A side hustle is a fantastic way to boost your finances. “Great, where do I start?” is the usual response, and it’s easy to see why. Life is difficult when there isn’t enough cash to go around. A side gig gives you the opportunity to lead a lifestyle other than hand-to-mouth. It’s a no-brainer.
Or is it?
Moonlighting comes with genuine threats which everyone has to consider. Otherwise, there’s a chance your bit on the side will throw a wrench in the works. And, no one wants that to happen. So, why not take a look at the following to avoid any nasty surprises?
Unemployment
Everything is going along swimmingly and then your employer finds out your moonlighting. They’ll be fine, though – they’ll understand. In reality, bosses aren’t thrilled when they find out their employees are earning on the side. The management team may feel as though it will impact your standards in the workplace. Plus, there may be a clause which explicitly forbids it. If there is, they can fire you on the spot and you’ll be back to square one. Speak to HR or your manager before starting a side hustle in case there is a conflict of interests.
Burnout
Spinning multiple plates at once isn’t an easy task. At some point, you are going to feel fatigued and your standards will slip. From an unemployment point of view, you already know how dangerous this can be. But, don’t forget there is more to life than working. You have a family and friends to keep happy, also. The last thing you want to do is make them feel as if they come second. Seriously, lots of people obsessed with success have filed for divorce and fought custody battles. There is a lifestyle choice to make with a gig on the side.
Tax
Fraud is a legitimate threat, even if you unaware you are doing anything wrong. Far too many moonlighters end up on the wrong side of a court battle. And, not just a civil one, either. Not to scare anyone, but a fraud charge will require a criminal defense lawyer to keep you out of jail. The trick is to do your research and stay on top of your contributions. Are there special rates for people with two jobs? If so, are you declaring enough tax? Alternatively, hire an accountant to cast an eye over the books. That way, everything should be legal and above board.
Reputation
Both positions aren’t separate. A failure in one will impact the other, and that is a big deal. After all, your name gets dragged through the mud and it is the thing you depend on the most regarding branding. As a result, two roles can end up leaving you with nothing if there is a monumental error. Savvy entrepreneurs often get into a side hustle with a partner as a front. That way, their reputation is safe should anything go wrong.
Are you ready to face the dangers of making more money?
