This is a contributed post
The idea of investing in your side hustle may seem like an odd one. After all, your side hustle is something that you’re doing to make money, not spend it, so investment seems like a strange choice.
However, it’s an idea that you might want to consider. Whether your side hustle is making a go of monetizing a blog, running an ecommerce store, or one of the other popular side hustles as detailed on http://businessadvice.co.uk/ten-side-hustle-business-ideas , there are good reasons why investing might be the right choice for you. However, there are a few caveats you need to be aware of if you’re going to invest with true purpose and intent. To ensure that you’re investing for all the right reasons, you’ll need to be able to answer “yes” to all of these questions:
Can you afford the amount you’re considering investing?
If you have to borrow to invest, then that’s never a good idea. While large businesses can run huge deficits, smaller side hustles simply don’t have that luxury. You’re trying to make your financial circumstances improve, so taking on debt and the possibility of interest payments is never a good idea.
Are you investing in something to fill a knowledge gap?
Investment comes in many forms, but perhaps the most valuable is investment that allows you to achieve something with your side hustle business that you otherwise wouldn’t have been able to. If you’re running an ecommerce store but are clueless on SEO, then outsourcing to the likes of https://www.figmentagency.com/landing/seo-surrey/ is genuinely beneficial; if you’re running a blog without photography experience and need to buy high-quality photos from stock sites, then that’s a good choice too. An investment that genuinely benefits the potential success of your side hustle, and your ability to make money with it, is a positive one.
Are you investing in something you need?
If your side hustle is able to function at close to maximum efficiency without you having to invest, then it’s likely that you don’t actually need it. Need is defined by a basic requirement; want is when you feel something would be nice, but you can manage fine without it. It’s all-too-easy to fall into a trap of investing in goods and services for your side hustle that aren’t a necessity, so this is a fine line you’re going to have to negotiate. Be honest with yourself about whether what you’re considering is a want or a need and, if necessary, ask for someone else’s perspective to see if they concur that the expenditure is justified.
Are you committed to making your side hustle work for you?
There’s little point in investing in something if there’s a risk you may lose interest or not have enough time to pursue it. It’s therefore vital that you’re absolutely certain your side hustle is something you’re passionate about and fits into your life before investing any money in the endeavour.
Final thoughts
Investing in a side hustle can be genuinely beneficial, allowing you to make more money in future and focus your efforts effectively. Provided you can answer “yes” to all of the questions above, you can be confident that your investment will actually pay off, and is therefore worth considering.
Title Photo by GotCredit