Are You Sure You Need a Side Gig? 5 Question To Ask Yourself Before You Commit
Written by
Rebekah Evans
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Have you been thinking about picking up a side gig to make some extra cash? The thing is, a side job is still a job. It can take up a lot of your extra time, and it may not be worth the trouble.
To make sure you’re truly ready to take on a second job, experts said to ask yourself these questions before you say yes to a side gig.
1. “Why am I doing this?”
John Ceng, the founder of EZRA, worked multiple jobs in order to build capital and start his own business. Ceng said knowing your “why” for getting a second job will help give you the motivation or the pause you need.
“Do you need this for extra pocket change? Is it for skill-building? Is it for personal or artistic [fulfillment]? What your answer is will play heavily in your mind because it will determine whether it is all worth it,” he said. “Back when I began my business, I figured that all these part-time jobs would be my stepping stones. They’ll teach me things I would need to know one day, but I would remind myself that time is limited.”
2. “Do I have the time?”
Yes, you want the money. But do you really have the time to take on a second set of responsibilities?
Deryn Russell, founder of Inside the Upgrade and Delightful, knows what it takes to balance multiple jobs. “I spend at least 50% of my weekends and a lot of mornings working on my side gigs,” Russell said. “For me, it’s worth it, but it’s no joke.”
3. “How much creative capacity does this side gig demand, and where do I need to pull back to supply it?”
If your second gig requires creativity, Jason Vaught, the director of content and marketing at SmashBrand, said other creative venues of your life might start to run dry.
“The thing is, creative bandwidth is a limited resource. If the side work requires serious concentration and strategic thinking, you will likely experience some measurable decline in performance at your primary job or a lack of engagement with your family,” said Vaught.
Vaught advised thinking carefully about where that creative energy will come from. Personal fitness or social time may need a 20% reduction, he said, and you should decide whether that trade-off is worth it.
“If the gig makes you only $20 per hour but takes three hours of your recovery time on Saturday, then the net benefit is greatly reduced,” Vaught said.
4. “What is the psychological cost of running multiple professions simultaneously?”
Your physical energy isn’t the only thing that will be put to the test with a second job. Vaught said your mental space will be tested, too.
“I have found that this cognitive switching between professional identities can decrease overall personal efficiency by 15% to 25% until the transition is routine,” he said. “You are essentially paying a hidden psychological tax every time you have to shift your focus, and your side gig must provide a benefit that is enough to justify that mental friction.”
5. “What liabilities might come with this work and who’s responsible if something goes wrong?”
If you’re starting your own side business, there are a lot of things to think about. Ryan Morrice is the digital media specialist at Veracity Insurance Solutions and said it’s important to consider if you might need insurance or some other legal protection before you dive into your new business.
“Anytime you provide a service or product for others, there is liability,” Morrice said. “Even a hobby, such as creating crafts that you occasionally sell at a farmers’ market, carries liability.”
More From GOBankingRates
