Should you get a new side hustle in 2023?

It might be time to go to another gig.

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Main points:

• Keeping a side hustle can be a great thing for your finances.
• If your current gig isn’t working out, it might be time to cut ties and explore new opportunities.
• Consider your enjoyment of the job, its flexibility and your pay.

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There’s a reason side hustles have become popular in recent years. Working a second job can help you achieve a number of financial goals, whether it’s building savings, paying off credit cards, or having the funds to afford a home.

But just because you have side effects doesn’t mean it’s right for you. In fact, now that the new year has begun, it might be time to ditch your current gig and find yourself a new one. And you can go through these questions to see if it makes sense.

1. Do I enjoy the work?

It’s one thing to sit in boring meetings at your main job and spend hours poring over the same old data to bring home a steady paycheck and benefits like health insurance. But your side gig doesn’t have to be boring and miserable.

Remember, you’re giving up time off to take on that extra work, and you’re stepping out of the regular work week. So the work you do on the side has to be somewhat perfect. Or at least not to hate it. If you do, it’s probably time to make a change.

2. Is the gig as flexible as it needs to be?

Some side hustles are more flexible than others. If you’re tired of sticking to a pre-set schedule, it might be time to get a gig that lets you set your own hours and work at your own pace.

Let’s say your current side hustle is waiting for you at a local restaurant every Tuesday, Wednesday, and Thursday night from 6:00 PM to midnight. That means you can’t say yes to social programs on those nights, and you can’t make medical appointments or run errands during those times.

You might be able to handle it. But if that becomes a problem, you can try to find a gig that doesn’t have pre-set hours, like driving for a ride-hailing company or content editing or writing from home.

3. Am I satisfied with my earnings?

If you’re going to give up what might be a few hours of free time a week, it’s worth your time. And if you’re not happy with the income you’re accumulating on the side, that’s reason enough to go after a more lucrative gig.

However, before you quit your side hustle because you’re unhappy with your income, ask yourself if it could be made more profitable. You may, for example, be able to increase your rates or use different tricks to work more efficiently. But if you don’t see your income going down, it’s worth looking for a gig that will put more cash in your pocket.

Working on a side hustle means making sacrifices. So it’s important to land on a gig that you find interesting, reasonably profitable, and easy enough to fit into your schedule. If your current side hustle doesn’t fit the bill, it may be time to branch out and explore different opportunities.