What is the Right Side Hustle for Me?
Side hustles are becoming increasingly popular nowadays. I think most of us are in the midst of trying a side hustle or know someone who is. In an ever expanding freelance world and with the growing gig economy – a side hustle might put you in a good spot financially, while also allowing you to diversify your income in the event of the unexpected. Furthermore, the additional cash you make might help you pay down debt, catch up on bills, and even save for the future. If you want to make some extra money but maybe can’t obtain a raise or a new job at the moment, side hustling may be an excellent alternative. But how do you start?
You might be surprised at how many opportunities your side business can provide and the range of directions you could take it in. If you’re interested in joining the side hustle movement and earning more money in your own way, you may be wondering what sort of work you can do. So, I’ve generated some steps to help you reach your side hustle potential. I recommend going through each of the steps in order to reach your side hustle potential!
Step 1: Generate a List of Your Skills and Interests
The best place to start when coming up with ideas and trying to figure out what side hustle is ideal for you is to make a list of all of your talents and hobbies. If you can make some money from something you’re great at or super interested in then we’re starting on some brilliant footing.
As you might be doing your side hustle in addition to a part-time/full-time job or other responsibilities, it’s super important to find a side hustle that you enjoy and can do well in. This will enable you to stick with it and also give it some purpose meaning it won’t seem like such a huge additional burden. Take some time to really consider and think about everything you have access to when making this list.
Do you enjoy writing? Do you have a passion for social media? Do you like doing projects yourself? Do you enjoy interacting with other individuals? Are you interested in marketing? Can you play any instruments, or do you shine in academic areas that interest you the most?
Even if you think of something that you don’t think could be a side hustle – add it to your list! As side hustles can sometimes be the starting point for turning your passions into a business. So whether it’s organising or interacting with animals, whatever makes your heart leap – make sure to include it!
Another great tip is, you don’t have to be perfect at this hobby/interest to add it to your list. Everyone starts somewhere and waiting for it to be perfect, or for the right moment, will mean less action is taken overall. It’s okay to start if there’s still elements you need to learn or improve. My biggest advice is to GET STARTED!
Step 2: Work With Your Natural Personality
Not every side hustle is a good fit for your personality and skill set so focus on what’s going to be great for you! For example, I studied drama at university and work for a charity leading arts projects for young people as my day job. I’m a facilitator, theatre director and enjoying working with children and young people. Taking all of this into account, I started taking up freelance youth theatre and workshop gigs which pay around £25-35 an hour. Now, that really wouldn’t work for someone who doesn’t enjoy leading groups, operates independently or is quite introverted.
This brings us to another consideration, is this something you’d like to be a solo mission or to be connected to groups of other people? I thrive on leading groups so I’ve gone for extra gigs that involve others and are quite active. Whereas, depending on your circumstances, you might want something quite contained that involves working from home or where you can set the parameters.
According to Harvard Business Review (HBR), side hustle goals should be in line with the activity’s primary purpose. So, as we’ve said, someone wanting to socialize while working a side hustle may be ill-equipped to do online surveys but better qualified for bartending a few nights per week. Remember side hustle time is grown out of your personal time so make it feel great for you and fulfil your goals.
I really think the secret to deciding on the best side hustle for you is to first consider what kind of atmosphere appeals to you most. Then, work on cultivating an ambience that fits your expectations.
Step 3: Be Honest About Your Availability
Once you’ve created a list of skills and interests, you may already have several creative ideas for a lucrative side business! Before you move on, consider how much time and effort you could devote to a side business. Also, think about when in the week you are making a commitment to this, rather than saying I can do 10 hours, work out when and where those hours fit into your week.
Make an honest assessment of your present routine and how it may change. How many days do you typically take off from your main employment now? Would you have any free time during the day, evenings, or weekends to focus on your side business?
You don’t want to work all day, every day, but it’s important to figure out how many hours each week you can set aside as a side hustle. This takes discipline, you might have to start getting up earlier, working in the evenings, saying no to social occasions etc. But if you are consistent and think to the future, the pay off could be immense. Which leads me on to another point, with some side hustles, you’ll really have to push yourself to think about the outcomes you want to achieve, as your side hustle might not necessary pay out straight away. So it’s important to keep that vision to give you the motivation through those initial start up moments.
Also, don’t overlook your energy levels as there’s no point slogging it out when you’re at your worst. Everything will take longer and challenges will feel like huge obstacles making it more likely that you will give up. Learn when you have the most energy throughout the day to focus on making more money. For some, this is in the morning, while for others, it is at night.
If you know you won’t have the time or energy to work on your side hustle later, you might want to pick something flexible that you can do first thing in the morning. Hello 6AM club – I see you!!
Step 4: Explore Income Potential
Take a look at the amount of money you want or need to generate. Side hustles are frequently motivated by our financial goals, so it’s essential to figure out what your financial demands are before getting started. Otherwise, you might end up dissatisfied!
Consider why you want to start a side hustle in the first place. Obviously, you desire to make more money, but why? What will that money create for you? You need that long term vision…Perhaps you’d want to quit your job, maybe you want to pay off your debt, build a house deposit, or save for an amazing trip abroad once a year.
Choose an income objective that matches up to your circumstances after you’ve established your goal. Not all side hustles are created equal. Some may be entertaining and low-effort, while others might have little earnings potential, so keep that in mind.
If you just want to make a few quid here and there: your looking for surveys, selling goods on eBay, mystery shopping. Very low impact hustles, but equally relatively low rewards financially.
If you want to earn enough pay to one of your bills or supplement your housing payment, working part-time or taking on a regular freelance gig might make the most sense for you.
On the other hand, if you want to earn more bigger, there are several side hustles on the list below that may be worth your time.
- Virtual Assistant
- Pinterest Virtual Assistant
- Graphic Design/ Programming
- Private Tutoring
These are only a limited set of suggestions to get you thinking, it could be absolutely anything. Love baths and cosmetic products? Start a bath bomb business. Love arts and crafts? Run some workshops and start selling on Etsy. If you’re passionate about fitness – why not become a PT or fitness instructor? Don’t feel limited by the list above if something else is driving you.
Step 5: Decide When You’d Like to Start to Earn Extra Money
When most people hear about side hustling or think about launching a side business, they think the money will come rolling in instantly. As we said, while making money is enticing, keep in mind that you may not make any money at first.
Uber is one of many side hustles that can help you generate money quickly since they pay out every week. So if you need £££ hard and fast – you might want to factor that into your choices. Other side projects take longer to pay off, and if you’re considering freelancing or blogging, it’s possible that you won’t make a lot of money in the beginning.
The great part about freelancing is that you can set your own prices and/or work hours. However, getting a new client or gig might take a few weeks as opportunities start to pop up. When you’re starting out, you may have to provide trial services for less than your desired fee to gain experience.
For example, during the first few months, you may not make any money with blogging. After taking my blog seriously for four months, I made £60 in profits for the month. Those four months were the most difficult for me because I was just beginning to blog and had a lot to figure out.
However, as I continued to work hard on my blog and improved it consistently, my revenue increased.
Some side hustles may be suitable for a quick, short-term money boost, while others might need you to put in some time and cash but will eventually become a reliable source of income. It is up to you to determine what you want right now.
Step 6: Invest in Your Education
Once you’ve decided where you want to work, invest in education. Find blogs on the subjects, read books, start following relevant accounts on social media and take courses if necessary. Don’t be scared to spend a little money on yourself and your knowledge. Look at it as a long-term investment. When you invest in these items, you will often be paid back dividends on it!
So there you have it, if you’ve reached this part of the post – I hope you’ve had a chance to go through all of these steps and get your brain buzzing around! Just remember, although a side hustle can be challenging, I promise it’s not something you’ll regret and who knows where it could take you! Enjoy the journey!
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