How to Start a Side Hustle
Many individuals have the dream of creating money on the side while working their main jobs. If that is something that interests you, a side hustle might be the right fit for you. A side hustle can be a great way to pursue your passions, earn extra income, and gain valuable skills. Whether you want to turn a hobby into a profit or explore a new business idea, here are some steps to help you get started on your side hustle journey so you can check it off your to do list.
1. Identify Your Passion and Skills
Plenty of people are experts in their fields but suffer from may just be suffering from imposter syndrome. Consider what you enjoy doing in your free time and what skills you possess. Everyone has skills that can be used to make a little money on the side. For instance, think about your hobbies, talents, and expertise that can potentially be monetized. This will not only make your side hustle more enjoyable but also increase your chances of success. Once you have a skill that you believe you can market, you are all set to create your business. Below are a few potential side hustles that you can consider.
Copywriter
Uber, Lyft, Instacart shopper or DoorDash Driver
Photographer
Digital Marketer
Graphic Designer
Pet Sitter
2. Determine How Much Time You Can Commit
A side hustle can have the possibility of becoming a full-time gig if things begin to really boom, but in the short term, you will need to delegate some time. If you work 30+ hours a week, it may be beneficial to really break down your time into a day-by-day basis. That way you can realistically estimate how long you can reasonably take from your day to work on your side hustle. For instance, if you are a banker from 8 am to 6 pm then you will likely be tired after your shift. That would leave only your weekends available to work. While that is still a solid 48 hours, it is important to really be reasonable and know that you may not actually be willing or able to dedicate an entire weekend.
On the plus side, time is constantly moving so you will likely find more in the little things we don’t tend to focus on. For instance, the time spent watching tv, scrolling on social media, or online window shopping for houses we think aren’t worth the prices they say. That time can be spent on your side hustle easily.
3. Define Your Value Proposition and Create a Business Plan
Clarify what makes your side hustle unique and why customers should choose you over competitors. Develop a strong value proposition that clearly communicates the benefits and value you provide. This will be crucial for attracting and retaining customers. Not only that but it will also allow for you to be on top of your business plan. As you develop your brand, you can potentially tap into markets and slowly expand that side hustle into a full-time career.
A business plan should help to outline your goals, target market, pricing, marketing strategies, and financial projections. A plan will help you stay organized and focused on your objectives and can be useful if you seek funding or support in the future.
4. Create Earnings Goals
It’s no secret that the goal of a side hustle is to generate some money. Before you do though, you will want to calculate how much everything will cost you initially and how much you can expect to make. That way, you can keep track of your profits and know when to expand or pull back on any given projects.
5. Know the Laws in Your Area
Knowing what laws are in your area will help to create a better sense of understanding and potentially help you avoid any troubles that may not even cross your mind. For instance, some states don’t allow for drone photographers to fly in certain areas without permits whereas others may not care as much so long as you’re don't cross into an airport. Additionally, it is even more helpful to learn more about laws the will protect you as a business owner. For instance the differences between a sole proprietor, partnership, Limited Liability Company (LLC), and a corporation. Not to mention any insurance that may be beneficial if you or an employee get hurt and tax implications for running a business.
6. Manage Your Time and Resources
Finally, it's important to manage your time and resources effectively, so that your side hustle doesn't interfere with your full-time job. The side hustle you create is important but until it is self-sustaining it may be tough to justify choosing it over your full-time job. As you develop your business, you will likely do tons of research on competitors, adjust prices as your skills evolve, rework your time and dedication to your side hustle, and make plenty of goals. Just be sure that you are able to balance work and life while also giving your side hustle a bit of time to gain fruition. If you ever find yourself in a slump, remember that you are still learning and can continue to develop the way you manage your time anyway that works best for you.
