How to have a successful side hustle
If you are looking for ways to make more money, here is what you need to know. 3 Steps To Having a Successful Side Hustle
1. What motivates you to get started? Think about what is most important to you.
Before you do anything, find out exactly what you want to get out of your hustle. Take the time to sit down and think about it. This first step is probably a process of self-discovery and you have to be honest with yourself.
- More money.
- You cannot get fulfillment from a regular job.
- A fun way to spend your free time.
- Evaluating a career change.
- One way to end your retirement.
- A combination of some or all of the above.
If you have a well-paid day job that doesn’t excite you, you can look for a new project that will motivate, motivate and motivate you.
If you’re just looking for a quick way to make more money, you may not want to spend a lot of time planning or investing in an original idea and being better suited to an existing freelance platform. Even if you do, you need to choose a job that you enjoy and that is in line with your skills.
Mr. Blake, who works with businesses, developers, and entrepreneurs to develop successful websites, says the ideal desire falls into three boxes: it must be satisfying, useful, and it must add value to the world; hence, profitable
Keep in mind that you don’t have to compromise on potential side gigs that require skills you don’t already have.
Mr. Blake says, “You need to know where your skills and potential lie, but also how you learn and what your ability to learn and grow.””
As usual, in your daily work, you must be willing to devote time and effort to developing your skills, market research, and travel planning. After all, it’s a hustle.
2. Research and find out what you can monetize.
You know what you want to get out of the hustle and bustle, and you know the skills you have or think you can learn. Now comes the practical part of the process: find out if you can really get paid for what you want to do. Start by searching online to see if anyone has done it and got paid – chances are they have.
For example, if you hope to do content for social media, look for platforms like YouTube, Instagram, Snapchat, and Facebook. If you want to sell something, look at online marketplaces like Jumia, Etsy, Amazon, Poshmark, and Craigslist. Offer a service? Look for sites like TaskRabbit. Convert your free room? Visit Airbnb. Compare prices and read reviews. See what other people get the most from the work you propose.
Questions you should ask and answer during your research:
- Has anyone already received money for this good or service?
- What is the average income for this type of work?
- What does a person gain the most from this gig and what level of skills does the person have?
- Is the market full of this kind of work or rare?
- Has this type of work become more or less valuable?
If you have a vague idea of what you want to do but aren’t sure what exactly you’re looking for, “think about a problem you’ve solved yourself,” advises Mr. Blake. “And then think about the possibility that there are other people like you.”
If you do market research, you will find that very few skills out there aren’t monetizable. “”I’ve seen people make money by sleeping during [live],” Mr. Blake said.
3. Investing in your side hustle
The key to a successful and lucrative side gig? Prioritize your financial planning in advance. Failure to do so may result in a loss in potential profits, and savings.
Other operations require you to invest in equipment, services, office space, or even staff salaries. Compare the cost of investing in a plan with your potential income by thinking about how much you can really move forward and the estimated timeline to make a profit.
Mr. Blake With almost half a million subscribers on YouTube, Blake soon realized that high-quality camera equipment could be a big investment for his business. “”A lot of people would take the money I took to buy camera equipment and buy a down payment for the car,” he said. “I invested in my craft.”
Mr. McBride from Bankrate recommends exploring several options before investing.
Look for equipment rental or outsourcing services until you can run your business “to the point where you can justify a larger investment and have the equipment needed to produce more. High volume,” he said.