It seems like side gigs (also known as a side business or part-time business) are becoming very popular. I have seen a crazy number of articles and blog posts on the topic. But what you may not realize, given all of the recent side gig hype, is that they are not just a good idea for the very young or under-employed. A side business is actually a great idea, no matter your age or current employment status.
A side gig can serve many purposes:
- make extra income to put into retirement savings
- help pay for college – this applies to students and parents
- extra income during retirement
- pay for travel, hobby or entertainment
- teach entrepreneurship
- the beginning of a business that will enable you to quit your day job
- a safety net in case of job loss, divorce or widowhood
I know what you are thinking, there is no way you have time to do something on the side. That is why the best advice I can give you is to pick a side gig that you enjoy. Remember, this is not a part-time JOB, it is a BUSINESS that you are building for yourself. You would be surprised how easy it is to find a little bit of time to work on your own business when you really enjoy it.
Here are some tips for getting started:
- Invest a small amount of money in your business to get started. This makes it easy to do and lowers the risk. You can reinvest your earnings to help your business grow to compensate for the low initial funding.
- Do set aside a certain amount of time on a daily or weekly basis to work on your side gig.
- Don’t set unrealistic goals- – this applies to time and money – you will become discouraged very quickly.
- Do join a group of other micro business owners in your community, Facebook, Google+ – this will help keep you motivated, particularly if you do not have any friends who are self-employed.
- Do remember Rome wasn’t built in a day, and there is no such thing as easy money – OK, enough cliches for now.
- If you give it your all and decide you actually hate what you chose for your mirco-business, don’t be afraid to try something else – that is why you start out with a small monetary investment – less risk.
Lastly, remember we are here to help you succeed, so sign up for our newsletter or like us on Facebook and stay up to date on the latest tips and advice to take your side-gig to the next level.