Now more than ever, security is in scarce supply. It seems like every day we wake up to another day that feels like the worst day ever. At any moment, your 9-5 can go right out the window. That is why I believe everyone should have a bit of a side project, even if you are employed by others. Here are 5 reasons to turn off the TV and start a side project.
The most obvious reason to start a side project is the financial gains. There are many ways to create a little extra revenue through a side hustle. There are plenty of articles online to spark your imagination of how to make a little extra money. Just to name a few that I and others have implemented.
- Become an online course creator such as myself and make an extra $500-$1000 on Skillshare.
- Create an informational website on Unicorns and monetize through amazon affiliate links.
- Build a mini side hustle as a freelance writing business
There are hundreds of ways to create extra revenue on the side. What are some of the ways you have thought about creating extra revenue? Leave a comment.
Decrease Tax Burden
Along with making more money, having a business on the side can help you save money. You know that hobby you spend way too much money on? Well if you turn that hobby into a mini side business, a lot of those purchases can become tax write-offs. Granted, I’m not a CPA and this isn’t tax advice.
But my years in business have proven to me time and again that having a business is a great way to reduce your tax obligations.
Loving Your Main 9-5
Raul Mercado of campaign helper started a side business in early May. It’s an affiliate marketing site where he reviews products and writes informational articles about his niche. The subject matter is a hobby that he is passionate about. According to Raul, the side business has helped his main gig because he has a new perspective on the value it brings in his life.
“I don’t see my full-time job anymore as a chore or something I don’t like doing but it’s a means to an end. It helps me pay my bills and I’m grateful for that opportunity.”
Learn How to Think Like Your Boss
I asked CEOs why they support their employee’s side hustle. The most common answer was the mindset instilled through entrepreneurship is second to none. To stay competitive in the market CEOs are looking for employees to think entrepreneurial. To be go-getters and problem solvers.
Understanding how your boss thinks, makes decisions and acts can help you grow in the ranks of the organization. As Seth Godin states in his book Linchpin, you become indispensable to the organization.
When you are indispensable, you have the leverage needed to get that next promotion.
Even if you don’t become completely indispensable, starting your own side project can teach you to think like your boss.
Reduces Your Stress
In my humble opinion, this is the most important reason to start a side business. Having all the money in the world is useless if you are miserable. Finding something you are passionate about and can focus on outside of work will help that crazy ball of stress called you.
Peter LaGregor is a full-time trial attorney and has been able to successfully start a side business in the field of photography. It was always a hobby and passion of his and served as a counterpoint to the high stress of litigation and as a way to engage the creative part of my brain.
It started with local shoots for families but now he is the owner of www.photographygoals.com, a website that helps thousands of aspiring photographers all over the world learn photography through written content and video tutorials.
Interestingly enough, learning how to engage and connect with my photography audience has changed the way I approach trials. I have learned new ways to connect with jurors and keep them engaged and focused.
There are tons of reasons to start up your own business as an employee. What is your experience been like? Would your boss be happy for you and support you in this endeavor?