One caveat: “If you’re doing it just for the money, you’re unlikely to have the motivation to keep going if you don’t see immediate results or returns,” Loper said. “Once it starts working, is [the money] enough to keep you going?”
Loper says side hustles should be fun, and it’s best to keep an open mind about the chances of a business working out.
“A lot of people fall into the trap of thinking they need this paradigm-shifting, never-been-done-before idea,” Loper said. “But most business ideas have been done before.”
He points to Google – which was not the first search engine invented – and the proliferation of multiple sushi restaurants in many neighborhoods as proof that a successful business does not need to break new ground.
Try a new business for a limited period of time. “If you see some results, fantastic,” Loper said. If it’s not working, just move on to the next idea on your list.
Although small-business owners want extra income, for most it is not enough to take their business full time, according to The Hartford. Just about 25 percent of side business owners said their business could become a full-time job or primary source of income. And a third said that was highly unlikely.