In this episode…

We go right back to basics here and start the journey into the world of the side hustle movement.

From understanding exactly what a side hustle is and why someone would like to create one through to why some are more successful than others!

So let’s dive in!

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Transcript

Amanda: [00:00:00] In this episode, we’re talking about why having a side hustle might be exactly what you need.  We start the journey into the world of the side hustle movement. We understand what a side hustle is.   Look at some of the different reasons people would want to create one and also start to understand why some are more successful than others.

We’re getting back to basics before we delve in a little bit deeper. So let’s dive in.   Hi guys, and welcome to the official first episode of our podcast.

It’s really exciting to be finally putting this into action after all the planning and processing and everything that’s gone on behind the scenes.

Kingsley: [00:01:22] Yeah. Hi everyone. So we’re in this little spare room of ours today. We’ve got our dog by our feet so if you hear a bit of a jingle or a yawn or a scruffle – it’s our dog Chippa, gnawing at our feet. So don’t worry about that.

So today we’re going to be going all the way back to the beginning, and we’re going to be talking about what the side hustle actually is.

Amanda: [00:01:46] It seems like a logical place to start.

 Let’s take a bit of a deep dive into exactly what a side hustle is. So it’s probably something that you’ve heard of before it does come under quite a few different names. Maybe you’ve heard of it as a passion project or even the gig economy or something like that.  Really we want to be able to sort of explain what exactly this is.

 I’m going to take you back just a little bit to give a bit of context here. Now, many of us have gone down that traditional career path. You know, the one… you’ve studied really hard at school in order to get into university.  Then you’ve studied hard at uni, you’ve got your job and then you start working your way up the corporate ladder.

And yes, that works for some people – that’s certainly where I started out myself, but it doesn’t necessarily work for everyone. And that’s the thing… And I think this is definitely a different time that we’re starting to see here and a lot of people are starting to transition and make a bit of a shift.

So they’re moving from either just having a, a side hustle, which is something that they do, in addition to their, their normal day job.

Kingsley: [00:02:51] Yeah, or in the case of like a stay at home parent, it’s a sense of fulfillment outside of the daily activities that they do.

Amanda: [00:03:00] Yeah, that’s so true. I mean, it’s something that they could be doing on the side in either of those circumstances really, but it’s a way of being able to do something additional that, like you said, that gives a little, a sense of fulfillment. And in quite a few situations, it’s actually starting to turn into people’s Plan A rather than just being that thing on the side, which is a pretty awesome thing to happen.

I mean, the other thing that we need to consider is that these really are quite different times. Any, if I kind of have a look to see what’s happened or the shift that’s happened over the years, and I don’t want to use the term back in the old days, but it’s probably the best way to really explain it.

 I’m sure I’m probably almost getting to that age where kids look at me and go, yep back in your day.

Kingsley: [00:03:44] Yep, Definitely the case for us.

Amanda: [00:03:48] But what used to traditionally happen is that people would stay in the same job for many, many years. And it wouldn’t be uncommon for them to be in there, say 40, 50 years, and that’s the entirety of their career.

But what they’re starting to see now is that most people will get that seven year itch. So they’ll stay in a job. They’ll work there seven or so years, and then they’ll go, you know what, this isn’t for me, or I’ve gotten as far as I can in my career, it’s just not giving me that sense of joy or fulfillment anymore.

And so people tend to have a lot of different careers throughout their life. And I know for me personally, that’s very much been the case. I’ve had a few different career changes and it’s also been the same situation for a lot of my circle of friends as well. So I certainly know it’s not uncommon.

The other thing that we’re also seeing at the moment, given that way in the midst of COVID is that we’re seeing a lot of what we used to consider to be quite stable jobs, either disappearing or just not being around, in the same capacity that they were before.

Kingsley: [00:04:51] Yeah. Well, you only need to look at the hospitality industry, or even any of the travel tourism, and you can say that, those, those jobs essentially are that, that whole industry imploded and, a few of the manage to do some innovation and they’re doing takeaways, but that’s not the case with all of them.

And if you’re an employee at that, at that cafe, that is, is no longer open, then you’re at the whim of whenever they decide to swing, open their doors. And that could be months, six months who knows at this stage. So it’s an important point to consider.

Amanda: [00:05:26] Definitely. And it’s that whole idea of innovation, isn’t it?

I think that’s something that is so prevalent in the current times is that people do need to innovate. They need to stay at the forefront and you kind of do need to think about yourself and put yourself first in a lot of situations.

So I’d love to touch on some of the reasons why people do actually start a side hustle and there’s no one trying tried and true reason as to why people have actually jumped into it.

So what I’ve come across in my experience is that quite often you might have a day job that is good enough to serve a purpose, but it’s not exactly where your passion lies. So having a side hustle might be a way of creating that expressive outlet, something where you can go yep, I am actually doing something that I really enjoy.

 Kingsley: [00:06:16] Yeah, a great example of that is when I left high school, I wanted to become a jeweler and I actually studied that further outside of high school. And then halfway through doing that, I’ve realized that there’s not much of a market  for that industry and I’ve gone down the path of  traditional trade and lost my creativity outlet.

And it’s only till much later on in life where I’m seeking a little bit more fulfillment, that I’ve circled back to that creative outlet  making something and, having an expression that’s, in my work.

Amanda: [00:06:54] It’s such an interesting point that you make there that you’ve almost done it in reverse.

So you started out having that passion for something that you absolutely loved and then it was almost a case of people getting in your ear and saying, well, Yes, that’s great. You love jewelry, but have you considered, is it actually a stable income? Is it, this is it that? And so you have gone down that traditional career path yourself, but it hasn’t necessarily giving you that sense of fulfillment.

And so now you kind of circling back and trying to find a way of being able to do that through what we’re doing in our own business. But  it’s such a common thing to happen these days is that you don’t get that artistic flair in what you’re doing. You don’t have a way to express yourself. And so people are actually looking to dip their toe in the water a little bit more and try out something that they do actually enjoy.

Kingsley: [00:07:48] Yeah. I think that’s a great point because if you get enough fulfillment in your nine to five job, but you’re just missing one aspect, there’s no reason why your side hustle can’t be that bit of fulfillment at the end of the day. And  you’re not necessarily gonna leave your nine to five to chase this because there might not be enough money in it, but it fills that small void or that one that you have, and it kind of, it just tops it up.

Amanda: [00:08:15] Yeah. And I mean, money’s not always the driving factor either. It’s about that sort of sense of achievement and, giving you a sense of purpose, which is quite often what having your own side business will actually do.

I know that we’ve just mentioned money isn’t a driving factor for everybody, but sometimes it is – maybe that is the reason why someone has actually gone and created their side business. It might be a way of being able to say, save towards something of your dreams, like  a deposit on a house.

So quite often what you’ll find in your traditional job, it’s a way being able to make ends meet rather than having any sort of additional money on the side. And I know in the current climate houses are not cheap a deposit on the house is going to potentially take quite a bit of time to save up as well.

So by having that second stream of income that is coming in, you can almost put that aside in a separate account and go, okay, well, this is something that I am actually putting towards my house and my traditional job on my day job. Is there purely just to get me by with all my living expenses.

Kingsley: [00:09:20] Yeah, or another point would be reducing any financial worries so I know there’s  some people out there with some crazy credit card debt. So paying that off with a secondary income is always something that’s really handy to have if you have access to it.

Amanda: [00:09:39] Definitely. I think there’s a lot of people out there with big credit card debt and it’s something that’s certainly not going away.

Now, I did mention earlier about the idea of play money. There’s been many, a times that I’ve gone for a stroll throughout the shopping centre and seen an amazing pair of shoes or a dress and I’ve thought to myself, no, I probably shouldn’t should put, put that towards the groceries. I’ll put that towards something sensible.

So that’s just my personality in terms of needs before wants, but by having that additional little bit of income that I can put on the side and simply say, this is for me to spend on whatever I like. Guilt-free. It’s made such a difference just to my mindset and the way that I approach things.

 

Kingsley: [00:10:22] I don’t know if anyone else has noticed this, but the hobbies take a lot of money. So when we’re talking about play money here as well, we’re talking about the opportunity to do something that you like and have a hobby out of it. So it’s pretty important to have some money set aside, to treat yourself to a hobby.

And that may be a pretty expensive one. So it’s always good to have a little budget set aside for that.

Amanda: [00:10:45] Yeah, definitely. We’ve all got a friend with a boat and we know, well, we like to have the friend with the boat. We don’t want to be the person who owns the boat because they chew up a lot of money.

Kingsley: [00:10:54] Yeah, even if it’s dancing or anything like that as well fees costs hundreds and hundreds, if not thousands per year. So, having a budget set aside for that  a way to have a guilt-free hobby,

Amanda: [00:11:07] Definitely. And that’s such a good point you make, our daughter is just getting to that age where she’s wanting to have some hobbies of her own and so we’re starting to look at whether it be dancing or whether it be some sort of gymnastics or circus or something like that, but everything just adds up. And then you throw a second kid into the mix, which we’re about to have, and all of a sudden it’s double. So you’ve got to have hobbies for yourself, hobbies for your children and before you know, it, you’re thousands of dollars in.

And what about travel? I mean, the freedom to travel and be able to earn an income while you’re doing that is pretty darn amazing.

Kingsley: [00:11:45] Yeah. And travel is one of our highest values and is a big dream  for a lot of people.

Amanda: [00:11:52] Yeah, it certainly is I know that we’re not alone in that respect, what I found in not only my personal experience. And I know for a lot of other people that I speak to, is that being able to travel while you’re in a traditional job. It’s always a hard ask. You walk into your boss’s office, you got your head sort of drooped down your, your shoulders are forward and you’re feeling as though you’re asking for the biggest thing in the world. And really all you’re asking for is a couple of weeks off to go on a holiday, which you’re entitled to, but it just seems like it’s so much more than that.

Kingsley: [00:12:25] Yeah and the question is, do you even have enough annual leave? To be able to take that holiday that you want.

A lot of people, they have to take two weeks over the Christmas / New Year’s break so that leaves you with two weeks. And that’s, if you’re in Australia. There’s a lot of places around the world that don’t even give you any annual leave. So you have to quit your job and travel in your own time.

Amanda: [00:12:47] That’s so true. And I know that we will quite lucky to be able to travel a fair amount in our earlier years. And we came across people in particular from the United States who were amazed at the fact that we were actually given annual leave because they were in that position where they had actually quit their jobs in order to take a couple of weeks leave.

And then they were going to find a new job. but can you imagine being in that situation and not having the certainty of something to come back to? It’s quite daunting. And personally, I think there would be a lot of people. Well, I personally, I don’t think I could do it. And I think there would be a lot of people who tend to just forfeit being able to go on, on holidays or take, leave and travel.

And at the end of the day,  if you consider it the impact on mental health, by not having any time away from your job, it’s really not the healthiest thing to be happening. And you don’t necessarily have a choice about that either, which is quite upsetting.

 Kingsley: [00:13:43] So that’s, that’s an important point as well as do you have enough money  to travel where you want to travel.

Amanda: [00:13:50] Yeah. I mean, it’s, it’s not just about the money that you need to go on the holiday. You’ve still had expenses back at home. During that point in time, someone needs to pay the rent or the mortgage. Someone needs to still pay all the bills. So where are you going to get that income to fulfill all those requirements or your obligations that you have back at home whilst also being able to have money for sightseeing, activities, your flight, and your accommodation. It all adds up really quickly. I know. Quite interesting when people sort of see flight sales and they think, Oh, it’s a cheap flight. It’s not going to cost anything at all to go on this holiday. They book it in, but there’s all the other ancillary components that add up so quickly.

Kingsley: [00:14:33] Yeah, the cheapest part about traveling is getting to, and from the destination, the expensive bit is the house that you still have here.

Amanda: [00:14:41] Exactly. And so what do you do? Do you pop the entire holiday on your credit card and come back with more debt or, or what? I think that’s where a lot of people do tend to get quite caught up in it. But the other side of this is imagine if your job allowed you the freedom to travel. So you weren’t stuck in something traditional job where you had to ask your boss for time off… your job wasn’t actually location-based – it meant that you could pack up and go and live for several months, somewhere at a time. And that’s certainly a dream of ours to be able to do that. But, yeah. So the, the idea of having a flourishing business that allows you to leave your current job is  the dream really.

Kingsley: [00:15:24] You  hear the term digital nomad, which is something if you’ve ever traveled to Bali, you can actually see these littles, buildings that are set up and they’ve got decent wifi in them and it’s for these traveling nomads that are essentially….

Amanda: [00:15:38] yeah. Coworking spaces.

Kingsley: [00:15:39] So the term, so they, they set up there for, a couple of days and, punch out some of their work and then they travel to the next destination and do the same thing, which is  a great place to be if you can.

Amanda: [00:15:52] Definitely, I mean, having, having your own side hustle that does become that Plan A for you really does give you that flexibility and freedom to operate on your own terms. I mean, you’re on your own schedule. you’re not having to be answerable to anyone else. If there are things that you want to do during the day sure that’s fine. You want to catch up with somebody in the morning, have a slow morning, go out for coffee or breakfast you can do that and then work later into the evening. Or it might be a case of, say you have one of your kids has got their sports carnival, or some sort of concert then you don’t have to ask permission. You’re the one that you’re asking for permission to, and I know that’s a real big driver for us as well.

    I just want to change tack for a moment and look at the risk mitigation factor. If you consider the idea of diversifying with multiple streams of income, really, that just makes sense. It’s about not putting all the eggs in one basket. And if we look at what’s happening in the current economic climate, I know we’ve touched on the idea of COVID, but there are a lot of people who are being laid off or their hours are being reduced in their day job so by having that second stream of income, even if it’s just a backup,  it really allows you to spread your finances or your wealth across multiple different avenues and provide that backup plan for you.

And then this brings me to do… the idea of generating a passive income.

Kingsley: [00:17:21] Which is a pretty amazing idea and a whole nother podcast in itself.

Amanda: [00:17:26] Definitely. I mean, imagine creating something while you sleep. So something else does the work for you. You wake up in the morning and you look at the bank account and it’s gone up.

Kingsley: [00:17:36] That’s the dream.

  Amanda: [00:17:41] So you’re probably thinking now amazing that sounds awesome let’s jump straight in let’s do this. And it is an absolutely fantastic thing to do, but I want to warn you it is hard work you are creating a business so you can’t expect us to sit back and be able to be given a free ride. So that’s actually one of the reasons why a lot of people will find that they are more successful than others a side hustle at the end of the day is still something that you’re creating and because you’re creating it yourself, you are the one that responsible.

 

Kingsley: [00:18:13] Which brings us to the employee mindset. which is important to touch on because if you’re the type of person that is comfortable sitting behind a desk, grinding out your nine to five, but you don’t actually have any work to do so you kind of look busy, keep busy, but you’re not really actually doing anything and you want to transfer that into your own business? then it may not be for you because, at the end of the day, it’s a lot of action that needs to be taken. You need to get stuff done, you need to be doing multiple things. You’re your own accountant, you’re are your own marketing department so it all relies on you and sitting there , stagnating pretending to look busy won’t get you anywhere because you just need a lot of action.

Amanda: [00:18:57] I actually find it harder to sit there and look busy than to be doing work so that’s just me.

Kingsley: [00:19:01] Exactly yeah and that’s the type of person that is right for starting their own Side Hustle.

Amanda: [00:19:07] Exactly. And the other thing to really consider is why you’re doing this when you really understand your reason, why. And become clear on your motivation and your driving force behind your business, then it’s going to help get you through those tough times. So essentially having really strong why is the reason why you’ll succeed or fail at your goals.

And the thing is there will be tough times in any business it is not all smooth sailing. So you need to be prepared for those and really being strong in your reason why you’re doing this and understanding your inspiration it’s going to keep you moving forward in the right direction.

And there you have it. That’s the end of our first official episode. So now you should know what a side hustle is, even by the other names and some of the different reasons why people might like to start one.

So we’d love to know if this has piqued your interest and whether it is something that you’d like to try too!

We’ll see you next time.