Side Hustle Meaning: What is A Side Hustle?

If you’ve ever heard the term “side hustle” and wondered what it means, you’re not alone. In short, a side hustle is a way to earn extra money outside of your main source of income or day job.

It’s essentially a part-time gig that can help supplement your bank account and allow you to pursue passions beyond your regular 9-5 routine.

In this blog post, we’ll take a closer look at the meaning of side hustles, their benefits and some challenges you might encounter along the way. We’ll also highlight some great ideas for starting your own side hustle.

So, if you’re interested in earning some extra cash or exploring new opportunities, keep reading!

Before I start…

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What is a side hustle?

A side hustle is defined as a secondary occupation or activity that brings in extra cash outside of regular working hours, generally freelance or piecework in nature.

Side hustle meaning

According to Cambridge, a side hustle is “a job that someone does in addition to their main job, especially in order to earn extra money.” Meanwhile, Dictionary(dot)com defines it as “a job or occupation that brings in extra money beyond one’s regular job and main income source.” In both definitions, the focus is on the supplemental nature of the work.

A side hustle typically involves freelance or piecework tasks that provide an additional source of income outside one’s primary employment. While a side hustle is only done part of the time, it is not considered a part time job. They allow people to make money online as they explore their interests and passions.

With many workers struggling with debt and financial insecurity, having a side hustle can be a great way to supplement your earnings and build financial security.

Some side hustle ideas include:

  • Selling clothing
  • Making and selling handicrafts; starting an Etsy shop
  • Freelance writing
  • Teaching online courses
  • Tutoring or coaching
  • Babysitting
  • Photography services
  • Survey taking

Freelance Or Piecework Nature

A defining characteristic of a side hustle is that it’s often freelance or piecework in nature. This means that it typically involves working on specific projects or assignments for clients on an as-needed basis. Freelance work can be anything from graphic design to tutoring services, and the flexibility of this approach makes it well-suited to fitting around other commitments.

side hustle Freelance Or Piecework Nature

As opposed to a full time gig where employees may work set hours and receive a regular salary, side hustles are typically more flexible and allow individuals to earn money by completing tasks on their own schedule.

They’re often seen as an attractive option for those who want to supplement their income without committing themselves full-time.

This can lead many people with skills to turn their passion into a money-making venture. It is important to note however, that freelancing is not considered a side hustle unless it is one’s secondary job. A full-time freelancer is a skilled position.

Overall, the freelance or piecework nature of side hustles allows individuals greater control over their income potential and career development paths.

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Supplemental Income

A side hustle can provide valuable supplemental income to help pay the bills, save for a vacation or emergency fund, or even pursue long-term financial goals.

It is an additional source of money to supplement the main job’s income and bank account. This extra cash can be earned through part-time jobs, freelance work, or even selling items online.

Having a side hustle means you have more control over your finances and less dependence on one source of income. It helps in building a safety net by allowing you to save money and avoid debt.

Additionally, having multiple streams of income can provide financial security during tax season or unexpected expenses. A side hustle is not only profitable but also provides a sense of accomplishment knowing that you are working towards your own financial stability and independence.

Importance And Benefits of Side Hustles

Side hustles have numerous benefits, including the provision of an additional income stream, the achievement of financial goals, the provision of a creative outlet, and the creation of new opportunities for individuals to explore new prospects and abilities.

Additional Income Source

A side hustle can be an excellent way to make money and achieve financial goals. Having multiple sources of income can provide a safety net and help with debt repayment or saving for the future.

With the cost of living constantly on the rise, an additional revenue stream such as one that gives you an extra $2,000 a month can provide some much-needed financial security.

In fact, many people with side hustles report that their additional income has allowed them to build up savings accounts or pay off debts faster than they would have been able to otherwise.

One significant advantage of having a side hustle is that it can be pursued while working a full-time job. This means that people who may not have the time or flexibility to take on another traditional job during regular hours still have the opportunity to earn extra money with a flexible schedule.

And as mentioned earlier, side hustles are generally freelance in nature, allowing individuals more control over their workload and giving them the ability to pursue work aligned with their interests and passions.

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Helps Achieve Financial Goals

One of the biggest benefits of having a side hustle is that it can help you achieve your financial goals. Whether you are trying to pay off debt or saving for a vacation, the extra income generated from a side hustle can go a long way towards reaching those goals.

Moreover, having a side hustle can also be an excellent way to supplement your main job income if you are not earning enough money to meet your expenses. By diversifying your income streams through a side hustle, you can create more stability in uncertain times and protect yourself against economic downturns.

In conclusion, adding a side hustle to your repertoire is an effective way to secure additional revenue streams and achieve financial freedom. It enables individuals who want to take charge of their finances to maintain flexibility as well as allow them creative expression by creating new opportunities for them outside traditional jobs.

Provides A Creative Outlet

A side hustle can offer more than just financial benefits; it can also provide a creative outlet. Many people are drawn to side hustles because they allow them to pursue their passions and hobbies.

Side Hustle Provides A Creative Outlet

Whether it’s selling handmade crafts, providing tutoring services in a favorite subject, or starting an online blog about a topic of interest, the possibilities for creativity are endless.

This creative expression not only provides an outlet for personal fulfillment but can also lead to new opportunities and skills. By pursuing something you’re passionate about outside of your regular job, you may discover hidden talents or interests that could translate into career growth or even a full-time business endeavor down the road.

For example you can start a baking side hustle or start a car detailing side hustle if you are passionate about those things.

The flexibility of a side hustle allows you to explore these avenues without sacrificing stability from your main job.

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Can Lead to New Opportunities and Skills

One of the most exciting benefits of having a side hustle is that it can lead to new opportunities and skills.

Pursuing a passion project or freelance work in your spare time can expose you to new industries, people, and networks that you wouldn’t have encountered otherwise. This can open doors for career advancement and professional growth.

Not only that, taking on a side hustle can also help you develop new skills and refine existing ones. For example, if your side hustle involves starting an online business, you’ll learn valuable skills like social media marketing, search engine optimization (SEO), website design, and more.

These skills are not only marketable in the future but also boost your confidence as an individual by increasing your knowledge base.

Can improve Time Management Skills

Some people may already know this, but adding a side business implies adding more hours to your workweek.

This results in less free hours per day, thus a side business can be a crash course in time management skills in addition to knowledge of money management.

With more obligations, you will probably become much more skilled at being punctual, completing deadlines, and understanding how to fit in leisure activities in the time available. You can use these abilities outside of your side business.

Helps build a stronger work ethic

Although they can be enjoyable, side jobs are still jobs. Working longer hours can improve your work ethic. After all, you are investing your free time in a project that can improve your financial situation.

You should be proud of your commitment and enjoy the boost to your confidence you receive in addition to the extra money.

Furthermore, A side business can actually improve performance at your day job, according to research from the University of Iowa.

Helps in building a safety net

One of the most important benefits of having a side hustle is that it can help in building a safety net.

A side hustle can help to supplement your main income and create a cushion for emergencies.

Not only does a side hustle provide an extra stream of income, but it also helps to diversify your sources of revenue. This diversity can be instrumental in ensuring that you have a steady cash flow even when one income stream dries up.

Additionally, having multiple streams of revenue creates more stability and allows you to invest in savings accounts or other investment opportunities. With the ability to earn extra money through a side hustle, individuals can build their personal safety nets and achieve greater financial security overall.

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Side hustle challenges you might face

Here are some difficulties you can run across if you work two jobs. Here are some challenges you might encounter.

Lacking time

Finding time during the week to concentrate on your side business might be challenging when you have a full-time job. The last thing you want to do is overwork yourself to the point of burnout or arrive at your primary job so sleep deprived that it affects your performance.

Lacking time side hustle challenge

Make time for your side business in advance rather than trying to fit it in last minute. Examine your professional and personal schedule at the beginning of each week to determine where your side business might fit.

Calculating the amount of taxes due

Certain side hustles are performed on a freelance basis, so taxes won’t be deducted from your compensation in the same manner that they are withheld by your full-time employer.

Nevertheless, the IRS mandates that you pay taxes on side income as you go, so you may need to develop the habit of paying anticipated taxes on a quarterly basis.

If you’ve never had a side gig before, you might not know how much to charge. Yet, you have choices. To figure out how much you should be paying, you can either use an internet calculator or seek advice from an accountant.

Conclusion

In conclusion, a side hustle is a fantastic way to supplement your income and pursue your passions. It allows you to explore different interests and gain new skills while maintaining financial security.

Whether it’s tutoring services or delivering food, there are endless possibilities for great side hustles that can earn you extra cash. So why not start exploring today?

Don’t forget – every little bit counts when it comes to reaching your financial goals!

Before you leave

If you’re tired of scams and want a real solution for making money online, check out my no.1 recommendation.

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David Fortune has been the editor NoBSIMReviews.com since 2019. He is an expert at writing content on stock advisory services, side hustles, reviewing online business opportunities and many more topics. You can learn more about David on our about us page.

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