There is currently a job boom happening in the nation’s economy, where more people have jobs than ever before. Particularly in fast growing or rapidly changing verticals like IT. Within the vast technical job fields you might find yourself in a junior position for quite some time and may need to supplement your income to maintain a lifestyle you want without going into debt. Many people in the tech industry have turned to side hustles, not only for extra money but also to gather more experience and widen the net of job opportunity by diversifying their skillset.
A side hustle is defined as a part-time job, occupation or venture on top of one’s regular or main employment. Like anything else, a side hustle has its pros and cons. Let’s go over them so you better understand what you’re getting into.
The Pros of a Side Hustle
Supplemental income, as in extra money, is always a big positive. Like your parents probably told you, money does not grow on trees. In a capitalist economy, it must be worked for. Starting a side hustle is a great way to earn extra income, which is definitely a positive.
Being in the IT industry naturally lends itself to certain side hustles, like consulting for example, that don’t take any additional training. If you are looking for something outside of IT you have so many options it might be overwhelming but take your time in deciding and choose something exciting to you – creative services or social media marketing have technical and creative aspects that may merge skills you already have with new skills as well as spark your creative passion.
Help with Debt
If you are facing debt such as back rent, paying off installment loans, medical bills, etc., a side hustle can offer financial relief so that you can keep your head above water and actually breathe, rather than being buried by the looming, persisting debt.
Expands Your Experience Base
Developing extra skills that help you earn is a great way to plan for your future. If ever you were to lose your main gig, an extra skill set can help you stay on your feet. A good example is for IT customer service professionals to consider a coding bootcamp to bolster your understanding of the more technical side and open up opportunities for email marketing and web development.
Allows You to Save Up
Being employed in no way means you can afford vacations, personal purchases of goods, home upgrades, etc. A side hustle allows you to save up money to go on a deserved, overdue vacation, or perhaps to fix up your home to gain more equity, or even to fill those rainy-day account funds.
Gives You More Options
Having extra money and added skills provides you with extra options. You gain leverage and open up new opportunities. Sharing a skill that you earned on your own in an interview will likely elevate you above other candidates. Alternatively you may find that your side hustle is so successful it actually becomes your main hustle! It’s important to note that you should choose something that you are truly interested in because if you are able to make it lucrative you will love your job and be successful.
The Cons of a Side Hustle
Extra Work, Extra Time
There are only so many hours in the day, and a person can only work so much before they become burned out. Putting in extra hours to launch your side hustle could be a lot of stress and strain on you during your path to becoming successful.
More Risks Taken On
There is no guarantee that your side hustle will be a successful venture, even with the extra work and time you’re putting in. There always remains a risk that your side hustle could fail, and you could end up worse off than when you started.
Could Complicate Taxes
When the rest of law enforcement couldn’t catch Al Capone, the IRS did. Experiencing tax issues is serious business in this nation, and extra money from a side hustle needs to be filed correctly, or you could end up facing serious penalties.
Could Threaten the Main Hustle
There’s always a chance that spending the time on your side hustle could cause your main gig to suffer. You must tread carefully and divide your time in proportion so that you do not end up losing your main job because of time granted to the side hustle.
The Choice is Yours
Like with everything, there are pros and cons of a side hustle. You should be aware of the negatives, as well as the positives, so that you can plan appropriately and tread carefully when attempting to earn extra income.