Three Kinds Of Side Hustles That May Be Right For You

It’s 2019 and it feels like everyone I know has a side hustle. The motivation for having one varies from person to person. Today we will look at three kinds of side hustles and also some questions to ask yourself when exploring the possibility.

 

Why Do You Want A Side Hustle?

There are many reason one may want to a side hustle. Here are some key reasons that come to mind:

 

• Making extra money
• Getting rid of boredom
• Learning or honing new skills
• Adding value, financial or otherwise, to your family
• Having fun and/or making new friends

 

 

Pros And Cons Of Having A Side Hustle

Pros Of Having A Side Hustle:

 

• Something you can invest in outside or regular career, job or family obligations
• A pursuit you can call your own
• Honing or learning a new skill

Cons Of Having A Side Hustle:

 

• Extra responsibility and potential deadlines
• Added pressure to work more or apply your time
• Tax complications, without the proper planning

 

Three Kinds Of Side Hustles That May Be Right For You

 

1. Selling a service, such as blogging, photography, web designs or social media plans
2. Multi-level marketing such as selling skincare, kitchen goods or supplies of any kind…there are so many companies to choose from
3. Creating or re-selling goods such as clothing, accessories or crafts

 

What Should I Choose To Do?

Now that we have sorted out the three kinds of side hustles that could work for you, it is time to focus on your findings. Last but not least, I recommend asking yourself the following questions:

 

1. What is your motivation for wanting a side hustle?
2. Do you already possess a good, service or marketable skill to promote?
3. How much guidance do you need or want (if you need a lot, a multi-level marketing company may be right for you!)?
4. How much time can I devote to this?
5. What are the tax implication of this? (If you aren’t sure…call us!)