As the struggle to make ends meet on a daily basis grows many persons have looked for ways to increase their income while holding down a job.
This has caused a rise in the number of side hustles particularly for single income households.
As a single parent I have tried many side hustles. One of the most successful for 2020 has been from renting out my car.
Side hustles are a great way to supplement your income or launch that business you have been dreaming of. They help you to develop your independence and provide a safety net in times of need.
In today’s world most of us work at a job instead of running our own businesses. Much of this can be attributed to a lack of finances, fear of failure or the need the need to provide for our families.
A simple way to overcome these barriers is by starting a side hustle.
With the right side hustle you will be able to create a passive income stream. Passive income earners are by far the best income generators, since they allow us to earn while we sleep.
For those of you who have not started a side hustle as yet. Here are 13 reasons for starting a side hustle in 2021.
1. Build A Family Business
Even though like many people I took on a job to support my family I always dreamed of starting a family business that I would be able to leave my children. This is what started me looking at side hustles.
Single parents often don’t have the luxury of quitting their jobs to spend time building up a business. For this reason a side hustle is the best deal for us.
With a side hustle we are able to build out a business in our spare time. This may mean building more slowly, however if you are serious about achieving financial independence you will make the necessary time.
2. Financial Control
When we speak of financial control we are talking about being in charge of the amount that we are able to earn as well as what you are required to do or put up with to earn it.
When COVID 19 hit the world many persons lost their jobs as well as their homes. This is because they left the control of their finances in the hand of their employers.
However by starting your side hustle you take back control of your finances. You are able to do this even while holding down a job.
Your side hustle should not be looked on as a hubby. We need to prioritize this even as we do with our jobs. This is because our side hustle is our business. It is how we take care of our own financial independence.
3. Fewer Barriers To Entry
Many side hustles are conducted on the internet which is freely available to all who wish to start an online business. The startup cost is usually quite low too.
The skills required to work online are generally easy to acquire too.
Most side hustles are small businesses in their own right. As such as a business owner you provide employment for yourself and do not need to go through an interview process.
Al you need is genuine knowledge of the service you provide.
4. Flexible Hours
As the business owner, you have the freedom to set your work hours. As such you are able to work a fulltime job while building your business on the side.
Added to this businesses on the internet are open 24/7 which typically mean that not only can you work when you wish but you can also earn while you sleep.
5. Fulfilling Your Dream
If you have always dreamed of starting a business but never seemed to have enough money or time you may consider starting one as a side hustle.
In this way you will be able to achieve your dream of owning your business while still maintaining your lifestyle.
Additionally by starting small you may keep your input at a manageable level and achieve your dream.
6. Explore A Different Field
If you have always desired to explore another field but aren’t sure whether you will do well at it or not you may do so by exploring it as a side hustle.
In this way if you fail or find out that it is not a good fit for you you may be able to change course without severely affecting your income or way of life.
As a teacher I have tries several side hustles. Some lasted a few months and others weeks. A few have gone on for years and have become a permanent part of my livelihood.
7. Launch A New Business While Maintaining Your Job Security
Quite often we may desire to start a new business but the fear of failure can be so paralyzing it stops us from progressing. However we can overcome this by launching our business while maintaining a steady income from our jobs.
If like me you are the main breadwinner for your family you can in this way fulfill your obligation while working to secure your financial security.
8. Freedom To Work From Anywhere
With an online business you are able to work online. The best thing about this is the internet is available everywhere. As such when we build an online business we are free to work from anywhere in the world.
As such even when you need to travel your business will always be accessible.
9. Freedom Of Choice
Typically none of us who work for others have the freedom of change. We are subjected to the will of our employers and the rules of the job.
Should something happen to make you unable to work as happened to the world at large in 2020 a side hustle gives you choices. It gives you choices that are not available to those who simply work at a job.
It could could be what keeps you from losing everything.
Aside from this a side hustle also ensure that you have to option to change your path in life.
10. Establish Yourself As An Authority
By working at your side hustle you have the opportunity to establish yourself as an authority. You do this by helping others who in turn spread the word.
The most important thing you can do on the journey to establish yourself as an authority is be honest with your visitors and followers.
This opens avenues for you to find business opportunities
11. Develop New Skills
In starting your side hustle you may find your self developing new skills or honing old ones. As the holder of a job you would have been accustomed to answering to others. However when you start your own business your discipline will be tested and you will develop those long dormant leadership skills.
You may also find that your new business mean that you will need to learn some new skills to become successful in your new field.
A side hustle is great for everyone. Not only for those who wish to have control of their finances but also those who wish to own their own businesses.
One of the best things about them is the flexibility of your time and place of work.
After the world issues that have escalated due to corona virus having a side has become even more important in 2021 than ever before.
If you have a desire to start a side hustle and have questions be sure to leave your comments in the section below. I will get back to you in 24 hours.
Before You Go
If you would like to know how I started my side hustle as an Affiliate Marketer In 2020 be sure to read my story here. However if you are interested in seeing where I learned to build an online Affiliate Marketing Business click here to check it out.
What do you have to lose? The first 10 courses are free.
Come on in and receive a free gift, plus I will the there to guide you every step of the way.
4 thoughts on “11 Great Reasons To Start A Side Hustle In 2021”
What a great list of reasons to start a side hustle. Many people start a I side hustle for financial reasons, but I love the fact that you have included the fact that you can explore a different field and see if you like it and can turn it into a full time job.
You know many of us because of circumstance are forced to choose to make a living in a manner that may not be our first priority. However this can be the way to pursue our dream. We start small. This is often not the way we planned it but the outcome is what is important.
As you rightly point out being the breadwinner in the family comes both with responsibility and ensuring that you minimize risk. I therefore can embrace your recommendation to pursue a side hustle that allows me to maintain my current job position while establishing an alternative revenue source that ultimately could replace or supplement my existing income. The other benefits of job flexibility, being my own boss and refining new skills are also nice plusses.
If you have any recommendations for regional sources of Angel funding that would further help in my entrepreneurial bid I would be happy to be pointed in that direction.
Thank you for further giving me the momentum to continue on my journey to develop my side hustle.
To answer your questions about regional sources for Angel funding I looked around and found a few links to sources of funding for Caribbean Entrepreneurs.
Bare in mind that I have never used any of these sources so I have no idea of the pros and cons of using them. I do not know of anyone who has either. The ones that look promising are listed on this page: http://link-caribbean.com/entrepreneurs/
Hope you find these helpful.
All the best with your side hustle.