If you're looking for a way to earn extra cash on the side, there are plenty of options out there, from starting a blog to renting out your stuff. Whatever your gig or "side hustle," these five questions will help ensure it's one that fits your lifestyle and goals.
Photo by Torsten Scholz.
David Carlson, personal finance writer and author of Hustle Away Debt, says the key to making your side gig work is coming up with a plan. Here are five questions he suggests asking yourself:
- How long do I plan on doing this side hustle? Is this a short-term thing or are you in it for the long-haul? If it's short-term, you probably don't want to pick a gig that requires a large upfront time investment, like launching a website.
- What is my ultimate goal with the side hustle? Are you looking to start a new career, or are you just trying to save for a specific goal?
- How much time per week with this side hustle take? Do you have the time for it? What will you do if it takes up more of your time than you anticipated?
- How will I free up time for this side hustle? Similar to the above, how do you plan to make room in your schedule for this work? If you plan on working nights only, you might have a hard time, say, walking dogs.
- How long am I committing before I allow myself to consider quitting? Carlson recommends setting some boundaries here. "If I don't make money by ____, I will consider quitting." Or "I will stick with this side hustle for ____ months before I consider quitting."
When you're trying to pick the right side gig, these questions will help you work through the process and pick one that makes sense for your situation. Plus, you'll be on your way to setting up a plan for carrying out your goal.
Hustle Away Debt [David Carlson (Amazon)]