Some people are able to enjoy their life with only one job, but most of us need at least two jobs to make ends meet. A side hustle is an additional source of income that can help supplement the bills. Even if you are comfortable with your primary income, having your own business provides huge tax benefits. The beauty of a side hustle is that it gives you autonomy over your time and what you’re worth. I just want to share a few of the key benefits of having a business on the side.
One key thing to note is that when we are talking about a side hustle we are not talking about a second job. Working as a teacher during the day and then as a cashier at a store in the evening and on weekends will not provide the benefits we are looking for. The key to success in this endeavor is to own a business that you can build and get the associated tax benefits from. This doesn’t necessarily mean you need to start a business from the ground up because there are many opportunities such as delivery driving or gig work that will meet these standards.
One of the greatest things about owning your own business is that you’re in control. Well, that’s not entirely true depending on the nature of your business. If you doing delivery driving or gig work you do have a lot of control over when you work and how much you work, however, many businesses have a little more control over your schedule than you would expect. For example, I have a few rental homes, and in general, I can schedule maintenance around my schedule and things run pretty smooth. This is not always the case, We had a tenant that moved out to avoid eviction and left the place in shambles. My family and I spent almost all of Christmas Break that year cleaning out, repairing, and remodeling to get it to rent-ready without losing too many months’ rent. The point is that when you provide a service that customers count on, you will be accountable to the customers and when the service is needed. Disasters aside you still maintain a large amount of autonomy and control over your schedule and work environment.
Another key benefit is that your efforts build your personal equity. We often talk about the benefits of building equity in a home, but building equity in yourself is equally important. When we run a business we are building relationships, reputations, and experience that we can leverage for even greater success. Even if the initial business does not succeed, the relationships, reputation, and experience are there to help give us a head start in the next venture. In addition to the intangibles, many businesses generate income and assets that heal to build our wealth over time.
Finally one of the great benefits of owning a business relates to the tax benefits. Did you know that you are able to write off a portion of your home for a home office, many vehicle expenditures, travel, and vacations, as well as the obvious business expenses? You are also able to self-direct some of your retirement funds
and invest in your startup. The tax benefits are huge, but you need to be careful to make sure you are doing everything right. and that is beyond the scope of this post. The best resource I’ve found is Mark J. Kholers book “The Tax and Legal Playbook” If you are starting a business or already have a business this book is a must-read to make sure you are getting the most benefit from your business.
In conclusion, owning your own business is a great way to make more money and control your own destiny. You can also enjoy tax benefits that you wouldn’t have with a normal job. Now’s the time to start thinking about how you can get in on the action!
Affiliate Notice
The idea of a side hustle goes right to the heart of the spirit of entrepreneur system. You feel like you’re in control because your ARE in control. And, who knows, one little side endeavor might grow and grow into a main source of income. You may even be able to quit your “main” job and put all your engergy into this new hustle. Thanks
Warren
This is a great article. You are correct to point out that extra income (side hustle) is not necessarily a second job. I’ve done the second job thing a number of times in my lifetime and it’s not sustainable, at least not for me. What is sustainable is, as as you point out, is something that we have some control over.
I’m a nanny but I also have my own website. A website takes some time to build up but I can also work on it in my free time (yes, even in my jammies while drinking a glass of wine and watching my evening tv shows). I’ve started it while I am still a full-time nanny with the expectation that it will be profitable by the time she goes to school full time, which is when the nanny job will essentially end.
At this point, she goes to pre-k 2 days a week, which opens me up to another part-time and very flexible gig: substitute teaching. I can accept or decline any days I want to without explanation or repercussions. While it’s not my own business, the opportunities are plentiful and the control is all mine.
My suggestion to everyone looking for extra income is to keep an open mind, think outside the box and ask others for their advice/ideas/suggestions. The reason I added that last part was because neither the website nor substitute teaching was my idea. If someone hadn’t suggested it, I would have never thought to do it.
While substitute teaching is not technically your own business it is a close approximation. I am a special education teacher in my day job, and I have lost a few great paraprofessionals to the flexibility of substitute teaching. I think the work on the website is great. If it’s like a lot of my ventures, it’s a lot of work for little payoff in the beginning, but it gradually grows into something that is great. Good luck with your ventures.
That is the only way you will make money, it’s if you have a side hustle. I believe that having multiple streams of income is the way to go. The main goal is to make money in your sleep. If you can do that then you have really made it. I would encourage everyone to have a side hustle
I definitely agree. Developing a passive income is for sure the goal, but that knowledge also makes us vulnerable to so many of the scams that promise that. The best way to develop that is not quick but requires consistent effort.
I agree that owing your own business has many many benefits but there are obvious difficulties that come with it. There are far more responsibilities and you must be a very organized person in order to make it a success. And this applies for both online and brick and mortar businesses. Also it needs patience and the ability to see opportunities when they appear.
It is true that there are many more responsibilities when you own your own business. The great thing is that there are a lot of free or affordable resources to keep you organized and on track. As I continue to develop this website I hope to point out many of those resources.
I’ve experienced many times that owning your own business isn’t as easy as it sounds. In particular, it is a time when online-related businesses are prosperous like these days, but I am a slow-moving person who has been engaged in offline jobs for a long time, so my fear comes first. Still, I am grateful for the content of motivation that is very helpful now that I have no choice but to challenge myself and the need for a side job is personally urgent.
Thank you for your comment. Good luck in your endeavors!
I have friends from many walks of life and it’s great to see how multi-dimensional different people can be! I went to a technical school that was more heavily academic and light on the arts, but it’s been awesome to see these academic friends pursue art interests in their spare time while they follow a completely different main career path. Side hustles are definitely perfect for a lot of different types of people!
Thank you for your comments. They work well for many but finding a good match is critical.
Investing well and compounding is also a great side hustle that can make you very rich over time if you are able to generate a high return on avg per yr – sports betting, investing in stocks, crypto etc all fall in this criteria of investments. You just need to have big balls when the size of your stakes goes up over time when you are compounding.
Side hustles are the new black. They’re a way for people to make some extra cash, explore their creativity, and contribute in ways that they never have before. If you find yourself feeling stuck or creatively drained, it might be time to consider starting your own side project!
There are a few points to consider:
What is it that you want to achieve?
Before you get started on anything else, take a moment to consider exactly what it is that you’re looking for from this side project.
Do you want to make some extra cash? Are you looking to develop a side skill or improve on one that you already have?
What is your end goal for this side hustle?
What side hustle should you do?
You don’t need to know how to code or build a website to start your side hustle. While it might be a wonderful idea that you’ve always had, if you’ve got no knowledge of the field, then it will be difficult for you to actually get it off the ground.
Instead, maybe consider exploring something that you already have a solid skill for. If you’re a blogger by side, then perhaps it’s time to dig out those old recipes and start up a blog!
Keep your side hustle small to begin with. It can be easy to become overwhelmed when you first start working on a side project, but if you keep it small, then it’s much easier to stay on task.
Great article.
And also Having multiple sources of income is
empowering
“Other benefits might include learning or practicing new skills,
exploring a passion of yours or just empowering yourself to find you
have economic value outside of your day job or paycheck.”
Side hustle is really benefiting.
I am starting a business. And it is a lot of work. But I also agree that there are benefits that I may not be taking advantage of. So getting The Tax and Legal Playbook makes sense. We are working a lot these days. But I am grateful there seems to be a better year coming up on the horizon.
Personally I’ve never seen a side hustle as owning a business, not sure why.. possibly because the first one I started was completely by accident! I had zero plans on starting anything now my main source of income comes from Fiverr whilst on maternity leave from a housing association. I’m still trying to make sense of it all to be honest but this has gave me the confidence to start studying towards a degree in design that I start next month
With regard to being effective and have an extraordinary measures of cash, a side hustle is the best approach. In life, one necessity to have various kinds of revenue since then it will help one in achieving everything in life that they need to accomplish. It’s essential to observe something that is continually acquiring cash. Anyway, in light of the fact that such countless individuals are desperate to do as such, they succumb to scams. When they succumb to a trick they squander cash and there goes above and beyond progress. So kindly be wary I what one is doing in light of the fact that it probably won’t be something that can acquire cash. In the end, show restraint, since genuine fruitful individuals go slowly and don’t do rich speedy tricks.
You have some great points about having a side hustle. And a good thing about a side hustle is that you can choose something that interests you and you are passionate about. It is a lot of work, but you get out what you put in. Having more than one source of income is definitely the way to go. Great work.
This is a great article for anyone stuck in a rut, feeling the monotony of the rat race but not really at the point where they long to be. It can be motivating to have something to focus your real efforts on, especially, something you’re passionate about.
The book you suggested looks interesting, along with the site. I’ll save that tab for later today.