Side Hustle

A few things to think about before you start and a few of the benefits that can come from starting a side hustle or new small business. 

Transcript

SPEAKER_00 0:00

Hey guys, it's Carrie Ann, your host of the Hub and a founding member of Thrivehub. Our mission at Thrive Hub is to empower new and inspiring entrepreneurs in our local community by connecting them with experienced business owners. Whether you need guidance on starting your venture, building your network, or tackling business challenges, we're here to help you get up and running.

SPEAKER_01 0:22

Hey guys, welcome to this week's episode of The Hub. And I am gonna chat with you guys about something that happened to me this past week. I was at an install and someone came up to me and asked me if this was my side hustle. And at first I got a little like shocked and like, no, this is my actual business. Um, but I didn't say that out loud. I informed them that this is my um company. I do this full time, and they were very intrigued about it. But I was a little thrown off that they immediately thought that this was a side hustle. So I want to chat with you guys about side hustles because a long time ago it was my side hustle, but not maybe necessarily for the same reasons that other people start side hustles. I started my business to be more creative outside of my current job that I had at the time. Um, and this gave me that ability, and then it kind of transformed and and grew as the years went on. So let's talk side hustles, guys. What are the pros and cons of side hustles? Well, let's start with the cons because I don't like to end on a bad note. Um, so I wouldn't even necessarily say they're cons, but they're definitely things that you should um really consider and think about prior to starting anything new. Um, the first thing would be the time and energy that it is gonna take if you add extra work to your life. Um it's gonna take away time from your family, it's gonna take away time from your friends. Starting a new business can take a lot more than a lot of people think. Um especially when I was starting mine, I there's a lot, a lot that I didn't know or didn't even think about in my head. I was like, I'm just gonna do this, and just one thing happened after another. So when you add extra stuff to your life, um, like I spoke about on another episode of The Hub, you can cause burnout in your life. So adding anything extra to your schedule could add extra pressure to you, your life, and the other things you enjoy. And this is so true. This did happen to me. Um, I had burnout, I added too much to my plate. Um, but then I also sacrifice um sometimes and events and things with my family. My kids are in sports, and sometimes uh a lot of my events are on the weekends when their sports are, and I do miss some of their events sometimes. So the time, the energy, the commitment, those are things that you need to think about prior to starting anything new. And definitely in regards to a side hustle, definitely think about those things before you get started. The other thing that a lot of people do is they start a side hustle while they are still currently in a career. And this definitely can divide your focus and lower your performance at your primary job because you're so like excited and up getting your new business up and running that you neglect your current commitments and that could really hurt you, especially if you don't have a new steady stream of income coming in. You don't want to impede your current stream of income that you have coming in. And then that leads into the next thing that I did not think about at all is the unpredictability of costs or salary. When you're starting a new business, there is no data to show you how much you're gonna make. There's no guarantee that anything you sell or make or do will make a profit. So it definitely comes with fluctuating cash flows the first year, couple years even, um, when you ask anyone in business. And then I did not think about the actual cost that it would take me to even just have my business. Um, a lot of things cost up front. I carry a stock of items that I definitely didn't think about or consider is the cost to have stock on hand and to replenish the stock because I have an art-based business and I need supplies to do my creative work. So this is definitely the things that I want you to keep in mind when starting a side hustle. But with that being said, guys, I love a good side hustle and I will support you in anything that you are excited about, you dream about, and you want to try and do. And that's one of the reasons we started the Thrive Hub, is because we want to support you and your businesses. So a lot of the pros and a lot of reasons that people get started in a side hustle is they want to supplement their income. They want to earn extra cash, maybe pay off some debt, have a savings account, um, or just pay for a specific goal or something in mind. Um, and that was not my original mindset, but it's something really great that has happened now, is that I have this extra income to pay for things, especially since my kids are busy and active and everything costs money these days. Um, so it's definitely something that I um am grateful for now. But I think that's why a lot of people get in to side hustles, is to make extra money. So that's definitely a pro of a side hustle. Um, another one is that it does help maybe lessen some of that debt, or if something happens to your uh primary career, you have your side hustle to fall back on to help supplement some of that income. So that is definitely another maybe built-in security feature that a side hustle may have if you are starting out. And especially in this unpredictable economic market, um you never know. You never know when anything is gonna happen, and you never know if there's gonna be an emergency you need a little extra cash for. So definitely having a side hustle to fall back on is a definite pro in my book. The next thing that a lot of people don't even realize or know is how a side hustle can develop your business skills. You, if you're like me, I'm a sole proprietor. That means it's me, myself, and I. I do everything. I have learned so many new skills that I didn't even learn in business school when I was there. And it is so great. You can learn different marketing techniques, negotiations, you can be your own tech call center. If it's just yourself, you are doing it all. You're doing the financials, you're doing the books, you're be, you know, learning a little bit of accounting, learning a little bit of marketing. And these are great things that you can have for your resume in the future. And they're great things that business owners can learn. And if you are struggling or need help in any of those aspects, again, that is why we created the Thrive Hub. We're here for what you need in your business to get started. And then another super pro, and this is the reason I told you I got started, is it gives you a creative output outlet, it can give you a chance to pursue your passion. Are you a musician and want to play music? Are you an artist and want to sell your art? Like these are great things to have, and a side hustle gives you that ability outside your traditional nine to five job, which that is why I started. My traditional nine to five job was not very creative. I had a job, I went there, I did it, and I went home. And I was lacking in that creativity department, which is why I started it. And I love art, I always have, uh, took a bunch of classes in college, and this just gave me that ability to do that, and I cherish it to this day. And then another super great thing that you're gonna discover if you start a side hustle is the ability to network within your community with your clients, and then eventually one day, someone may come and ask you for your assistance with how did you get your business started. Like, so definitely a pro for starting a business. And one of the things I highly recommend, which I do speak about in another episode, is get out there and network. Get out there and meet those people. And a side hustle can allow you to do that because if you're part of a big company with your regular traditional career, you're not the one out there always networking depending on what you do. You're not the one out there as the face of the company. When you have your own business, you are the face of the company. You are the one selling the product, you are the one getting it started, and you want to get out there and meet people. And having a business allows you to meet so many different people and so many other avenues of life. I've gotten to meet lots of people in my local community, and I'm starting to spread outside of it into the more city areas, and I just get connected with such great people and other people doing side hustles or other people launching their businesses, and that is again why I am so passionate about encouraging people to get out of their comfort zone and get out of their box and do something that they're passionate about and create something new. Alright, guys, thanks for joining me today on the Hub. Um, this episode was about side hustles, and if you are interested in launching your own in the White House area, please come to one of our Thrive Hub events. We'd love to connect with you. We'd love to see if there's any way we can help you launch your business into our community. I'll talk to you guys next time. This podcast is intended solely for educational purposes. We do not guarantee that it will result in a successful business, nor is it designed to serve as a step by step guide. Please ensure compliance with all applicable city, county, state, and federal business regulations.