Pros And Cons Of Side Hustle
A side hustle is a great opportunity for a bunch of reasons but it doesn’t come without its drawbacks. Learn about three major pros and cons of doing a side hustle. #ThinkWithNiche
No entrepreneur likes to let go of an opportunity. No matter which industry an entrepreneur belongs to, they will always look for opportunities to grow. But often looking at the short-term benefits, many entrepreneurs don’t pay attention to the long-term effects it will have on their careers. They often forget that business is about long-term goals and benefits, and not short-term benefits.
Consider this an example. You build a product or give a service worth $10 and you charge $12 for it after investing an hour’s worth of work. Now think about whether such a small return would generate long-term wealth or not. And if the answer is no; time to look for other opportunities unless you are absolutely passionate. Today we’ll be talking about three pros as well as cons about doing a side business or side hustle.
Pros Of Side Hustle
This is the most basic point anyone could make. While pursuing a side gig, you will have to assess how much money you’ll be making and you can potentially make. Since business is all about long-term ROI, you’ll have to calculate whether this side gig that you’ve been eyeing is worth the time and energy or not. And if the figures are in your favor, do not let go of the opportunity. I mean who doesn’t like more money!
2. New Skills
Entrepreneurship or business is all about building skills. The more skills you have; the brighter you’ll shine. And in the case of a side gig, one thing you can be sure of is acquiring a new skill. For example, you might learn about photography, designing, filmmaking, etc. There’s no limit to what you can learn and that’s the best part about doing a side gig.
Networking goes a long way if you are an entrepreneur. And the best part of doing a side hustle is you’ll meet different types of people. People with whom you can slowly build genuine relationships. It’s one of those long-term benefits of doing a side hustle. Business runs on relationships. Thus it’s great to build an intricate network.
Now let’s move to the cons of doing a side hustle or business. This is for people who are always in a hurry to make a decision.
Cons Of Doing A Side Hustle
1. Splitting Focus
This is the biggest drawback of doing a side hustle. It’s given that when you’ll be working at two places at a time, your focus will be divided. Hence it’ll surely have an effect on your work. There are many people who can comfortable multitask, but for others, it’s not a good option. So before you make any decision, sit down and think about whether you’ll be able to handle two jobs at a time or not.
2. Low Roi
As discussed earlier in the blog, it’s not wise to do something that doesn’t have much potential. Doing a side hustle is a lot of work and you’ll have to make a lot of sacrifices. So it’s important to know that whatever it is that you are doing, it’ll give you good returns. Otherwise, it’s just not worth it to put your full-time career at risk.
3. Increased Stress
Since you’ll be running around all the time, trying to manage between two workspaces, it will definitely have a huge effect on your stress. A side gig will definitely take a toll on your health (both mental and physical), and your relationships, among other things. So think about it and take a wise decision. Do not rush into things.