Why Have a Side Hustle: 5 Compelling Reasons for 2024

You’re probably busy. There are a million things that you could be packing into your day so I won’t try to guess. So why should you add another commitment to your already stacked schedule? Why have a side hustle?

Side hustles can take up your valuable time and add extra stress to your week. It’s fair to say they’re not for everybody, and if that’s you, that’s ok. For the right person, a side hustle can be rewarding in so many ways. Yup, the obvious one is the cash boost, but there are loads of other benefits to running your own mini business on the side. You’ll learn new skills, boost your confidence and you might even improve your promotion prospects in your actual career.

In this post I’m going to give you five reasons why you should have a side hustle.

If you’re new to side hustles and want to know where to get started, check out the big guide to gig economy side hustles for some inspiration. If you’re keen to get started but don’t know what side hustle suits you, check out the post on choosing your side hustle!

#1 Boost Your Income

Everything is more expensive these days, so having a bit extra in your pocket can be a big help. Having a side hustle can give you a little extra breathing room. Imagine having an additional £300 a month – that’s £3,600 a year! Not too shabby.

It’s not just about the immediate cash boost. Loads of side hustles have the potential to grow into something much bigger. Take online tutoring, for instance. You might start by helping a few students with their maths homework, charging £20 an hour. As you build your reputation and expand your subject offerings, you could find yourself earning £50 or more per hour. 

There’s also a hidden perk to diversifying your income streams – tax benefits. Many expenses related to your side hustle can be tax-deductible. This might include things like home office space, equipment, or travel costs. Plus, in the UK, you can earn up to £1,000 from self-employment or casual services without needing to report it to HMRC. It’s always wise to consult with a tax professional to ensure you’re making the most of these benefits legally.

#2 Develop New Skills

Your side hustle is more than just a money-maker – it’s your personal growth accelerator. Think of it as a low-risk environment to learn and practice new skills. Maybe you’ve always wanted to try your hand at graphic design, or perhaps you’re curious about social media marketing. A side hustle gives you the perfect opportunity to dive in and learn by doing.

These new skills aren’t just for your side gig. They can give your main career a serious boost too. Imagine impressing your boss with your newfound project management skills, honed through managing your own small business on the side. Or landing that promotion because you understand digital marketing better than anyone else in your department, thanks to promoting your own side hustle.

Side hustles aren’t just just about hard skills. Running a side hustle teaches you valuable soft skills too. You’ll become a master of time management, juggling your day job, side gig, and personal life. Your problem-solving skills will get a workout as you navigate the challenges of running your own business. And let’s not forget about the confidence boost that comes from successfully managing your own venture.

These new skills and experiences can make your CV stand out in a crowded job market. They show initiative, versatility, and a willingness to learn – all highly prized by employers. Plus, your side hustle might open doors to new networking opportunities, connecting you with people and industries you might never have encountered otherwise.

#3 Explore Your Passions

Ever daydreamed about turning your hobby into a paying gig? A side hustle can make that dream a reality. Love photography? Start shooting family portraits on weekends. Crazy about crafting? Open an Etsy shop. Passionate about fitness? Become a part-time personal trainer. The possibilities are endless.

A side hustle gives you the freedom to explore your interests without the pressure of relying on them for your main income. It’s the perfect low-risk way to test the waters and see if your passion project has potential as a full-time business. You can start small, learn as you go, and scale up if things take off.

But even if your side hustle doesn’t turn into the next big thing, it can still bring immense value to your life. It provides a creative outlet, a break from your day-to-day routine, and a sense of accomplishment outside of your regular job.

#4 Create Financial Security

A side hustle can be your financial safety net, providing a buffer against unexpected job loss or economic downturns.

First off, a side hustle can help you build your emergency fund faster. Financial experts recommend having 3-6 months of living expenses saved up. That can seem like a daunting goal when you’re living paycheck to paycheck. But with the extra income from a side gig, you can reach that target much quicker.

Moreover, having multiple income streams gives you more stability. If you lose your main job, your side hustle can provide some income to tide you over while you job hunt. It keeps you active in the job market and maintains your skills, making you more attractive to potential employers.

A side hustle can also be your ticket to greater financial freedom. It might allow you to pay off debt faster, save for a big purchase without relying on credit, or even retire earlier. And if your side gig takes off, it could potentially replace your main income, giving you the option to become your own boss full-time.

#5 Flexibility and Control

One of the biggest perks of a side hustle is the freedom it offers. Unlike your day job, you’re in complete control. You decide what you want to do, when you want to do it, and how much you want to charge for it.

Want to work in your pajamas at 2 AM? Go for it. Prefer to squeeze in a few hours on your lunch break? That works too. With a side hustle, you can tailor your work schedule to fit your life, not the other way around. This flexibility is especially valuable if you have other commitments like family, studies, or a demanding day job.

Loads of side hustles also offer location independence. Whether you’re a freelance writer, online tutor, or virtual assistant, all you need is a laptop and a good internet connection. This opens up the possibility of working from anywhere – your couch, a local café, or even while traveling the world.

Perhaps most importantly, a side hustle puts you in the driver’s seat of your own mini-business. You make all the decisions, from what services to offer to how to market yourself. It’s a taste of entrepreneurship without the full risk of starting a business from scratch. You get to be your own boss, set your own goals, and reap the rewards of your hard work.

Conclusion: Why Have a Side Hustle

So there you go – five solid reasons why you should have a side hustle. I hope I’ve persuaded you it’s worth it. 

It’s not just about the extra cash. A side hustle is a great way to develop new skills, explore your passions, create financial security and give you more flexibility and control over your life.

My advice – have a go! Most side hustles don’t need a big up front investment. If your side hustle does have up front costs – like photography for example, chances are you’re already passionate about this and have the equipment anyway. Start small, keep it fun and before you know it you’ll be running your side hustle like a pro!

Tried a side hustle and it didn’t work out? Find out how to get back on track!