Should you start a side business?
Starting your own business is an obvious way to earn extra income and enjoy a little more security. But there are real challenges to managing a side hustle. Here’s how to find out if entrepreneurship is right for you.
Learn what you should consider before embarking on a side hustle
The advantages and disadvantages of side hustles
In this episode of Queer money® we address Justin’s question about the pros and cons of starting your own side business. We share the results of the Queer Money® Facebook survey on this topic and discuss how many in our community already have a side hustle and what percentage of them are “making money” from this additional source of income.
We weigh the pros and cons of starting your own side business and realize how much free time, financial investment, and the emotional roller coaster that comes with running a business on top of the 9 a.m. to 5 p.m. work schedule. Listen in to gain insight into the benefits of a side hustle, including the tax advantages, personal freedom and unlimited income potential available to entrepreneurs who manage to turn their passion into a successful business.
“We want to see more queer business leaders. When we have control over our financial destiny, we can make the decisions. Then we are able to create our own happiness instead of relying on someone else.” – DavidClick to tweet
Topics covered about starting a side business
Queer Money® Facebook Side Business Survey Results
2 don’t need one
2 Lose money through side businesses
Make 5 bench
18 are interested in starting one
19 make a few bucks
The Disadvantages of Starting a Side Business
Loss of free time
Capital loss (invest in your business)
Emotional rollercoaster ride
Must learn how to run a business (e.g. taxes, legality, etc.)
No guarantee of success
The Benefits of Starting a Side Business
- Tax benefits (deductions, reduced income tax)
- Unlimited earning potential
- Use your hobby to supplement your income and achieve financial goals
- Act as a backup plan and provide additional security in uncertain times
- Put energy where passion lies