Those with an entrepreneurial spirit are often drawn to the idea of ditching employment and starting their own business instead.
But is it safer and smarter to find a side hustle that has the potential to produce increasing amounts of income with decreasing amounts of time required to earn that income?
And what if your side hustle could more than replace your current income in four years?
- What if that side hustle required no borrowing and minimal ongoing expenses?
- What if your side hustle supplies no products or services?
- What if your side hustle was scalable and saleable?
- How would that compare with investing/risking large amounts of capital (borrowed against the family home) in your own business?
Yes, your own business may have the capacity to scale and be worth a gazillion 10 years into the future.
On the other hand, it could also fail spectacularly, as so many do (the stats are all there when you do a Google search).
Is having your name attached to a huge tech success more about ego than the lifestyle, peace and security you really want for yourself and your family?
But aren’t most side hustles a lot of work for a relatively small income?
Yes – if you take the “blunt instrument” approach of seeing what you can find online (like everyone else searching for “side hustle”).
However, you can discover better opportunities simply by building your network of collaborative business owners.
This will also help you to also refine your own “side hustle” ideas so that you are far more likely to achieve the results you seek.
Don’t rush – think it through carefully before launching a side hustle that becomes a waste of time and money.
The first step to discovering the best side hustles is to start building your network.
Talk with as many other successful entrepreneurs as you can.
They are often collaborative, have skills you don’t have (and vice versa) and are very happy to help you meet like-minded others.