5 questions to ask yourself before your start your side hustle
I've been diving deep into my google doc archive for things i didn't post, but should have... i wrote this on July 11th 2024. Let’s check in on 5 questions you should ask yourself before you start a side hustle.
What are you passionate enough about that you would be driven to spend time on outside of a 9-5?
When I was working, I didn’t want a side hustle that kept me in front of a screen and I had fostered kittens and cats for years, gaining immense experience along the way. I decided to cat sit and occasionally dog sit. This side hustle was perfect for me at the time and I have continued to pursue pet sitting as an income stream now that I am self-employed.
How much time can you dedicate right now?
Your job could be causing you burnout. Be realistic about how much time you can dedicate to a side hustle on a weekly or monthly basis. You don’t want to dive further into burnout with this side hustle. Only you can answer this question - don’t let anyone (including me) tell you how much time you could dedicate at this moment.
Research basic stats of the industry online - is it growing? Is there demand in your locale/online?
Pet ownership is growing and there are so many people in NYC who have pets and travel for work or leisure. I did start this side hustle after COVID which squashed pet sitting, along with other industries. Note, that side hustles may not always be perfect and certain times can be better than others. This is another reason having multiple incomes can help you balance seasonality and other potential headwinds outside of your control.
What is your realistic earnings goals? Stretch goal?
Make it up, add a dollar amount and a time frame. I recommend creating two goals to dream big, while being realistic too. A great example could be, “I want to make $1,000 in Q1 2026 and my stretch goal is to make $2,500 in Q1 2026”
Do you have 2-3 options to brainstorm and start?
Your first or second idea may not work out. get used to failing and iterating - it's fun, I promise. And guess what, if all of your options work out in some way, you have options to choose from!
A side hustle is a perfect proof of concept and is one pillar of the Quit Plan you deserve to create for yourself.
a side hustle is a gateway drug to financial freedom and quitting your job...
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Disclaimer: I am not a financial advisor. My suggestions are simply suggestions and not financial advice. You should always consider your personal financial situation and what works best for you prior to making financial decisions because personal finance is… well… personal.
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