Is a Side Hustle Worth It?

I have spent a lot of time writing about My Physician Side Hustle since launching The Motivated M.D.  I even started a page dedicated to my running series on my side hustle.  You can read all about it by following the link above.  As a physician, it initially seemed insane to have a side hustle as a high-income earner.  You mean to tell me I need to work more than my current 6-figure primary income?  My time is already precious and my income is stable.  Why do more?  As it turns out, I love writing and I have a passion for personal finance.  Capitalizing on the opportunity to monetize something I enjoy struck me as a good deal!  So, is a side hustle worth it?  Let’s take a deep dive to answer that exact question. 

What is a side hustle?

Before we can consider the worthiness of a side hustle, it is important to discern what a side hustle is exactly.  For me, a ‘side hustle’ (or a side gig, I use them interchangeably) is any task or job you perform that creates income supplementary to your primary occupation.  This is essentially extra work you do ‘on the side’ to make money.  A few examples include writing a book, creating a blog or website, flipping houses, offering professional coaching or sharing a skill.  Contrary to that, I do not consider ‘moonlighting’ as a side hustle.  As a physician choosing to work extra shifts to supplement my income is not a side hustle… it’s just more work!

How much can I make with a side hustle?

This is a difficult question to answer.  There is a wide range of incomes regarding side hustles.  Make sure you do your research before choosing a particular side hustle.  Many factors will influence your potential income. 

First, what job are you doing?  In a hot real estate market, flipping homes or purchasing rental properties can be very lucrative.  In contrast, starting a blog has a low barrier to entry but will take years before you see a significant profit (if ever).  Selling an electronic product or book again has a low barrier to entry but may take years before you have an edited and published product worth selling.  There are so many factors that are individualized to each particular side hustle.  The best advice is to make sure you research extensively before starting. 

How much is a side hustle worth to me?

Perhaps a better question would be, how much money is worth it to you?  What is the time-to-income trade off?  If a few hundred dollars a month would make a real impact on your life, then there are plenty of side hustles out there for you!  There are also many extreme examples of individuals making hundreds of thousands of dollars (or more) with their side hustles.  That is life changing money! 

It is all about perspective.  I would argue that monetizing something that brings you joy can be both therapeutic and financially intelligent.  Even a few hundred dollars a month adds up.  That money can help boost savings, allow you to live less ‘on the margin,’ or simply create more opportunities for you.  I would try to steer away from thinking strictly about ‘how much money can I make’ and more about ‘how can I monetize something I enjoy and/or am already doing?’  The compensation will come if what you offer provides value and there is a market for it.

What are the barriers to entry?

Another import consideration are the side hustle’s barriers to entry.  With certain side hustles, there may be a time investment or monetary investment; an ‘upfront cost’ so-to-speak.  To continue to use the real estate example, you may need to have a substantial amount of personal capital set aside or be willing to take out a loan to afford a property.  This would be a monetary barrier to entry.  Using blogging as another example, it only takes a few hundred dollars to get a website up and running, but the time investment can be significant.  Writing multiple articles a week takes time.  This is time you have to sacrifice outside of your regular work schedule.  Other barriers to entry can include particular skills, licensure, education, etc. 

How much time is required?

As with any side hustle, there will be a time commitment.  If you are creating a blog, this time commitment will come in the form of writing, editing, and site maintenance.  If it is real estate, this time commitment may come in the form of market research, coordination of labor, and the home buying process.  No matter what your chosen side hustle is, there will assuredly be a time investment.  It is important that you take a long hard look at your current schedule to determine where and when you can secure time for these pursuits.

The amount of time needed to build your side hustle will largely be dictated by your willingness to make it a priority.  The benefit of blogging (for me at least) is that I can do it on my own time.  I don’t have to answer to anyone and I can write on topics that move me.  If I have a busy schedule and am forced to take a week off from writing, I can stop writing without any repercussions. 

Are a certain set of skills required for my side hustle?

Are certain skills required to participate in your chosen side hustle?  Again, it depends.  These skills may be easily acquirable or mean significantly more education than is worth the time.  Do you need particular licensure to perform your side hustle?  All of these things should be taken into consideration.  For many side hustles, these skills take no more than access to the internet and some free time.  However, for certain niches, there may be a significant educational or technical investment needed before you can reasonably pursue a particular side hustle. 

How saturated is my side hustle?

Did you have blogging in mind when you read this subtitle?  Yes, certain side hustles have a lower barrier to entry.  Because of this, more people pursue these hustles.  Why?  Because it is easier and cheaper.  Blogging is a great example here.  Setting up a website costs only a few hundred dollars.  Following that, the time investment will be your biggest expense.  According to WebTribunal, there are over 600 million blogs!  So yeah…its relatively saturated.  However, there continue to be individuals and companies who get their foot in the door and make real income in their niche.  But…the community does seem saturated.

No matter what you pursue, it is worth investigating how many others are already working in that same side hustle.  If so, are they mostly successful?  If not, is it apparent why, or is it just that difficult to make money in that particular niche?  Even just an hour of online investigation can save you time and money down the road. 

Does your chosen side hustle offer longevity?

Lastly, I want to touch on the ‘bigger picture.’  Millions of people pursue side hustles for various reasons.  Some for money, some for accolades, education, or fulfillment.  For many, side hustles also offer an opportunity to build income outside of your primary profession.  This can be helpful for so many reasons.  As I have touched on in prior posts, Generating Multiple Streams of Income is vital to wealth accumulation and for diversifying your revenue.  For my readers who are considering a side hustle to supplement their income, great!  Find something you are passionate about that you see growth potential and longevity in. 

Too often our ability to reach financial independence is tied to our primary income.  With a side hustle, we create opportunities for our current and future selves.  I may be a physician for the foreseeable future, but through blogging I have both an outlet, and a passion that has growth potential.  Where there is growth potential there is often income potential. 

When that fateful day comes when I reach financial independence, I may no longer need to be a full time physician.  Maybe I transition to part time and allow myself to fill in that extra time blogging, or pursuing yet another side hustle.  Maybe I will retire completely and allow myself to fully explore the potentials of blogging and writing.  Whatever I do I am pleased that I have chosen a side gig that is flexible based on my needs.   When choosing to pursue a side hustle, make sure it is one that can be shaped to fit your evolving lifestyle.  You may not know what your future self might want, but with a well-chosen side hustle you have the opportunity to mold this opportunity to fit your needs.   

My experience with a side hustle

Briefly, I want to share my experience pursuing blogging as a side hustle.  I started writing in early 2021.  With the global pandemic warring on, I had found more free time on my hands.  I used this free time to pursue something I always felt drawn to…personal writing.  I wrote about anything and everything that crossed my mind.  At that time, I was mostly learning how to write.  However, I was also using it as a therapeutic outlet.  I would write to share a frustration or revel in a success.  With each passing day my urge to write grew.  I found myself needing to write.  I enjoyed it and I had a lot to say.  This led to me researching individuals who blog professionally.  I discovered that certain individuals make significant incomes publishing their work online.  I (of course) recognized that these individuals are few-and-far between, but I was interested nonetheless.  You mean to tell me I can do something I enjoy in my free time and make money off of it?  I had to give it a shot.  It scratched so many itches.

I spent the better half of 2021 just writing and growing a catalog of articles I found interesting and well written.  I hoarded these, waiting for an opportunity in my life where I could turn this dream into something more.  That moment finally arrived in the fall of that year.  I launched The Motivated M.D., published my work, and have had a great response since then. 

I have actually started a series called My Physician Side Hustle.  With this series, I keep a running log of all the questions, wins, and losses since the launch of my blogging side hustle.  I talk site statistics, expenses, income, and growth.  If you want more details on my process pursuing a side hustle, I suggest you start there.

Take home points

Choosing to pursue a side hustle is not a decision to be made lightly.  There are critical factors that must be considered prior to giving your precious time and energy away.  These considerations include barriers to entry, upfront costs, time commitments, necessary skills, opportunity saturation, and longevity.  As with anything in life, you will be better off if you do your research beforehand.  Above I have highlighted some factors to consider, but the research doesn’t stop there.  If you continue to feel a side hustle is right for you then you need to do further research in that particular field.  Take the time to read a few books, research some individuals in that particular niche currently.  Learn from them, reach out to them, ask to be mentored.  Then enter into the arena bearing the armor of education and wielding the sword of determination.  With a little luck, you too will be victorious.  As always…

Stay motivated!

The Motivated M.D.

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