1559: 4 Reasons Everyone Should Have a Side Hustle by Nick Loper on How To Foster Entrepreneurial Skills

[00:00:00] This is Optimal Work Daily, 4 Reasons Everyone Should Have a Side Hustle by Nick Loper of SideHustleNation.com.

[00:00:09] I believe everyone needs a side hustle, something you do outside your job to keep life interesting, keep your mind sharp, and maybe even earn some extra income.

[00:00:17] My first side hustle. After college, I moved across the country and initially didn't know very many people in my new city.

[00:00:24] To keep myself busy, I decided I could put those after-work hours to use by trying to build an online business.

[00:00:30] It took quite a bit of work because I didn't know what I was doing, but eventually my little project grew into a fun and profitable little operation.

[00:00:37] Within the first year, I was able to cover the full amount of my rent just with proceeds from the business.

[00:00:41] All virtual and all in my spare time. I was ecstatic.

[00:00:45] Why Side Hustle?

[00:00:47] There are a ton of distinct benefits to using your non-work hours more productively.

[00:00:51] This is your chance to get excited and make something happen. Exercise your brain and explore your passions.

[00:00:57] It's science. Filling your days with meaningful activities is the path to long-term happiness.

[00:01:02] 1. Build Skills

[00:01:04] A small side project is the perfect place to learn and master new skills because you have little risk of failure.

[00:01:10] For instance, your workplace may value technical skills when considering who to promote,

[00:01:14] but you may not always have the opportunity to hone and improve those skills on the job.

[00:01:18] Building a skill set outside of work proves your initiative to your boss, and those skills are also portable,

[00:01:25] meaning you can take them with you to your next job or use them on your side hustle.

[00:01:28] Some of the skills I've learned outside of my jobs include contract negotiation,

[00:01:33] pay-per-click marketing management and strategy, search engine optimization, email marketing,

[00:01:38] WordPress, social media, managing remote employees, online videos, and more.

[00:01:43] In a large company, you may not get the chance to exercise your mind and learn new skills,

[00:01:48] which is why it's so crucial to continue your education away from the office.

[00:01:52] In a side hustle, you'll get to learn and experiment with new concepts and strategies in real time,

[00:01:57] and that real-life application can be extremely valuable.

[00:02:00] Quote,

[00:02:01] Anyone who keeps learning stays young.

[00:02:04] Henry Ford

[00:02:05] Two, build security.

[00:02:08] Pam Slim, the author of Escape from Cubicle Nation, calls your side hustle career insurance,

[00:02:13] and she's 100% right.

[00:02:15] If you rely solely on one source of income, you're pretty much screwed when that source of income stops.

[00:02:20] That's why so many people were hurt so badly during this recent recession,

[00:02:24] and why there's been such an increased interest in micro-businesses and entrepreneurship.

[00:02:28] Your boss doesn't give a s*** about you.

[00:02:31] Well, he might, but to his boss's boss, you're probably fully expendable and replaceable.

[00:02:36] Just a cog in a system.

[00:02:38] You are not some indispensable linchpin.

[00:02:40] You're a cost center.

[00:02:42] In today's world, there's no such thing as job security.

[00:02:45] In investing, we're told to maintain a diversified portfolio.

[00:02:49] Why?

[00:02:49] Because having all your eggs in one basket is inherently risky.

[00:02:53] And the same is true with our income.

[00:02:54] It's dangerous to rely on one company or one paycheck,

[00:02:57] no matter how lucrative it may be at the moment.

[00:03:00] And even if your side hustle makes very little or no money,

[00:03:03] who do you think is more attractive on the job market?

[00:03:05] The person who spent their spare time watching TV,

[00:03:07] or the person who spent their spare time learning and applying new skills in the real world?

[00:03:12] Quote,

[00:03:13] Do not stop thinking of life as an adventure.

[00:03:16] You have no security unless you can live bravely, excitingly, imaginatively.

[00:03:20] Unless you can choose a challenge instead of competence.

[00:03:24] Eleanor Roosevelt

[00:03:25] 3. Build income

[00:03:27] The chance to supplement their income is what draws most people to side hustling,

[00:03:32] and that's fine.

[00:03:33] But know that this is no get-rich-quick scheme.

[00:03:35] The secret to earning an income from your side hustle is to create real value for customers.

[00:03:40] And real value usually takes real work.

[00:03:43] This site will explore some of the amazing financial success stories

[00:03:47] that people just like you have had with their side businesses.

[00:03:49] All around the world, entrepreneurs are being born, and lives are being transformed.

[00:03:54] The income I'm talking about is not instant millionaire stock options IPO kind of money,

[00:03:59] but rather a realistic and attainable profit that can fund the founder's lifestyle on their own terms.

[00:04:05] 4. Build freedom

[00:04:07] Ultimately, side hustles are about freedom.

[00:04:09] If you can earn a living on the side from what you do for a living,

[00:04:12] you're suddenly no longer tied to the job you hate.

[00:04:15] And even if you like your job, odds are it takes up a lot of your time.

[00:04:19] Do you like it enough that there's literally nothing you'd rather be doing all day?

[00:04:22] If your side hustle is virtual, you're suddenly no longer tied to the city where you live.

[00:04:27] You can work from anywhere.

[00:04:28] And even if you like where you live,

[00:04:30] wouldn't it be nice to at least have the opportunity to go elsewhere?

[00:04:34] Yes, the pursuit of this sweet, sweet freedom is what this site is all about.

[00:04:37] So who's with me?

[00:04:42] You just listened to the post titled

[00:04:44] 4 Reasons Everyone Should Have a Side Hustle

[00:04:47] by Nick Loper of SideHustleNation.com

[00:04:50] And a big thank you to Nick.

[00:04:52] He used to work full-time for a giant corporation,

[00:04:55] but he built his business during nights and weekends.

[00:04:58] He's also host of the podcast The Side Hustle Show,

[00:05:01] which is for part-time entrepreneurs looking for actionable tips to start or improve their businesses.

[00:05:06] It's a great podcast, and usually in the top charts of business in Apple Podcasts.

[00:05:11] It is one that is definitely worth checking out.

[00:05:14] And the blog is great too, of course.

[00:05:15] You can come by SideHustleNation.com for a lot more.

[00:05:19] Again, that's SideHustleNation.com.

[00:05:22] But that's going to do it for today.

[00:05:24] I thank you so much for being here and for listening all the way through.

[00:05:26] And I'll be back with you tomorrow for The Tuesday Show,

[00:05:29] where your optimal life awaits.