The term “side hustle” is well-known, but there’s evidence to suggest that more people than ever are now taking on additional income streams to supplement their full-time job.
In fact, figures released by Milkround.com suggest that more than two-fifths (or 42%) of students and recent graduates have a second job, with the nature of this type of work varying from one individual to another.
But what constitutes the typical side hustle, and what are the key things to keep in mind when considering creating an additional and supplementary income stream?
What is the Typical Side Hustle?
Despite the fact that side hustles can and do vary wildly, the average income stream of this type will consume anywhere between six and 15 hours each week.
This is a key consideration, as even in the case of so-called “passive” income streams, you’ll need to do some initial groundwork and cursory research to ensure that you can bank returns on a regular and recurring basis.
However, there’s no doubt that passive income streams such as forex trading are far more accessible and effective from a time management perspective than options such as dropshipping, particularly if you adopt the right mindset and approach when pursuing the latter idea.
For example, forex traders can rely on automated trades and forex robots to optimise their output and returns, while it’s also possible to copy trades through the myfxbook social community. This allows you to follow and copy expert traders and strategies, maximising your earnings in the process.
So, while the average side hustle in the UKs adds more than £3,000 annually to the bank accounts of citizens nationwide, becoming a successful forex trader can increase this number markedly without causing you to compromise too much on your time or existing work schedule.
What to Keep in Mind When Starting a Side Hustle?
Of course, the question that remains is what are the key considerations when starting a side hustle?
Firstly, you’ll need to determine precisely how much time you have at your disposal and your financial expectations, as this will enable you to select the right income streams to suit your circumstances.
On a similar note, you should keep in mind that some sectors are more popular than others from the perspective of side hustles, particularly in the wake of the coronavirus. For example, the hospitality sector has been decimated by Covid-19 and subsequent lockdowns, so there may be less opportunity to generate income within this industry.
Finally, you’ll need to remember that not all opportunities are created equal, so patience may be required to generate income.
In the case of forex, for example, it’s thought that up to 70% of traders lose money over time, so you’ll need to be disciplined and create a viable strategy as an investor.
