So this week, I have given you reasons to consider a side hustle to help you pay off debt or make ends meet.
If you are looking to really create true financial peace, a side hustle is the way to go! It will give you the ability to save money for better things, like spending time with your family or as seed money to grow more wealth.
But how do you know which is right for you?
This is something I talk about in my Facebook group so join it today!
Consider Your Needs
Before you decide on a side hustle, you need to take inventory of your current demands.
How much extra time do you have?
How much energy do you have?
How much money are looking to make in a given time frame?
Do you have any money for start-up costs?
What skills do you have?
You need to be honest with yourself.
If you don’t have time to wash and fold laundry, don’t take on a laundry side hustle.
If you want to include your kids in the work, don’t start up something that doesn’t match their skill sets or abilities.
What do you want to do with the money?
Earning enough to loosen your grocery budget is going to demand a different level of energy than paying off debt or saving up your emergency budget!
Considerations about Running Your Side Hustle
Taking in the answers to the above questions, you need to think about the day to day running of your side hustle.
This is the part when you think about things like running costs and the future of your side hustle.
I mean things like will there be costs to replenish supplies like when cleaning homes?
Will you need to register with the local government or adhere to regulations like with a cottage foods side hustle?
What is the future you are considering for your side hustle?
Some turn side hustles into businesses that support their entire family.
Other’s only do seasonal side hustles like selling homegrown fruit and veggies during the summer at their local farmer’s market.
When choosing your side hustle, there is a lot to think about!
Join my Facebook group to get a FREE side hustle planning printable so you can choose the right one.
The Ugly Truth About Side Hustles
So side hustles sound like a mandatory, easy, perfect way to make money.
But there are some downsides to them, for sure.
First, there is no guarantee you will make money in the time frame you want, too.
I put up my breadmaker (that I don’t use anymore) and a large stuffed animal my kids ignore for sale on my local yard sale facebook group. I have had a few bites, but it’s been weeks with no sale.
Before I started this business, I tried a cleaning business, and never had a client. I had one bite on an ad, but it sounded straight up like a scam.
So you may have to experiment and take some humiliating blows before you find what you are looking for.
Second, there is always the possibility of a scam. If you choose to sell things second hand, there may be people who try to con you. I have had people show up with less money than agreed upon. Others who don’t show up at all.
And depending on what you choose, you may need to take more precautions about your safety. When I tried to start a cleaning business, I was not going to go to stranger’s homes by myself. I had a buddy who was going to help me work and split our earnings.
When I meet someone off of Facebook Marketplace to sell an item, I never let them come to my home. I always meet them at a well lit, busy parking lot or even in the parking lot of the police station.
Third, and most importantly, you need to know that the side hustles that take less time and effort, will usually yield less money on a more irregular basis. If you are looking to make more money in a shorter amount of time, you make need to choose one that takes more time and effort.
Don’t forget to check out the free learning modules I have in my Wealth Reboot Challenge Facebook Group! And take advantage of the support there from other mom’s just like you!
Hi! I am Ali, a homeschool mom who is passionate about science, managing my money and time well. Unfortunately, with an army of tiny faces, I am always still kind of a mess.
I was tired of not having a judgement free place to talk about money troubles with other moms. So I created one!
Click on the picture above to join my Facebook Group, Money Savvy Mommas.