Whether it’s down to a change of mindset brought on by the pandemic, or simply the latest fad induced by a generation of TikTok followers, there’s no denying side hustles are a growing trend. Here’s how to build an empire of them.
Should you quit your job?
“Build your own dreams or you’ll end up building someone else’s” the saying goes. Whilst I’m a big fan of this quote, I should stress that quitting your job tomorrow – even if you hate it – won’t be the right decision for everyone. It’s usually a good idea to have a game plan, or at least the financial resources in place, before taking the plunge.
It goes without saying that if you enjoy your job and it pays enough for you to live the life you want to live then you should probably stick with it. Likewise, employees with a solid work/life balance can still achieve a fulfilling and meaningful life, even if it isn’t a dream job.
But for those who are unsure, ask yourself “Is this what I want to be doing five years from now?”. If the answer is a resounding “nope”, what are you waiting for? Saddle up and start building your side hustle empire today!
How to start your first side hustle
Once you’ve made the decision to leave your job, this is your chance to get excited and start working towards something you’re truly passionate about.
It’s important to begin with a passion, or else, really, what’s the point? Switching from a job you hate to a side hustle you hate is ‘six of one half a dozen of the other’. Feeding a passion project will give your life purpose and allows for the greatest chance of success.
For most people, quitting isn’t immediately practical for financial reasons, so working on your side hustle out of hours is the most feasible option. Alternatively, you could speak to your employer to see if they’ll consider reducing your hours. Switching from five days a week to four, for example, would give you an extra day to work on a project you love.
Side hustles come in all shapes and sizes but using skills you’ve already picked up throughout your career is a great place to start if you haven’t quite figured out your passion. Offering your services as a freelancer, for example, can provide greater flexibility and earnings potential. Sites like Fiverr or PeoplePerHour can be useful to help you manage your business in areas where your skills are lacking. They’re also great places to advertise your own services.
If freelancing isn’t for you, no problem, there’s no shortage of content out there containing a multitude of creative side-hustle initiatives – from to blogger to beautician to baker – to get you started.
Building multiple side hustles to generate multiple streams of income
There’s a direct correlation between the number of streams of income a person has and their wealth. This is because – as well as the obvious benefits of being pummelled with income from all directions – you’ll gain expertise in several different areas of interest while achieving a well-diversified portfolio.
Keep in mind, though, that there are only so many hours in the day, so taking on more side hustles than you can handle could mean they all suffer. Juggling multiple before you’ve mastered one is a recipe for failure, so it’s imperative that you don’t move onto the next side hustle until you’ve mastered the current one.
Reinvest into passive income sources
Passive income is worth ten times earned income because you aren’t trading your time for the money you earn. It’s for this reason that I recycle every spare penny I earn from side hustles into passive income investments – they don’t require active participation and they allow me to focus on living life on my own terms.
Passive income sources can include investment income, such as interest, dividends, rent, royalties, online courses and more. My primary source of passive income is from high dividend yielding index funds, which I hold through my Stocks and Shares ISA.
Of course, remember investments always involve various risks, and you may get back less than you put in. There is a risk of losing the capital invested.
Conclusion
And there you have it. Your roadmap to building multiple side hustles, generating multiple sources of income, and achieving financial freedom, all the while building a fulfilling and meaningful life through feeding your passions. Good luck to you!
