Should you start a side business?
Starting a side business is an obvious way to bring in additional revenue and enjoy a little extra security. But there are real challenges with managing a side hustle. Here’s how you know if entrepreneurship is right for you?
Hear what to consider before diving into a side business
The in’s and out’s of side hustles
On this episode of Queer Money®, we’re addressing Justin’s question around the pros and cons of starting your own side business. We share the results of the Queer Money® Facebook poll on the topic, discussing how many in our community already run a side hustle and what percentage of them are ‘making bank’ with this additional income stream.
We weigh in on the pros and cons of starting your own side business, getting real about the loss of free time, the financial investment and the emotional roller coaster associated with running a business in addition to your 9-to-5. Listen in for insight into the advantages of starting a side hustle, including the tax benefits, personal freedom, and uncapped income potential available to entrepreneurs who manage to turn their passion into a successful business.
The results of the Queer Money® Facebook poll on side businesses
- 2 don’t need one
- 2 lose money on side business
- 5 making bank
- 18 interested in starting one
- 19 make a few bucks
The disadvantages of starting a side business
- Loss of free time
- Loss of capital (invest in your business)
- Emotional roller coaster
- Must learn to run business (i.e.: taxes, legality, etc.)
- No guarantee of success
The advantages of starting a side business
- Tax benefits (deductions, reduced income taxes)
- Uncapped upside income potential
- Use hobby to supplement income + reach financial goals
- Serve as a backup plan, extra security in uncertain times
- Put energy where passion lies