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The Advantages of Starting a Side Hustle for Senegalese Expats to Boost Income

27 Sep 2023


Side jobs are a new hobby these days. Why not? Everyone likes having extra cash, especially for something they enjoy doing. Whether you use your tech skills to help people set up their computers or sell photos you take of cute dogs, having a side job can be a great way to make more money. Senegalese people who live abroad can make much more money and feel more financially secure if they do something on the side. A side job can help you make extra money, learn new skills, and follow your interests outside your primary job. An extra income means you can have a handsome amount for a money transfer to Senegal. If you know more about side jobs, you can make money while doing something you enjoy and getting work experience in a new area. In this blog, we'll talk about how a side business could help Senegalese people who live abroad make money.

What is a Side Hustle?

A side hustle is a part-time job that someone does besides their full-time job to make extra money. As compared to a part-time job, a side hustle usually provides people extra freedom and authority over what they do when they do it and how many hours they spend on it. People can find a side job that fits their interests and skills; some may make it their primary job.

Advantages of Starting a Side Hustle

Let’s glance over the key advantages of a side hustle for Senegalese expats living in foreign countries away from their families.

Extra Income

One of the most significant benefits of having a side business is the extra income that it might give. Having a second source of income, such as a part-time job or business, can be very helpful for Senegalese people living and working in other countries where the cost of living is significantly higher than in Senegal. The type of side hustle you might determine is an excellent way to supplement your income without taking excessive time or effort.

Flexibility

Having a side hustle provides more flexibility, another advantage of having one. There are a lot of different side hustles that can be done from home, and the hours may be altered to work around full-time employment. Because of this, it is an ideal choice for Senegalese expats who may also have other duties, such as taking care of their children or attending school.

Skill Development

Beginning a side business in Senegal might also give Senegalese people living abroad a chance to learn new skills depending on what kind of side job you do. You'll need to get new talents, such as marketing, sales, or web design. These are the kinds of abilities that can be useful in a variety of settings, including professional and personal ones, and they can aid in boosting future career prospects.

Having a reasonable resource to make some extra money will help you achieve financial stability and support your family back home simultaneously. You can quickly send money to Senegal online via ACE Money Transfer to ensure further savings, as the company offers competitive exchange rates and low transfer fees.

Pursue Passions

Outside of their main source of income, Senegalese people living abroad often find that starting a side business allows them to pursue their interests better. Outside work, such as starting a business or pursuing a hobby, can provide a sense of accomplishment and a pleasant way to spend time. It is also a chance to investigate new passions and consider how those pursuits can eventually lead to a full-time profession.

Chances to Establish Contacts

Beginning a side business also presents Senegalese expats with the opportunity to expand their professional networks. You may need to network with other experts in your field or go to events linked to your business, but that will depend on the type of side gig you take on. This can be a fantastic opportunity to meet new people, build connections, and open up new employment prospects.

Earnings Spread Across Many Sources

Senegal expats interested in diversifying their income streams can consider picking up a side hustle. A side hustle can provide an extra source of income distinct from the person's principal work, but this depends on the nature of the side hustle. This is especially helpful in economic unpredictability or if primary employment is lost.

Developing a Commercial Enterprise

Senegalese people living abroad may enjoy beginning a side business to increase their chances of eventually owning their own company. It is feasible to transition a certain kind of part-time job or business into a full-time occupation at some point in the future. This might be an excellent approach to starting your own business and creating a flexible work-life balance for you and your family.

Improving Time Management Skills

Some people might not need to be told, but getting a side job means putting in more hours. That means you have less time to yourself during the day, so a side job can be a great way to learn how to handle your time and money quickly. As you take on more tasks, you'll get better at being on time, meeting deadlines, and making the most of the time you have for fun. You'll be able to use these skills outside of your side job.

Getting You Better Prepared for Emergencies

One benefit of having a side job is that it helps you build up a backup fund faster. As said above, once a budget covers pressing needs, extra money from a side job could go into a savings account or help you build an emergency fund. You can use these savings in emergencies abroad or send money to Senegal to your loved ones if they face such situations.

Most financial experts recommend putting away at least three to six months' worth of basic living costs in an account that is easy to access. This gives you a good cash cushion in case you need to pay for an unexpected medical bill or home repair or lose your job. Having an emergency fund can give you a sense of calm.

Improving Ability to Reach Financial Goals

Some might think it's not much, but even an extra $100 a month can help people with side jobs reach their financial goals.

For example, if you want to go on vacation next year but don't have enough extra money to save, you could do some casual gig work and put the money you make towards your trip. You can only go on vacation if you have a job. Instead of thinking about what to buy with a certain amount of money, you should think about where to invest that amount.

A side job can help you reach bigger financial goals, such as saving for a down payment or putting more money away for retirement.

The Opportunity to Do Something You Love

A side job brings in more money but can also make someone love a hobby or activity all over again.

You can make a hobby into a source of income because it's not your main job, and it's not your main source of income. It can be tiring if you don't like what you're doing as a side job. But working on something you love might feel like something other than work.

A nurse who likes to quilt in their spare time might decide to open an Etsy shop. If they were already quilting for family and friends in their spare time, they could keep doing what they love and make money from selling their quilts. Everyone wins. Who can say? As a person's skills and network grow, some side jobs can become their primary job.
 

Allowing You to Pay Debt Quickly

Money from a side job can significantly help if a high-interest debt is eating up paychecks. Interest on personal loans or high-interest credit cards can add up quickly, making it harder to pay off as the amount grows. The average interest rate on new credit card deals is almost 19%, making it hard for people with a balance to pay off their debt. If you make little money, paying that bill every month might seem simple.

If you use money from a side job to pay off debt, you can do it faster or at least get some of the stress off your budget.
 

Conclusion

For Senegalese people living abroad, doing extra work can help them earn more money and improve their financial situation. A side hustle can provide many advantages, such as earning extra income, learning new skills, and pursuing personal interests outside their main job. It can also help them expand their professional network, make more money from different sources, and even start their own business. Senegalese expats who want to improve their finances and earn more money may find having a side hustle a good option. Additionally, they will be able to send money to Senegal in handsome amounts to be better able to help their loved ones back home. And while you are at it, you should use ACE Money Transfer for an online money transfer to Senegal because you get low-cost transfers, instant, secure and convenient mobile app and website to use.
 

FAQs

What is a side hustle, and how can it benefit Senegalese expats?

A side hustle is a supplementary business or job that one can engage in, along with their primary occupation, primarily to earn extra income. It can benefit Senegalese expats by providing additional financial security, allowing them to leverage their skills and potentially offering more flexible or remote work options.

How does having a side hustle relate to financial independence for Senegalese expats?

A side hustle can help Senegalese expats attain financial independence by creating an additional stream of income. This additional income can assist in accumulating savings, paying off debt, investing, and reducing financial stress, thus contributing to overall financial well-being and freedom.

Are there legal considerations for Senegalese expats starting a side hustle in a foreign country?

Yes, Senegalese expats must be aware of and comply with the laws and regulations of the host country regarding employment, taxation, and business operations when starting a side hustle. Failure to do so can lead to legal complications, including fines and deportation. It's crucial to research and possibly consult with a legal advisor to understand the specific requirements in the host country.

Can a side hustle transition into a full-time business for Senegalese expats?

Absolutely! A side hustle can indeed become a full-time business venture if it proves to be successful and sustainable. With diligent effort, effective business strategies, and market demand, what starts as a small-scale side project can grow into a primary source of income and a fulfilling career.

What types of side hustles are most suitable and profitable for Senegalese expats?

The suitability and profitability of side hustles can vary widely based on individual skills, interests, and market demand in the host country. However, popular options include online freelancing, consultancy services, tutoring, handcraft sales, and food services. It's essential for Senegalese expats to assess their own competencies and conduct market research to identify the most viable side hustle for their circumstances.


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