I have wanted to broach this subject for a while as I really don’t believe that the side hustle works, unless you have the guts to jump all in.
I want to first preface that I started GetintheLoop while working full time in commercial finance for the Business Development Bank of Canada (BDC). After spending over one year with the BDC, I resigned and enrolled myself in a Master’s program in Belgium and played professional hockey while starting to build the GITL apps to launch the company.
When we first launched GITL, I worked as a marketing consultant and charged $500 a month to do newsletters and think strategically on behalf of a friend’s mining business (that was my side hustle) and worked with no salary for three years on GITL before I could start to pay myself $1,000 a month.
With that being said, I appreciate the side hustle and understand it’s how almost everything gets started. People who side hustle are generally the most motivated individuals you’ll meet as they’re working hard to achieve big-time success one day. However, I see one big problem with side hustles:
I don’t believe you can succeed at anything, the way you hope, without full commitment of time, energy and learning – you are set up to fail.
Let’s face it: you can’t do anything really, really successfully on the side. I’m a firm believer that it takes thousands of hours of time and learning to become an expert. As you’re looking to become great and win at the level you want, I don’t believe side hustles fit into the equation.
As we have grown the GetintheLoop team, we have focused on developing young, talented, entrepreneurial teammates who can help us achieve our goals as a company. The one thing I tell all young hustlers in their career is the time you put in compounds. It’s no different than the laws of nature: you learn quicker when you’re younger and new to sports, concepts, careers or your new business. The opportunity to learn is great and the curve can be steep .
If you work 60 hours a week in the first year of your business, you get 50% ahead in your first year. I believe that the knowledge you capture from dedicated focus compounds, so your 60 hours a week turns into 80 hours a week of value as you’re learning at a faster pace, applying that learning more often, winning quicker and accelerating the growth of yourself and your business at the same time.
It takes a deep commitment of time, focus and energy to succeed in all phases of your life, especially when running a business.
The challenge I have with the side hustle concept is that it stalls the growth of so many entrepreneurs and puts doubts into their minds. People can’t succeed at something without full commitment, yet we demand results that take full commitment. Instead of understanding it’s the lack of time and effort we are putting in, we begin to doubt our ability to achieve our goals, we doubt our business and, ultimately, we doubt ourselves – for all of the wrong reasons.
The side hustle ideology is actually ruining so many amazing/hopeful entrepreneurs who are convinced they can start their business with a side hustle and grow this business to a level where it can be their only focus. In my experience, this is soooo rarely the case.
Though it may seem daunting, in order to succeed at the level you hope, you need to take the leap, jump off the cliff and risk that comfy salary or position - in the end it’s all worth it.
You started your side hustle to prove to yourself you could control your destiny and be your own boss. Don’t sell yourself short by not realizing that almost everyone needs to be all-in to start to see the results they are hoping to achieve. The side hustle is a nice start to learn, ramp up and get ready, but everything I have learned tells me YOU will need to take the risk, make the jump and turn your side hustle into your all-or-nothing focus to succeed.
It’s hard to truly learn how to ride a bike with training wheels on.
It’s impossible to achieve a fitness goal without physical exertion.
I just wish entrepreneurs didn’t believe they could build the business of their dreams and achieve something so very few do without sacrificing some comfort.
It just doesn’t add up.
If you’re in the side hustle game now - it’s a good thing, it’s a start. My advice: go all-in as soon as you can, as you will only regret what you don’t try and you are likely set up to fail if you don’t give it everything you’ve got.
Love The Grind, trust the process and be prepared for the effort it’s going to take to become an overnight success.
Love The Grind - Matty