A side business or “side hustle” as they are affectionately called, is basically anything that you can do in your spare time to make some extra cash for yourself.
The beauty of a side business is that you’ll essentially take something that you already enjoy and are already great at, and use that as a means to generate a secondary revenue stream for your household.
Aside from the obvious benefit of making more money, here are 5 more reasons why you should consider taking your favorite hobbies to a more professional level.
1. Build a legacy and give your life purpose.
Studies have shown that people who feel like they have a purpose and direction in life tend to be happier and live longer. Engaging in business activities to solve a problem close to your heart or do more of what you enjoy will light a fire inside you and give you a reason to get out of bed every morning, and fully show up to this thing called life. We all want that, right?
2. New people, networks and communities.
When you’re working on a project you’re excited about, you’re bound to meet like minded people who are just as passionate and willing to engage! Maybe it’s at a conference, a farmer’s market, or an online Facebook community. Interacting with like minded individuals on a continuing basis will make your life fuller and richer in the way that only human friendships and connections can.
3. Indulge in your passions.
When you have an extra income to supplement your household earnings, you’re more at will to spend it on the things that you truly want to do, as opposed to the things that you have to do like paying bills and saving up for retirement. A side hustle will give you the means to treat yourself without any guilt. Can you imagine a life where that much coveted trip to Paris is at your beck and call?
4. Exercise your creativity.
For most of us, our main gig in life, be it a career or parenting, demands more discipline and adherence to a pre-determined set of rules or traditions set in time. The high stakes nature of these roles tends to stifle our creativity and leave us afraid to take risks, which are known to be good for growth and advancement in life. Having a side business will allow you to exercise your creative muscle and maybe even help you discover new talents you never knew you had!
5. Ease life’s transitions.
Often times when we have to transition from one stage of our life into another, there will be a period of uncertainty and a feeling of loss for example when facing retirement, or an empty nest for parents. Studies have shown that people often lose their sense of purpose when the main role around which they built their lives comes to a natural or even abrupt, unexpected end. Having a side business that you control in its entirety will help you to feel grounded and more in control of your own life.
What would you do if you had more control over your time and finances?
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SOURCES
Research Study – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4725506/
Time Magazine – http://amp.timeinc.net/time/4903166/purpose-in-life-aging