The Pros and Cons of Starting a Side Hustle Business in NigeriaMarch 6, 2022 2022-03-06 17:30
The Pros and Cons of Starting a Side Hustle Business in Nigeria
The Pros and Cons of Starting a Side Hustle Business in Nigeria
Everyone seems to be starting a side hustle business in Nigeria. People’s need to diversify their income stream is one of the driving forces of side hustle in Nigeria. There are many lucrative side hustles you can start in Nigeria. These are mostly online side hustles as the world becomes more digital.
However, side hustles come with good and bad sides, just like everything else. In this article, I will discuss the pros and cons of starting a side hustle business in Nigeria. You will also learn about a few lucrative online side hustle you can start.
Table of Content
- What is a side hustle?
- Pros of Starting a Side Hustle business in Nigeria
- Cons of Starting a Side Hustle Business in Nigeria
- Is a side hustle business in Nigeria worth it?
- Watch 10 Side Hustles Ideas You Can Do In Nigeria
- Frequently Asked Questions and Answers
What is a side hustle?
A side hustle refers to any employment, engagement, business, or creative venture someone does to make an income outside of their regular job. Most side hustles are more freelance or remote works as they provide freedom and flexibility in working hours.
Learning a side hustle has become very popular worldwide and in Nigeria. They are very important for people looking to create a new income stream. This employment is mostly obtained from your passion, skills, or creativity.
With the high inflation rate in Nigeria, side hustle seems to have become a necessity. However, there could be some challenges when starting.
Pros of Starting a Side Hustle business in Nigeria
A side hustle today offers you a lot of advantages and opportunities. These experiences can be characterized in different ways. This section will discuss the pros of going into a side hustle;
Supplement your earnings
Earning a few more cash from your side hustle is one of the most important parts of this venture. It provides you the ability to make money from your full-time job while supplementing it with your side hustle earnings.
If you have a skill or creative venture that you can provide to people, starting a side hustle would be great. An advantage of this hustle is that you can work at your hours. So you can also continue with your full-time job.
Learning new skills
There is nothing more refreshing than learning new skills while having the potential to earn from these skills. That is one of the advantages that starting a side hustle can give you. There are a lot of entrepreneurs who have made millions of naira from their side hustle.
Learning digital skills or any other skill is one of the most effective gateways to this path. These skills can help you meet new people and grow your network. From web designing, graphic designing, or data analysis, these skills are valuable in many industries today.
So, if you do not have a skill in this era, you must consider learning. It would help you expand your scope in other industries.
Provides self-employment opportunities
If there is anything a side hustle business does well, it is the provision of jobs. It is possible to mix up your side hustle with your full-time job.
On the other hand, some people prefer the freedom and flexibility to work. But that can only be possible after some time. You can start a side hustle, build it to a level where it is the primary source of your income, then you can choose to leave your regular job.
In Nigeria, where the jobs are difficult to come by, these side hustles have become the main source of income for individuals. And it has led to the creation of self-employment opportunities for many people.
Enhancing your career
It might not sound true, but starting a side hustle can build your career in the right direction. Some people might think that starting a side hustle is a way of quitting your regular job. But it is also a good way to enhance your career.
If you start a side hustle by learning a new skill in your industry, it will be a good means of providing you with valuable knowledge. Many workers learn new skills in their industries to earn from the side and build their knowledge.
Enhancing your career might also be done through side hustles. It is important to take note of this fact.
Grow your network
This point highlights one of the biggest advantages of starting a side hustle business in Nigeria. A side hustle can ensure that you meet new contacts that you would not have met ordinarily. These contacts could also make a huge impact on your full-time jobs.
LinkedIn has been one of the most famous ways of building your network in any industry, especially if you are developing any skill in your workspace.
You can also grow your network by promoting your skills and services on social media and other job platforms.
The pros I have just discussed are some of the advantages of starting a side hustle. Now, talking about the shortcoming side hustles can pose, read the next section.
Cons of Starting a Side Hustle Business in Nigeria
Side hustles also come with a few challenges here and there. Just as we have discussed the advantages of a side hustle, this section will discuss the challenges of starting a side hustle business in Nigeria.
Mixing up a full-time 9-5 and a side hustle with an indefinite work hour is surely going to consume time. Regular day jobs can take the most of your day. However, if you are doing a side hustle, you still need to give it some attention.
Time constraints might be one of the reasons why some people end up quitting either their side hustle or jobs. Finding a balance most of the time is very difficult. That is because regular jobs consume the weekdays while your side hustle probably takes the weekend. A lack of time is one of the biggest challenges that side hustle faces.
Creates distractions at work
There will always be a distraction if you multitask. Creating room for a side hustle is almost certainly going to interfere with your full-time job. A challenge people starting a side hustle face is failing to define the boundaries.
Although it is almost inevitable, avoiding any conflict of interest would be crucial to your side hustle. That is why it is important to know the hour limits that the side hustle might take. Failure to define your boundaries might result in you losing your job, which is your main income source.
Working on two different projects can be stressful. Mixing a side hustle and your full-time job would take many hours every week. Some side hustles might even require working late nights while still going for a regular day job in the morning.
The demands of mixing these two is another great challenge for many people with side hustles. It is also why some people had to drop one of these. However, the solution might be to invest more time in the most lucrative job while gradually building the other.
Determining Your Growth
A side hustle can create other disadvantages in cases where you have to determine your worth. Some people tend to set a low rate for work worth more. It might be a problem for starting a side hustle as they have little experience putting a fair value on their output.
However, the solution to this problem is to research and imitate others who offer the same services as yours.
So far, I have discussed some of the pros and cons of starting a side hustle business in Nigeria. If you want to create a side hustle business, the next section will give you ideas of some lucrative businesses.
Profitable Online Side Hustle Businesses in Nigeria
If you are looking for a profitable side hustle online, you have numerous options. There are various skills you can learn in the digital space and earn money while keeping your full-time job. These businesses include the following;
- YouTube Channels
- Web development
- Graphic Designing
- Freelance writing
- Digital Marketing
Building a YouTube channel and creating content in your favored niche can help you earn extra cash.
Web development is another skill that allows you to offer your services to high-paying clients. Graphic Designing, Freelance Writing, and Digital Marketing are also valuable skills that can be a good side hustle for you.
There is no shortage of options for choosing a digital skill as your side hustle. So find one and earn extra cash.
Is a side hustle business in Nigeria worth it?
Side hustles are mostly from valuable and creative skills. For some people, it is born from their passion for a particular niche. Investing your time, energy, and effort in earning from your side hustle is always worth the fuss. It creates another income stream for you, grows your network, and enhances your career.
Starting a side hustle would be a good idea, and you can always find a way to balance it with your full-time job.
That’s all you need to know about starting a side hustle in Nigeria. Want to learn more about this topic? Check out the Frequently Asked Questions and Answers section below.
Watch 10 Side Hustles Ideas You Can Do In Nigeria
Frequently Asked Questions and Answers
How does a side hustle business work?
Side hustle refers to work that you complete outside of your full-time jobs. They are mostly jobs that provide flexible working schedules outside of working hours.
What are the examples of a side hustle business?
Side hustle businesses include; freelancing, selling clothes, coaching, creating and selling eBooks, and prprovidingther services.
What are the benefits of a side hustle business?
The idea of a side hustle comes with many benefits. One of the biggest benefits of this business is that; you can explore your passions and work with flexible schedules.
Side hustle in Nigeria is an amazing alternative work for people who have a full-time job. Adopting a new skill and investing in other businesses would be very profitable to many individuals.
Although it comes with some challenges, starting a side hustle in Nigeria is worth doing.
So, I believe this article has shown you the pros and cons of starting a side hustle business in Nigeria.
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