Author Topic: Starting a side hustle: sensible risk aversion or unfounded fear?  (Read 4034 times)

vagon

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I look at side hustles that actually scale reasonably well and I still feel uneasy about beginning them.
So while I am not stressed about say becoming a weekend dog walker or marriage celebrant etc I also think there is a pretty clear cap on earnings in that line of work.
By contrast I dont necessarily want to fork out for private blog hosting, inventory or the like for a more scalable potential business when I could just invest in index funds.
 
Am I just making excuses here?
Is there some middle ground I am not seeing?

I get the feeling its just risk/reward playing out.

arebelspy

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #1 on: April 14, 2015, 01:35:18 AM »
What risk is there in starting something, besides time?  Most of them require very little startup capital.

Define your why (not"to make money"). If you aren't passionate (excited) about it, it'll be a chore, and likely never a success.

It seems like you're just floundering around when you mention multiple vastly different things.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

vagon

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #2 on: April 14, 2015, 10:46:33 PM »
Define your why (not"to make money"). If you aren't passionate (excited) about it, it'll be a chore, and likely never a success.

It seems like you're just floundering around when you mention multiple vastly different things.

That is an interesting perspective and I agree to an extent that I would find it to be somewhat of a chore.
Given I'm not necessarily passionate about my existing work (I tick all the engagement boxes mind you), is it a necessity to be passionate about a side hustle?

dividendman

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #3 on: April 14, 2015, 11:55:20 PM »
Define your why (not"to make money"). If you aren't passionate (excited) about it, it'll be a chore, and likely never a success.

It seems like you're just floundering around when you mention multiple vastly different things.

That is an interesting perspective and I agree to an extent that I would find it to be somewhat of a chore.
Given I'm not necessarily passionate about my existing work (I tick all the engagement boxes mind you), is it a necessity to be passionate about a side hustle?

If you're at or near FI I think starting additional gigs to make money should be things you are passionate about. Otherwise it's just another job you hate for no reason.

If you're not at or near FI and the side hustle is to get there faster then I suggest doing whatever you think will make the most money with the least capital and who gives a shit if you like it or not. It's a slog like your main gig to get to the promised land of FI. All that said, try to find something you don't super-hate or just advance/work more in your current job if it's tolerable.

Kris

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #4 on: April 15, 2015, 06:42:59 AM »
Define your why (not"to make money"). If you aren't passionate (excited) about it, it'll be a chore, and likely never a success.

It seems like you're just floundering around when you mention multiple vastly different things.

That is an interesting perspective and I agree to an extent that I would find it to be somewhat of a chore.
Given I'm not necessarily passionate about my existing work (I tick all the engagement boxes mind you), is it a necessity to be passionate about a side hustle?

Certainly not.  I self-publish ebook erotic stories and romance novels on the side.  I am not a consumer of these genres at all (apart from now reading them sometimes to stay current).

It took almost no money to start doing this, apart from spending a dollar or two per stock photo per cover.  The only "cost" was time and effort.

SpendyMcSpend

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #5 on: April 15, 2015, 07:35:28 AM »
How much do you make with the novels?

Kris

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #6 on: April 15, 2015, 07:42:24 AM »
How much do you make with the novels?

I've barely published anything since November, and I make about $1,800-2,000/month right now of completely passive income.  I'll begin publishing in earnest again this summer, when I'm off from school.

arebelspy

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #7 on: April 15, 2015, 09:39:26 AM »
Define your why (not"to make money"). If you aren't passionate (excited) about it, it'll be a chore, and likely never a success.

It seems like you're just floundering around when you mention multiple vastly different things.

That is an interesting perspective and I agree to an extent that I would find it to be somewhat of a chore.
Given I'm not necessarily passionate about my existing work (I tick all the engagement boxes mind you), is it a necessity to be passionate about a side hustle?

Not necessarily, but it's hard to make money at all at a lot of the side gigs (starting a blog, for example).  If you're interested in it, you have several benefits:
1) The work itself will be better (like for a blog, the writing will be better), making it more likely to earn money
2) You're more likely to keep doing it, because you enjoy it, making it more likely to earn money (because stuff builds after time)
3) If you don't make money at it, at least you didn't waste time doing something unenjoyable, but hopefully enjoyed it as a hobby.

So it definitely helps to be excited about something and monetize it in some way, rather than picking something solely because other people make money doing it.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

vagon

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #8 on: April 15, 2015, 08:02:28 PM »
Thanks spy.

It's probably the same as anything - test it out and adjust accordingly.
I think what I'll do is start on blogger or some equivalent and see if I enjoy the writing and keep the habit up. Then if it works and I have readership migrate to something like wordpress.

vagon

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Re: Starting a side hustle: sensible risk aversion or unfounded fear?
« Reply #9 on: April 15, 2015, 08:03:47 PM »
Certainly not.  I self-publish ebook erotic stories and romance novels on the side.  I am not a consumer of these genres at all (apart from now reading them sometimes to stay current).

Nice work, did you have a passion talent for writing in general?