I worked as a private chef .
So, freedom, how does it relate to your life and why? I’m not taking about being able to live in a country without many restrictions, I’m not talking about freedom of speech. Although you would have thought so over the past 2 years with the Covid-pandemic and it’s restrictions.
So, if I may ask to keep that word in mind once you have finished this article. “Freedom” just in case you’ve forgotten
Some say money is the route of all evil “Mmm” I would say the lack of it is, and without sounding obsessed with money for me it’s right up there with fresh air, whether that’s real money, well what I call real money or nowadays crypto. “No, you say” Well trying to go in your favourite shop filling it up your basket and walking out without paying. Yes, I’m stating the obvious but it’s something we need I’m afraid. But I don’t think we need it in bulk but more as revenue streams.
Now here’s where I change your view on money, as for me money is a buy product of what you really want, again, have you ever asked yourself what you want? what you really, really, want? (Sorry I couldn’t resist a little spice girl lyric) But think about it, its not that we need much, we keep buying dumb shit to impress “who” or to just full up our cupboards with tat!
Now let’s introduces “Mr. & Mrs. Freedom” notice the play on words “keep up please” now he or she is living life’s of experience on their terms and working when they wish to, is as rare as you are telling the boss you do one on a Monday morning because your side gig has given you options. Just pause with that thought let me repeat “Your side gig has given you options”
So why haven’t you start one then? Why, we are all a little fearful in taking that firsts step. Fearful of failure, what people may say, start up cost, or not quite there yet with the idea if what to do
Maybe you are mega happy and I need to shut the hell up, love your job, and rightly so, as we need a balance of employers and employees. If found your career home, with the desired lifestyle then may it continue.
Now sliding back on track, the side gig.
Here’s is an interesting section taken from the author Lauren Forth, written back in 2020, I’ve picked three sections that jumped out to me while reading it, I’ve added a few bits, but it really does make sense. But please pop over and read the full article simple but true. “Benefits of a Side Gig”
1.Work/life balance: Side gigs are the epitome of flexibility. It is work that only represents an additional part of your income and therefore you can schedule it around your own life and commitments. You can set your own hours, work as much or as little as you like and have the freedom to fit it around your busy lifestyle – perfect!
2. Risk avoidance: Most side gigs are established in the knowledge that they are simply a nice extra, rather than anything concrete. This means that initial investments are typically quite low and the risk factor of it not working is low as well. You can easily quit without the pressure that usually comes from starting a new job. “Unless your Charlie big spuds and can splash £100k on a new Airbnb project”
3. New opportunities: The more you engage with the world the more opportunities will come your way. Regardless of your initial goals, side gigs are nearly guaranteed to create unforeseen and exciting opportunities, friendships and pathways that won’t necessarily come to you otherwise. (This I find to be fact as when you are activity looking opportunities open)
Now here’s a little downside of side gigs, I call it the microwave syndrome, we start and if we hit any hurdles, its far easier to stop bin it and start another one, then another one, rather than looking at what and why it’s going wrong and normally its us-you-we, as we don’t but in the work needed’
Point 2 Risk avoidance, because most side gigs require little investment some may not take it seriously or worst, treat it like a hobby therefore it will cost you like a hobby leading to you quitting. You may start small, but you need have the mindset of go big whether you going to go big or not its an attitude thing.
With hard work & dedication along with using leverage if you wish to scale, the benefits of having a side gig, for me out ways the many reasons to rely on one source of income and as the world changes even faster one income source may not cut it any more.
Think about it your side gig could?
(A) Turn into a new career, but here’s the twisted it could turn in to a career you totally love but on your terms. “You’re thinking about it now are you right now aren’t you” Well feel it, find it, action it, and do it.
(B) You can use the extra money to build wealth it’s called part of your “freedom” package getting money to work for you, rather than you being money’s bitch… Great book that every parent should give their kids “Rich Dad Poor Dad By Robert T. Kiyosaki” You see in my eyes you do not need to be a new member of dragons dead to have pretty good financial security. I personally think 2 to 3 different revenue streams will set you free from the rat race.
(C) You can use the extra money to pay off debt / wouldn’t that be nice to have less debt and get rid of your mortgage asap. However manageable debt is good for business minded successful entrepreneur who knows to well how to use someone else’s money to build their future
(D) Having multiple sources of income is empowering / this was one of the top 3 reasons from those who I admired would say, as gave them the ability to pay it back to their communities. Invested in others. As when you personally have the lifestyle you desire most tend to help others achieve their own goals.
(E) You can offset your side gig against your PAYE role “Nice” always check with a good account.
(F) Freedom to me is all the above and more. But there must be a starting point upon why you wish to start a side gig. A little tip, it has to be personal to you first, as if not and its just about the money and not what the buy product of money can do for your life, then you’re missing the point of what I’m trying convey and your journey is going to be bloody hard for sure.
Here’s one for you ladies a great article by the BBC “Why a side hustle may be more important for women than men” and I’m sorry I have to agree as in my side gig, the women I work alongside are crushing it, call me what you want but don’t call me late or stupid I have 3 side-gigs all performing on different levels. But when I listen to the journeys on the ladies in my business life, I’m in ore of what’s driven them to inspire and build a great life for themselves and their families.
So, before you go and rushing for the paint brush, the drill, or the pop up craft tent here’s a few pros and cons.
Let’s Start With The Pro’s
1) More freedom, one of the key benefits of working for yourself is the true balance of doing it your way, when you want and where you want.
2) Depending on your side gig and market space, work and grow your business in different time zones
3) Earn while you learn. “What I can learn to do business and earn at the same time “YES”
4) Choose who work with, this is such a blessing.
5) Diversified, better income streams meaning in different areas, for me its health
e-commerce / Catering & Leisure / Branded Products
6) Time to work and your personal goals, so important we value self-care and self-development
7) Paying yourself first
8) Scaling to leverage your business
9) Do it right be patient and the financial rewards will come. As long you are prepared to work on a 3-to-5-year plan to see significant benefits.
10) Being paid what you are worth.
11) In some side gigs you can leave an everlasting passive income to be passed down to family.
12) Over time you’ll build a positive mindset, for your own future, as you’ll create belief in yourself.
13) You could develop more time for you and family
14) Friendships with people on a similar journey who don’t mind passing on support as you grow.
Now here’s the cons of working for yourself:
1) You will need to build a set of balls, because the moment you decide to come out with any desire of wanting to do anything for yourself, the neg heads of life are like flies on fleshly laid cow dung. The neg heads will try and infect you with their own happy spin of life. “Your Call” but be warned some of this will come from within your close circle
2) No guaranteed income or predictability / my god over the past few years the catering and leisure industry know of this too well.
3) No matter what you must sell, I hear it all the time, I can’t sell, I don’t like selling. Well, my friend to be blunt get over yourself as you better buck up and learn fast, whether you have a physical product or a service to offer.
4) If you are aiming for this to take over your PYE role, then paying for your own expenses, benefits, tax, bookkeeping is all part of going it alone, and the list goes on.
5) Start up costs whether its £100, or £1000 it comes from you’re doing. Be prepared to plan and have some idea of cash flow and targets. “Tip” asks for advice from someone who is in business and not the village idiot who’s never left the village.
6) Possible late nights/ possible! ya-right, you’ll have them for sure.
7) Missing a few get togethers, with family friends. “Deal with” but I’m not saying to be a kill joy, just remember why you are doing your side gig
8) Added pressure, tick! unless you are a cold heart individual, you’ll attract pressure for sure. From every part of your life.
9) If you wish to scale, then there’s the possibilities of staff and with staff comes issues hence if this is not you, find a side gig you can scale with independent people that allows you to share the cumulative efforts
10) Pressure on home life. (This is the one that’s scared me the most) I’ve managed to adapt, remembering if you wish to get to the promise land why get there alone. So, sit down and talk to family and work it out first before you start any side gig.
Well, reading the cons, I think I’ve just convinces myself out of building any sort of side gig, but I’m being open here. If you cannot handle any of the con’s then entrepreneurship is not for you.
Remember this all, if you are employed this is what your boss / owners goes through every single day of their working life /career and sum. So, if you want the rewards, please step out of your comfort zone learn some new skill sets. practice them and use them
Nothing I wish to see more is individuals with a desire to go it alone, I’m literally like a kid in a sweet shop when I’m in conversation with people who dare to tell the world of their dreams and desires.
So, working for yourself in any format or in any sector, whether part time or full time is hard and comes with its pros 7 con’. But some people throttle their potential by refusing to think “what if?” and ignoring what’s truly important to them in life. You must start dreaming before you can achieve anything “fact”
We must stop trying to convince ourselves we have time for our dreams in the future–but there’s never a better time than now. Make time for your dreams, what if freedom is within you.
But please remember entrepreneurship is not for everyone, if you are looking, then take the time to do your due diligence and find something that makes you tick, then go find the side gig that you belief in remembering not everyone is going to have the same beliefs within within you are your side gig.
I truly wish those who are looking in finding that side gig that will help for a more balance life for them and there families.