I welcome you all to another epistle from your Savings and Investment Tutor. Recent economic challenges have pushed me out of my hiding place to share a few thoughts on the burning question of how we can overcome the barriers of starting a ‘side hustle’ or ‘gig’.
In today’s challenging economic landscape, many individuals find themselves facing financial hurdles that seem insurmountable. The burden of past mistakes, ongoing challenges, and pending commitments can weigh heavily on our minds, causing anxiety and sleepless nights. While starting a side hustle can be a powerful solution to improving our financial situation, it is essential to recognise the barriers that may prevent us from taking this step.
In this article, we explore common reasons why individuals hesitate to embark on a side hustle and discuss how to overcome these obstacles to unlock your financial potential.
- Lack of time
For numerous people, the primary hurdle to starting a side hustle is the perception of not having enough time. Balancing a full-time job, personal commitments and family responsibilities can leave little room for additional pursuits. However, it’s important to remember that time is a valuable resource that can be managed effectively. By analysing your daily routine and prioritising tasks, you can identify pockets of time that can be dedicated to your side hustle. Whether it’s waking up an hour earlier, utilising weekends, or optimising time during breaks, strategic time management can help carve out the space needed for a successful side venture.
- Lack of skills
Another significant concern that holds people back is a perceived lack of skills or experience. Starting a side hustle may require expertise in areas such as marketing, finance, technology or customer service. However, don’t let the fear of lacking certain skills deter you from pursuing your aspirations. Recognise that acquiring new skills is a journey that begins with a single step. Take advantage of online courses, workshops and resources that can equip you with the knowledge and abilities needed to succeed. Embrace a growth mindset and view this as an opportunity for personal and professional development.
- Lack of motivation
Motivation plays a pivotal role in pursuing any endeavour, including a side hustle. Without a compelling reason or clear vision, it is easy to succumb to complacency and remain within our comfort zones. Take the time to reflect on your financial goals and envision the life you desire. Identify the passions or interests that can be transformed into a fulfilling side business. By aligning your side hustle with your values and aspirations, you can reignite your motivation and find the drive to take action.
- Fear of financial risk
The fear of losing money is a common barrier that prevents many individuals from starting a side hustle. It is crucial to acknowledge that any entrepreneurial pursuit carries a degree of risk. However, managing and mitigating this risk is possible through careful planning and preparation. Start by conducting thorough market research and developing a detailed business plan. Consider starting small, minimising your initial investment, and gradually scaling your side hustle as you gain confidence and traction. Additionally, consult with financial advisors or mentors who can provide guidance and support along the way.
When faced with financial challenges, it is essential to explore all available options, and starting a side hustle can be a powerful tool for improving your situation.
By recognising and addressing the barriers that hold you back, such as lack of time, skills, motivation or fear of financial risk, you can break free from the limitations that have kept you stagnant.
Embrace the opportunities for growth and take the necessary steps to unlock your financial potential. Remember, every journey begins with a single step. Start your side hustle today and embark on a path toward financial freedom.
Are you ready to transform your financial situation?
- Don’t let barriers hold you back any longer.
- Act today by identifying your strengths, setting clear goals, and exploring potential side hustle ideas.
- Seek out resources, connect with mentors, and surround yourself with a supportive network.
Remember, you have the power to shape your financial future. Start your side hustle journey now and unlock the doors to prosperity.
>>> The writer is a Chartered Banker and a Chartered Global Investment Analyst with over 8 years’ experience in mainstream banking, having worked in various capacities. He is the Head of Member Experience, Regulations and Business Development at the Chartered Institute of Bankers, Ghana. He has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since 2013. He also holds an EMBA and a BA from the Kwame Nkrumah University of Science and Technology and the University of Ghana, respectively.
Patrick is a Financial Discipline and Personal Financial Management Expert. Patrick has also been teaching on the topics of savings, investment and financial independence for over 7 years and is a research fellow for ILAPI Ghana. He runs a popular financial channel on YouTube by the name ‘Patrick TV GH’ and has appeared regularly on various local and foreign media platforms. Patrick is into youth facilitation and career counselling.
Follow Patrick on the various platforms for more education: Facebook: www.facebook.com/PatrickTVGh/ Instagram: @PatrickTVGH
