I read somewhere how we all wanted to be lawyers and doctors when we were young, fast forward 10 or 15 years and everyone is an “entrepreneur” selling something on Instagram (no shade to any of my “CEOs” but you have to agree this is 100% true hahaha). In this era of social media and online shopping, having a side hustle that involves selling something or even providing a service on social media is very common. Even before social media gained the popularity it has today, people used to sell items at work; shoes, clothes, etc. All I’m trying to say is, almost everyone has something on the side that generates income, be it selling hair, or running a dispatch service – everyone has a side hustle. And I’m sure those of us without side hustles have asked this question before – do I have to get one too?
Without a doubt, there are many benefits to having a side hustle; the most important being you can amass wealth from a successful side hustle. However, you have to know why you want a side hustle; do you want a side hustle just because everyone has one? Or you genuinely need an alternative source of income asides your monthly salary? Identifying the reason why you want a side hustle is the most important thing. The next is; what actually this side hustle must be. I’m no financial expert – I don’t even have a side hustle so don’t take me too seriously, but one thing I know for sure is that you need to go for something you’re actually interested in. Don’t go and sell something you have no interest in or knowledge about. Chances are you’ll lose interest and in turn, lose any money you might have invested into it.
Also, setting up a side hustle requires planning. Don’t just get up and start something overnight. Exhibit A: when COVID-19 hit, a lot of people saw the sale of nose masks as a fruitful business venture and quickly rushed into it. At the beginning, nose masks were “like cocaine” and yes, the business was booming. Fast forward a few months later, the prices of nose masks plummeted. I went from buying a whole box for 50 cedis to buying one for 5 cedis. Imagine that! Most people that invested in this business ended up losing a lot of money, because they rushed into it without thinking it through. Don’t even get me started on the face shield business. That one ended in actual tears!
In summary, social media has created an avenue for easy sale and marketing of goods and services. It will be very smart to take advantage of that and make a cedi or two, but don’t just jump into a business. Look before you leap, identify something you can make money from, be it selling or providing some kind of service, plan adequately so you have enough money to rely on if your business has a slow take-off. And most importantly, go for something you’re interested in.