A side hustle is anything you do outside your traditional job to make some additional income. Many organizations are acceptable to side hustles as long as you respect your employment contract and organizational policies. Make sure you don’t slack on your main job as you chase your side hustles.
I have noticed the following benefits in pursuing my side hustles:
- Additional income. Two years ago I had one customer – my employer. Now, I am serving thousands of people across the world. The Money Engineer reaches over 17,000 people. The SHAKE business serves thousands of customers in over ten districts from Wakiso, Kampala to Busia, Mayuge, etc. I am now selling books, savings kits, financial coaching programs, ketchup, tomato sauce, tamarind juice, etc. The money is slowly trickling in from multiple sources in ever increasing quantities.
- Deploy personal gifts. I have been able to use my personal gifts in my side hustles. Traditional jobs are specialized and you rarely apply your entire skill set. I have been able to mentor and coach a group of young people to build a manufacturing business. I have promoted financial literacy across the world. I have marketed and built websites and other online platforms.
- Build something useful. I have built a platform to improve financial and economic well being of other people. This is something I could never achieve in my current job. I have also helped to build locally developed products from scratch.
- Help other people. These side hustle projects have helped many people including employees, customers, suppliers, friends, and family.
- Diversify investments. I have been able to diversify my investments. Traditionally I invested in land. Now I own digital assets, brands, and businesses.
- Acquire new skills. I have acquired new skills including selling, marketing, filing tax returns, project management, trouble shooting, etc.
- Meet new people. I have met thousands of people online and in-person. Some of these people have become friends, acquaintances, customers, suppliers, etc.
- Create jobs. I have been part of the creation of over 100 jobs directly and indirectly. From direct employees to local farmers who supply the tomatoes, tamarind, onions, etc. If I had stayed comfortably in my air conditioned office these people would still be unemployed. My side hustles are part of the solution in fighting poverty across our country.
- More productive. I have been able to quadruple my productivity. I have been forced to work beyond 5.00PM and on weekends to be able to juggle all these projects effectively.
- Better performance on the job. Incidentally I have actually performed better on the job. As a business owner I now appreciate the pressures my bosses face on a daily basis. I now appreciate the strategic choices of my organisation.
Relying on a single source of income is too risky in the new normal. We MUST build multiple sources of income to survive the next economic storm. While still in employment I urge you to build your side hustle(s).