Last year over 5 million new businesses were started. That was a record breaking number in the post-pandemic era.
Why it matters
This means that many people desire to have control over their life and income by breaking away from the typical 9-5 grind. And one of the best ways to do this is by starting an online side hustle, which allows you to start small with little risk and potentially grow it into something big.
In the past, a side hustle typically referred to a part-time job that people would take on after their regular 9-5 workday. This was often because their employer didn’t pay them enough to cover their rent or mortgage, so they needed extra income.
These part-time jobs might have included cleaning offices, working at McDonald’s, or offering babysitting services so that mummy and daddy could go out and party.
This approach of trading time for money is becoming archaic. You can either accept this old way of doing things or choose to take a different path.
The new age
The rise of the internet and the digital age has brought about many new opportunities for people to make money from the comfort of their own homes. One such opportunity is having an online side hustle.
An online side hustle refers to a source of income that is generated through the internet, in addition to your main source of income.
The fringe benefits
So…what are the non-financial benefits of having an online side hustle that pays well?
There are a few:
- Increased self-esteem: Having a side hustle can increase your sense of self-worth and self-esteem. This is because you are taking control of your financial future and contributing to your household income.
- Improved work-life balance: A side hustle can provide a much-needed break from your primary job. It can also give you the flexibility to set your own schedule and work around your other commitments.
- Opportunities for personal growth: A side hustle can provide opportunities for personal growth and learning. You may be able to develop new skills, network with other entrepreneurs, and meet new people.
- And more…
The top 5 benefits of having a side hustle that pays well
I was a teacher who traded time for money. I was trapped and limited. Then I started an online side hustle.
What were the benefits of this new approach?
I sit on the terrace overlooking the lake. The laptop is in front of me and the coffee is at hand. Lake Como’s mountains invite an adventure that afternoon. The question is do I go for a walk or rent an e-bike to explore the mountain vistas?
A side hustle that pays well allows you to work from anywhere, at any time. This is especially beneficial for those who have a busy schedule and cannot commit to a traditional 9-5 job. With an online side hustle, you have the ability to work on your own terms, whether that’s during the early hours of the morning or late at night.
This gives you the freedom to pursue your passion and make extra income while still being able to attend to your other commitments.
#2. Passive income
I started my first career as a school teacher. I got paid for showing up. I was earning an hourly wage. It didn’t matter whether I was good (or great) at my job or just average. I still earnt the same amount of money. It’s called trading time for money.
A side hustle that pays well can change the game.
Passive income refers to income that is generated without actively working for it. Many online side hustles can be set up to generate passive income, such as affiliate marketing, dropshipping, or creating an online course.
This means that once you have set up your online side hustle, you can potentially sit back and watch the money come in, giving you more time to focus on other things in your life.
It may take a bit of time to set up and grow but if you are prepared to play the long game then it provides a path that goes beyond an hourly wage.
#3. Pursue your passion
Pursuing your passion is a cliche that is often quoted but poorly explained. A passion doesn’t mean making money from a love of eating, watching Netflix, or gaming. Otherwise you’d be paid for being overweight and having high cholesterol.
The better question is how can I do what I love while making a difference, and getting paid for what the world wants.
Many people find that their day job does not align with their passions and interests, and this can lead to feeling unfulfilled and unmotivated. With an online side hustle, you have the opportunity to pursue your passion and make money at the same time.
If you are passionate about cooking, writing, photography, or any other hobby, you can turn that passion into a successful online side hustle.
#4. The low cost of starting
A traditional business often needs an office or a warehouse. And that means an expensive multi-year lease, permanent employees and all the office resources. That is a 6 figure investment.
However, with an online side hustle, you can start for as little as $10 or $20. I started my media company for $14. The cost of my domain name. The WordPress platform was free and then it was up to me.
An online side hustle makes starting a business an accessible option for anyone who is looking to supplement their income, regardless of their financial situation.
#5. The potential to scale
Markets. They are small or large. If you made cheese and you went to your local market then the locals loved you. Maybe 20 loyal fans bought a slice or two and that was it. You then maybe opened a store at the mall. Higher rent but we are now up to 200 customers. More customers but higher costs.
The Internet market village of billions? Well that is a different story.
Unlike traditional businesses, online side hustles have the potential to reach a global audience. This means that the earning potential is much higher.
There are no geographical limitations.
If you have a successful online side hustle, you can easily scale it up and reach a larger audience, increasing your income potential.
So do you want to play local or global?
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