Side Hustle: Future of Wealth or Burnout?

Side Hustle: Future of Wealth or Burnout?

As you scroll through your social media feeds, you are constantly barraged with "super" tips on how to increase your income. You start to feel uncomfortable not having a side-hustle yet. You may even begin to question your own career choices.

But what lurks in the shadow?

However it seems a new-wave trend, the origin of side hustle is actually quite old. During the recession in the 50's, people had to search for other alternatives to make ends meet, that's how side businesses developed and came into being.

In the U.S., 45% of adults and 51% of millenials reported having a gig in 2021.

Why is it so popular?

1) For one, the economy is tough and people are looking for ways to make extra money. If you have some free time and some skills, there are plenty of ways to make money on the side. Just to mention some: Skillshare, Fiverr, Etsy, dropshipping, etc.

2) Additionally, having a side hustle can be a way to get your foot in the door for future opportunities. Many people use their side hustles as a way to gain experience in their desired field or industry and acquire a client portfolio before starting freelancing.

3) It's indeed a trend influenced by social media. If you haven't considered having a side-hustle, they present it in such an unchallenging and casual way that you start to feel the urge.

It sounds quite easy-peasy, right? But what are the pitfalls?

1) Highly competitive market

The disadvantage of side hustling is that there are more and more competitors which makes it difficult to compete in the market. What can you offer? What makes your service or product special and unique? Why should someone choose you over another provider? These are important questions to ask and answer before starting a side hustle. It's also important to research the industry and competition to get an idea of what you're up against. If you can't distinguish your business from others, it will be difficult to attract customers and make permanent profit.

2) Work-life imbalance

While many people see having a side hustle as a way to improve their work-life balance, however it can actually have the opposite effect. Since people are already working full-time jobs, they can often feel overwhelmed when they add on another responsibility. This can lead to them feeling like they’re not doing a good job at either job, which can then lead to stress and even depression. Additionally, if the side hustle is taking up a lot of time, it can leave people with little time for rest and relaxation, which is essential for maintaining mental health.There is a reason why there have been so many articles and forums on the subject of the relations between side-hustle and burnout.

OK, but what next?

Before jumping in, it's important to do your research.

First, figure out what you're good at and what you enjoy doing. Then, look for opportunities in those areas. Don't just jump into something because it sounds like easy money - chances are, it won't be.

Second of all, consider whether it's worth your time or could harm your private life.

Finally, make sure the side hustle you choose is legal and doesn't conflict with your day job.

+1: Consider investing! And first, into yourself. You dont have to fall for the hustle culture, because the very impressive amount of money that is said to have been earned from a side job is probably just a scam. As mentioned before since it's a quite competitive market, make sure you can provide quality service for which you cannot avoid continuous self-development.

Remember: the more knowledge and skills you have, the better your career prospects will be! If you can develop your full-time career and have a satisfying salary, there's really no need for overworking and it's really not an universal truth that you can be successful only with a side-hustle.

In the end, there is good potential in side-hustling, but choose wisely and take care of your health!

How to find side-hustle jobs in Europe? Or the opposite, are you searching for employees for side-hustle projects?

Check these out:

In addition, local groups on Facebook can be very effective. E.g.:

Freelancing in Hungary

Freelancing Czechia