Most of us could use some extra cashola, but if your schedule is already chaotic, taking on a traditional part-time job may not be an option. But have no fear: A side hustle may be just what you are looking for. Not sure where to start? We can help!
What Is a Side Hustle?
A side hustle is more than just a flexible job that brings in extra income; it’s an opportunity to do something you love, explore your passions, and potentially turn a hobby into a profitable venture.
Benefits of a Side Hustle
Extra Income
Whether you want some extra cushion or have a financial goal in mind, a side hustle will bring in additional income, which is never a bad thing.
Flexibility
Your side hustle will revolve around your primary job, giving you the flexibility to work as much or as little as you like. This control over your time can help alleviate the stress of a busy schedule.
BYOB: Be Your Own Boss
A side hustle allows you to be your own boss – even for a few hours each week. This means creating your own schedule, controlling your hours, and doing things your way.
Get Creative
Ideally, your side hustle will be a creative outlet for you or tap into your passions or hobbies.
The Potential to Go Full-Time
This isn’t a guarantee, but if your side hustle turns into a full-time career, all the more power to you!
Before You Get Started
Here are a few things to consider to ensure your side hustle is successful.
Consider Your Skills and Interests
If you aren’t sure what your side hustle will be, consider which of your interests or skills could be profitable. From here, research what others are doing with this skill or interest.
Determine Your Time Commitment
Consider how much time you can commit to a side hustle. Sometimes, this can be a huge factor in determining what your side hustle should be.
Research Your Competition
Before you go into business, research your competition to see what other companies are doing. You want your side hustle to offer something new or different. Find your niche!
Figure Out Your Target Market
Once you figure out your target market, many things take care of themselves, such as marketing. If your target market is college students, you likely won’t run radio ads. And if your target market is seniors, you may not be as focused on social media strategies.
Set Prices
Do your research. If you’re in the embroidery business, check Etsy, Instagram, local shops, and wherever else you can to determine pricing. You should also consider your expertise, how much time you devote to your pieces, the cost of materials, etc. Keep in mind that you will only get better at your craft, so it’s not unheard of for your prices to increase.
Determine Your Goals
Your goals may be strictly financial, or you may be looking to perfect your art. Whatever your reason, determine your goals as you move forward.
Do you have any tips for starting a side hustle? Share them with us in the comments below!