Five Things to Ask Yourself Before Starting a New Side Gig

It’s safe to say that in this economy, most of us either have full or part-time jobs. Whether you’re working the standard 9-to-5 shift or you’re plugging away at odd hours of the night, however, can vary from person to person. Even then, it may still feel as though you’re running as fast as you can, only to be stuck in the same spot financially.

Because of this, it’s tempting to want to try to earn a little extra income on the side, no matter what industry you work in. Saving up money for a rainy day is always a smart idea, as well, as is steadily chipping away at your own personal pile of debt. 

However, before you get caught up in the hype of starting a new side gig, there are a few things you should ask yourself first. By carefully researching the types of opportunities available to you — and making sure you’re not diving in headfirst without checking — you can avoid a few of the more common pitfalls that could otherwise befall you.

“Do I Know What I Want to Do?”

This may seem like one of those incredibly obvious questions, but nevertheless, it’s still a very important one. When it comes to starting a new side gig, there is a bounty of options that you can choose from. Of course, nobody can tell you that one is better than the other, but one might be better for you.

One way you can help narrow down what you want to do is to take a closer look at your own talents and skills. Perhaps you’re a natural behind the camera. Or maybe you’re a business-savvy whiz who would make a killing on dropshipping. No matter what you decide, though, it’s extremely important that you do make a choice.

“Can I Afford to Fail?”

This question is a little bit harder to approach, but it’s still incredibly important to ask yourself it. For most people, the answer is probably “no.” If you’re barely scraping by, then you absolutely do not want to invest a significant amount of capital into a venture that may never actually take off.

On the other hand, if you’re considering a lower-risk side gig, then perhaps you have a little bit of wiggle room on this. If you’re considering a gig that has a minimal startup cost, then it might be a little bit easier to take that first step. Still, failure isn’t just a financial loss. Can you also emotionally handle not succeeding?

“Do I Need Professional Advice?”

Depending on what industry you want to break into, you may need to consider the possibility that you might need professional advice before you proceed. For instance, if you decide you want to break out your baking talents, it might be smart to speak to other successful bakers and see what they did to get to where they are now.

Conversely, if you happen to want to go back to school to pursue a degree, it would be especially wise to speak to someone knowledgeable on the subject. Fortunately, there are a number of trained professionals who can help you. Whether you require some healthcare consulting or even a bit of legal consulting advice, these experts can help guide your decisions.

“Can I Do This Long Term?”

We’ve all heard the old adage about doing what you love to avoid having to do actually work. If you’re trying to earn extra income on your side hustle, the last thing you want to do is invest all of your time and resources into something that you’ll despise. Not only can this increase your risk of failure, even if you do succeed, but you’ll also be miserable.

Instead, take a hard look at what you want to do and ask yourself if you actually really do want to do it, or you’re only doing it because you think it’ll be easy or lucrative. Even if you did succeed at your venture, you don’t want to wake up one day and realize you simply can’t do this anymore.

“Am I Ready?”

Starting a new side gig can be an incredible opportunity for you and your family. No matter what niche you decide to break into, it can help you meet your financial goals and help you feel that unique sense of pride from accomplishing something you worked hard for. By taking the time to ask yourself these questions — and answering them honestly — you can help ensure your long-term success, no matter what you decide to do!

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