Bad Idea for Side Hustle

Have you ever heard, there's no such thing as a dumb question? Well, maybe that's true when you're in sixth grade learning about world history, but there is definitely such a thing as a bad idea, especially when it comes to the world of side hustles. 

Some ideas are much better than others, so right from the beginning, it really helps if you can eliminate some non-contenders. And here's the key principle. A side hustle shouldn't just be another job. You already have a job. Maybe you have more than one. In addition, you probably have plenty of other things to do. Your time is valuable, so you need to choose something that will help you get ahead, not just force you to work harder. Here are a few warning signs, things to look out for, when considering your options. If you have no control over your income. If it exists entirely on some other platform or network that can kick you off or change the rules at any time. There might be some exceptions. If you're just trading time for money. Again, there could be some exceptions, but as a general rule. 

And if it's not something you can do more than once. If you spot any of these characteristics in a potential idea, you might want to consider something else. Now, let's get specific about what this often looks like. 

Rideshare companies. 

They control almost everything about the process, including your competition and your compensation. Sure, you can set your schedule, but you're also driving your own car and working under their rules. 

Network marketing. 

The next time you hear about a network marketing or multilevel marketing, also known as MLM opportunity, turn around and run. But first, ask the person telling you about it how much money they've made with it. 99% of the time, the answer is, well, I'm just getting started, but I know somebody who's done really well. Again, don't do it. 

The gig economy. 

The gig economy is just a lot of part-time jobs dressed up as business opportunities. Whether it's delivering packages or food or running errands for people, again, you have little say in how it works and ultimately, your compensation is capped. You're definitely not creating an asset. In short, beware of promises to start your own business where you don't actually have control over the business. As you evaluate different ideas, make sure you're prioritizing the ones that will help you build assets. The whole goal is for you to create security for yourself, increase the options available to you, and be better off than you are now.