Do you need to make an extra buck? Are you willing to learn new things? Would you be happy to diversify your revenue streams? If the answer is yes, you are probably thinking about starting a side hustle to achieve your objectives.
A side hustle is an activity you do outside your main job to earn extra income. It can be a great way to bring in some more cash, pursue a passion project, or even test the waters of entrepreneurship.
Here's a breakdown of how to get your side hustle started:
Find your niche: the best side hustles combine your interests and skills. Think about what you're good at and what you enjoy doing. Do you love taking photos? Maybe you could sell them online or offer photography services. Are you a whiz with social media? There might be a demand for your marketing expertise.
Research the market: once you have a few ideas, do some research to see if there's a market for them. This might involve looking for similar businesses in your area or online, or checking out freelance marketplaces.
Plan your business: having a basic plan will help you get organized and avoid common pitfalls. Consider things like how much time you can dedicate each week, what start-up costs you might have (equipment, materials, etc.), and how you'll price your services or products.
Get started: that's a major point to consider and internalize. Don't wait for everything to be perfect before you launch. Often the best way to learn is by doing. Start small and scale up as you gain traction.
If your focus is money - i.e. generating an active or passive income stream to diversify your revenue sources, then here's the deal on how to try to maximize your financial outcomes, being aware that the final answer will really depend on your skills, time commitment, and the market you target. Here are a few categories to consider:
High-Expertise Fields: these require specialized skills and can command premium rates. Examples include freelance writing for technical topics, consulting in fintech or biotech or supply chain automation, or coding/programming.
Scalable Businesses: these side hustles can grow significantly over time, allowing you to increase your income. Examples include creating and selling online courses, starting a successful blog with affiliate marketing, or a YouTube channel with a large following.
Time-Sensitive Services: if you can provide a service in high demand and short supply, you can potentially charge more. Examples include handyman work for specialized repairs, last-minute pet sitting or dog walking during holidays, or graphic design services for urgent projects.
Income potential often goes hand-in-hand with time investment and effort. Building a successful side hustle might take time and require consistent work to establish yourself and attract clients.
Do you know what big companies started as a side hustle?
Slack: it originated as an internal communication tool used within Stewart Butterfield's company, Tiny Speck, during their work on the development of Glitch, an online video game.
Etsy: in 2005 the four founders of the company started it in a Brooklyn apartment as a virtual storefront to help the craftsmen sell their goods on an online platform
Apple: in 1976 the Hewlett-Packard's engineering intern Steve Wozniak (then 26 years old) dreamed of creating his own computer together with a former high-school classmate, 21-year-old Steve Jobs, in a family garage. Jobs and Wozniak named their company Apple.
Good luck with your endeavors!
Here are some resources to help you brainstorm side hustle ideas:
