5 Lies About Side Gigs That Are Keeping You From Making Money
When it comes to pursuing a side gig, many preconceived notions could be holding you back from getting started. Since it’s easier than ever to increase your income — due to various platforms that have been introduced — it’s essential that you don’t fall for common myths.
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You Need a Large Team To Be Successful
“With the arsenal of off-the-shelf software-as-a-service products and the advent of AI, a one-person operation can now punch way above its weight, appearing as big as a team of 10 or 20,” said Bryan Clayton, CEO of GreenPal.
Many will assume that they have to hire a team to grow your side hustle. This couldn’t be further from the truth, as you can use digital tools to help you run your side venture as a solopreneur.
Here are a few ways that you can run a side hustle on your own:
Use ChatGPT as a personal assistant to handle administrative tasks.
Find a platform to offer your services, like a freelance marketplace.
Choose a side hustle where you can set your own schedule.
Take on projects that fit your schedule, so you don’t get overwhelmed.
“A determined individual, leveraging the right tools and tech, can make a substantial impact, often with less overhead and more agility than larger teams,” said Clayton.
You don’t have to hire any team members, since you can also outsource tasks as they come up. This includes hiring freelancers for help with marketing, design work and random administrative tasks.
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You Need a Unique Idea To Get Started
“You don’t need to have a novel idea or an MBA to start making extra money,” said Natalie Fairbourne, founder of Yoodlize. “There are existing apps that are user-friendly and allow anybody to start making money by renting out things they already own.”
You don’t have to think of a unique idea, because there are many platforms that you can leverage to start bringing in extra money. Here are a few examples that come to mind:
If you enjoy spending time with dogs, you can sign up with Rover to get paid to walk and sit with them.
If you want to embrace your creativity, you can start selling digital printables or crafts on Etsy.
You can find freelance work on Upwork or Fiverr, if you want to utilize your editing skills.
The goal is to find an existing platform where you can offer your services, since there’s likely already a market for what you want to get into. With so many established platforms available, you don’t have to worry about spending time on extensive market research or product development, either.
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You Need To Make a Large Investment
Fairbourne noted that many people think they have to make a large upfront investment, like purchasing a second home to rent on Airbnb or a car to rent out on Turo. While there are some ventures that require a financial commitment, the good news is that you don’t have to invest your life savings into a side gig.
You can start offering freelancing services without startup costs or selling digital products online with a limited budget. You don’t have to wait until you have thousands of dollars saved to pursue that side venture.
You can even start a social media channel for free, and devote your energy to growing it into a profitable venture before you spend any money.
You Have To Work Long Hours To Make Lots of Money
A surprising amount of content has been shared online glorifying working absurd hours. While there are entrepreneurs who work extended hours, you can start a side gig that you only focus on in your free time.
The reality is that you don’t have to dedicate every moment to your side hustle, and you certainly don’t have to become a workaholic to make some extra money. You can also pick a platform or service where you’re in control of your projects, so you don’t overextend yourself.
You Need To Make Lots of Money To Feel Happy
A common misconception is that you won’t be happy until you make significant money. While it would be ideal to get rich from your side venture, there’s nothing wrong with pursuing a profitable venture to make some extra money and tap into your creativity at the same time.
Although the income from your side gig may be minimal, it could help you pay down debt, save up for a vacation or build up your emergency fund. With life getting more expensive, you can’t go wrong with extra money in your bank account.
Learn More: Dave Ramsey’s 10 Best Tips for Building Wealth: ‘Start Thinking Like Rich People’
Closing Thoughts
There’s no shortage of information about side hustles and making money, but not all of it is accurate. You can pursue a profitable side gig in your spare time, even if you don’t have the capital or an entire team behind you.
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This article originally appeared on GOBankingRates.com: 5 Lies About Side Gigs That Are Keeping You From Making Money
