Many people have skills that they can monetize into side hustles. The idea of owning a business can be a tempting proposition, and when the business is part-time, it can seem less scary to those who are risk-averse. Yet, running a side hustle is still not always easy. Before deciding whether to get started or not, read these pros and cons.
Pro: More Income
The biggest reason why people start a side business is the extra income. Whether you are saving for a child’s education, trying to invest for retirement, or just want to treat yourself, the added income can help your goals become a reality.
Pro: Start of a Business
People who want to work solely for themselves may be nervous about quitting their jobs to work on their passion project full-time. A side hustle is a business that could grow into something more, but could also remain a part-time endeavor. Getting started on a smaller scale can help someone make the decision about whether or not to go full-time.
Since a side hustle is not your full-time income, you can be a little more flexible with how much you work. For example, an artist who does commissions can choose when to stop accepting new projects. Even if you own a more traditional style of business, you can still decide to temporarily shut down operations if you need more time for yourself.
Con: Time Spent
Any time you spend on a side hustle is time taken away from other activities. It could mean less family time, fewer hours spent working on the house, or just a few long work days without a real break. Even the businesses requiring the least amount of time will still take some away from everything else.
Con: Tax Filing
Taxes are a nightmare for some people, even if they have relatively simple finances. A side hustle can be taxed just like any business, but the tax preparations are often much more complicated. Some people would rather not file more taxes, instead of bookkeeping or hiring an accountant.
Con: More Stress
There are some people who find joy in running their side business, but other people may find that it is stressful. If you have a difficult or draining day job, starting another business could add more stress to your life.
It may seem as though everyone should have a side hustle. However, they are not for everyone, and some people are happier to not work a second job. Weigh the pros and cons to decide if a side hustle is the right option for you.