Time & Money Management in a Side Hustle World
Author: Jason Dookeran
The big problem with side hustles is that you need both time and money to get them going. The more complex a side hustle, the more time you need to give it the momentum. Let’s say you have a zaboca tree, 🥑 and every season you get zabocas to sell to others. You might consider expanding your operation.
Getting more zaboca trees means more time to care for them and sell the produce. You might not have to buy new zaboca trees, but it would take you time to wait for them to grow. Spending money now could save you time waiting for them, but waiting for them means years of lost revenue from your budding zaboca farm.
How to Balance the Time and Money Requirement
For more complex side hustles (like, for example, producing an item like bread or pies) 🍞, you may be investing a lot of time for the money requirement. The key to balance comes with understanding hourly rates. Making pies and bread is scalable only if you have a larger oven or dedicate more time to your pursuit.
However, the time input needs to be comparable to the amount of money you make from the side hustle. The best way to figure this out is to calculate the hourly rate for your side hustle and see how it works out. ⏳
A decently profitable side hustle could work out to something like $75TT ($10ish USD) or more an hour. Those that are less profitable might only manage $50TT an hour – not enough to live on, but a great side-income nonetheless.
How Much Is “Enough” For You?
Remember waaaay back in the early part of this series, we talked about setting goals? Here is where your goals matter. Check out this free “solopreneur” free planning workbook here.
- What do you see as the pinnacle of your side hustle?
- Do you want to turn this into full-time income from something you love?
- Or do you prefer to keep it casual?
If you’re going to take your side hustle earnings to the next level and don’t want to have to band yuh belly the next article in this series teaches how to take a side hustle to full-time glory.
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