5 Reasons Why You Absolutely Need A Side Hustle Or Small Business
Sarah Nicole Nadler
When was the last time you looked at your bucket list and priced out how much your dreams will cost you?
This probably doesn’t sound very inspiring…but it could end up being the best thing you’ve ever done!
In late 2018 I sat down with my husband Ben and made a big long list of all the things we want to accomplish before we kick the bucket. Making a bucket list is a very fun thing to do - it gets you dreaming big and thinking outside the box your normal life fits into.
But most people stop there and put that list in a drawer or on a shelf to grow dust.
In my normal go-getter style, I wasn’t satisfied with that!
Instead, I hopped online and started pricing it out. I worked out the costs for plane flights and hotels to our dream destinations, for food/necessities on those month-long hiking trips we wanted to take, and generally began to get a sense for what it would actually take to accomplish our goals.
The point here is this - you likely have dreams and a big long bucket list waiting to be ticked off someday. And maybe someday to you means when you retire. That’s okay, so long as you have calculated out how much it will likely cost you, and are saving enough out of each paycheck for a nice fat retirement plan.
Or maybe you want to have adventures before you retire, the way Ben & I do!
But if you’re anything like me - you likely haven’t even confronted what it will actually take financially to accomplish those goals and dreams.
The biggest reason I didn’t confront it for so long is because I knew in my heart that what I was doing to make money was never going to get me there…and I didn’t know what else to do.
So in this episode, I want to share with you my top reasons why you absolutely need a side hustle and my best tips for how to create one that ticks all your boxes so you CAN knock items off your bucket list before you get so old that you won’t enjoy them anymore.
So, as always, let’s pull this problem apart.
5 Reasons You Absolutely Need A Side Hustle Or Small Business - Episode 75
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Reason #1: Diversify Your Income
Whether you were part of the real estate market crash of 2008, or the world-wide economic shutdowns of 2020, examples abound of times when relying on just one source of income for all your bills and dreams was a bad idea!
Maybe you were lucky enough not to be affected by either of those two instances, but can you say with all honesty that it will never happen to you?
Proverbs 13:16 says:
“A wise man thinks ahead; a fool doesn’t and even brags about it.”
Diversifying your income means having two or more sources of cash for every bill you must pay, or every dream on your list...just in case.
The best method of diversifying is to have a side hustle or business that is likely to thrive in adversity or at times when your main source of income is going down.
A great example of this was in 2020. While brick-and-mortar businesses were shutting down, relying on government support or even closing permanently, online businesses experienced explosive growth.
What kind of side hustle could you start that will likely become more vital to your community when the market fluctuates or crashes?
Reason #2: Money Doesn't Buy Happiness...But It's Easier To Smile In A Ferrari Than A Broken-Down Pinto
Last week I attended a business convention in Orlando, Florida and one of the speakers shared her story.
She is 70 years old, with grandchildren and kids who live all across the US.
She and her husband started their multi-million dollar business as a side hustle decades ago, and the extra money it brought into their lives allowed her to do things like travel to Hawaii, Europe, and be there for their kids.
They’ve had a wonderful life together that never would have been possible without the extra money they made - first on the side and then eventually as a full-time business before they retired.
I can think of many joyful experiences I’ve had in my life that would not have been possible without discretionary income.
Conversely, when I coach clients on sales and overcoming objections, a common limiting belief I often hear is that “money is the root of all evil”.
And yet! Walking the streets in Compton, Inglewood, and Mexico City has taught me that lack of money has caused the majority of the problems most people solve by committing crimes.
Poverty is a far greater impetus for evil than money.
And the best entrepreneurs I know give back to their community on a regular basis.
Reason #3: Entrepreneurship Teaches You Valuable Life Skills
While it’s true that it takes talent and hard work to build a business, or succeed in generating a useful amount of money with a side hustle, entrepreneurship teaches life lessons you learn nowhere else.
Year after year, I am amazed at the personal growth I experience. Over the years, I went from having debilitating shyness to being willing to stand on stage 3-5 times a month to share my story!
From fear of rejection I learned to sell with confidence and integrity.
From feeling burnout and overwhelm I started to show up for myself and practice self-care and build strong boundaries so I can give my clients my best.
Challenge yourself to grow as a person by stepping outside your comfort zone.
Reason #4: Compounding Interest Makes Waiting To Make More Money A Terrible Idea
The law of compounding interest tells us that waiting just one year to start investing your discretionary income can have drastic effects on your rate of return.
But for many families, there isn’t anything left to invest after bills are paid at the end of the month!
That’s just one more reason why starting a side hustle NOW is possibly one of the most important things you can do.
Reason #5: Uncle Sam Will Reward You With Tax Write-offs
Have you ever wanted to take an all-expenses paid family trip to some far off place? Well, with a side hustle that requires you to travel, now you can…and make your business pay for it.
So long as the travel is required for business purposes you can write off those expenses.
And that’s just one more way a side hustle or business makes it possible for you to start knocking out your bucket list BEFORE you retire!
I hope you found this episode helpful!
If you’ve decided that starting a side hustle or a small business is a great option for you, I’d love to show you how to get started on a part-time or full-time basis.
Get my resources, online courses, and 1:1 coaching to help you launch and immediately start making income and build the lifestyle of your dreams. Click here to connect with me.
About the Author
Sarah Nicole Nadler is a business + balance coach for 6 & 7-figure business owners who want to build a dream team & profitable biz so they can spend more time on the things that matter. A digital nomad, she currently calls Tampa Bay, Florida home.