Looking for some side hustle ideas to get you started earning extra money this year? Here are 8 reasons why now is the best time to start a side hustle.
The fight to contain the spread of COVID19 has led to the greatest work from home initiative we’ve ever seen with a significant portion of the world now working from home.
Many employers were dead set against work from home before this started but when the situation demanded it, they found a way to adapt.
The traditional work dynamic will never be the same again after quarantine and I think that’s a good thing.
However, not everyone has been fortunate to keep their jobs. A lot of people have lost jobs and gone on whatever their country’s version of unemployment is.
Others have had their hours reduced, which means less pay but lots more free time on their hands.
Why not use all that free time to start a side hustle?
Despite everything going on, people with side hustles and freelancers continue to thrive.
My income has grown higher since quarantine began and I’ve had a lot more time to devote to projects that were sidelined because I’m more focused.
Related Content: What Are the Advantages of Working from Home?
What is a Side Hustle?
A side hustle is a job you have on the side apart from your full-time job, which helps you generate additional income.
This additional income could be to pay down debt, boost your emergency savings or fund a huge expense.
And if the side hustle grows big enough, it can even replace your part-time or full-time job. I did and so have many other people.
Quarantine is the perfect time to explore the money-making side hustle opportunities out there and check out what would be a good fit for you and your skills.
Why Start a Side Hustle?
1. Pay the Bills
Depending on the current situation or where you live, you might be very low on income and just need something to pay the bills right now.
You want to do it while being safe and staying home. Why not start with a side hustle? You have nothing to lose.
2. Pay Off Debt Faster
I started my first real side hustle as a way to pay off a ginormous amount of debt, which I’ve spoken about on the website several times.
When I saw the potential with side hustles, I expanded my horizon beyond just paying off debt to turning it into my full-time income.
Even if it’s only a few hundreds you can throw at debt every month, it will put you way ahead financially.
3. Boost Your Savings & Emergency Fund
You still have a job but you’re living paycheck to paycheck. This is not a fun way to live.
You’re constantly one emergency away from ruins because you don’t have any financial backup.
A profitable side hustle will help you shore up your savings and emergency fund faster. This is a big peace of mind.
4. No One is Indispensable
This is one of the biggest lessons I took away from the last recession. The only indispensable thing in life is water, oxygen and food.
Just because you have a job and you’re a darling at your company today doesn’t mean they can’t get rid of you tomorrow without notice.
A side hustle already generating income is a great fall back plan in case your company pulls the rug out from under you.
Diversified income always. Never have just one source of income. This is a very bad idea.
5. Sell Your Additional Skills
Are you using all your skills on the job? Maybe there’s something else you can repackage and teach people.
You would be amazed at the number of things people are willing to pay other people to teach them.
You’re doing what you already know but you’re making more money form it.
6. It Can Change Your Life
You might discover something about yourself or your life trajectory that you never knew you had in you.
This discovery could lead down many paths that will, of course, turn to even more money.
A friend who’s a nurse discovered she’s passionate about DIY and now makes furniture for people at home as a side hustle.
Another friend who writes for TV discovered a passion for painting while playing with it and now sells her paintings online.
You just never know.
“If you do what you’ve always done, you’ll get what you’ve always gotten.” – Tony Robbins.
7. Develop New Skills
Depending on the side hustle you pick, you might pick up new skills that you can package and sell along the way or you can use to generate income somewhere else.
I’m a project operations person and a writer but since I started side hustles, I’ve learned graphic design, HTML, bartending and a bunch of other stuff.
No one has ever died from learning how to do something new.
8. Financial Empowerment
It is empowering to know you don’t have to worry about money because you have multiple streams of income running.
Bills are paid, an emergency fund is full, investment and retirement is on track and lots of play money too on the side.
You can pursue other passions on your downtime without worrying because you have play money now. Doesn’t that sound awesome?
There really is no downside to starting a side hustle in general and especially during the quarantine.
Ready to get going and need side hustle ideas? Check out the best side hustles you can start NOW.
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