{"id":17731,"date":"2024-02-09T15:38:50","date_gmt":"2024-02-09T15:38:50","guid":{"rendered":"https:\/\/www.webmonkey.com\/side-hustle-earning-potential-floors-ceilings-opportunity-costs\/"},"modified":"2024-05-24T19:39:16","modified_gmt":"2024-05-24T19:39:16","slug":"side-hustle-earning-potential","status":"publish","type":"post","link":"https:\/\/www.webmonkey.com\/side-hustle-earning-potential\/","title":{"rendered":"Side Hustle Earning Potential – Floors, Ceilings & Opportunity Costs"},"content":{"rendered":"
I have definitely had periods of time where I seriously considered spending less time on WebMonkey and more time on other side hustle ideas<\/a>.<\/p>\n I have a personality where I am always in a rush to get to the next stage of something, and throughout my last year of blogging, I have always felt as if things are not progressing fast enough…pageviews, income, social media followers…whatever metric you want, I always see room for improvement rather than an accomplishment.<\/p>\n I don't think I'm alone in this pattern of thinking. I also think that for side hustles like blogging<\/a> or any online business that can take years to come to fruition, the thought of giving up can creep in pretty easily.<\/p>\n So, in this post I want to break down a few of the realizations I have come to over the past few months about starting various side hustles, as well as what I suggest for other entrepreneurs who have ever considered giving up.<\/p>\n The term ‘earning potential' is generally applied to various careers or business models, and refers to the maximum amount of profit a particular career or business can generate.<\/p>\n Earning potential is definitely a driving force behind why many people choose certain fields in college.<\/p>\n A doctor might have an earning potential of up to $250,000 a year as their career develops, while someone who decides to work in retail will have a much lower earning potential.<\/p>\n This isn't a surprising fact, but there are other factors that obviously come into play and it would be foolish to say that everyone should have the goal of becoming a doctor.<\/p>\n You can get a retail job at 16 in most places, whereas going to medical school will take many years and possibly hundreds of thousands of dollars in student loan debt, so the barrier to entry is quite different and restrictive.<\/p>\n Additionally not everyone is cut out to be a doctor, nor does everyone actually want <\/em>to be a doctor. Same goes for working in retail.<\/p>\n When you consider all these factors, it's clear that you can't judge a career choice based on earning potential alone: people ultimately need to choose the path that will suit their skills and circumstances.<\/b><\/p>\n The same is true for starting an online business or taking on a side hustle.<\/p>\n The entire idea for this post came when I started thinking about the opportunity cost I have incurred due to starting a blog.<\/p>\n I don't know how many hours I have put into WebMonkey, but it's probably over 1,000 at this point (for the sake of simplicity, let's call it that).<\/p>\n If I had never started a blog and instead worked a $15\/hour online job or some form of gig economy job<\/a>, I could have theoretically earned $15,000 in extra income:<\/p>\nEarning Potential – An Important Side Hustle Variable<\/strong><\/h2>\n
Blogging For Income + Opportunity Costs<\/strong><\/h2>\n