With the cost of living on the rise, many people are looking for ways to increase their income without sacrificing the flexibility and freedom of their current job. Enter the side hustle. With so many options out there it can be overwhelming trying to figure out which one is right for you.
Don’t worry though that’s what we’re here for! We’ve compiled a list of ideas for side hustles that make sense as well as tips and tricks to learn more about how to get started.
| Takeaways |
|---|
| Assess your skills and interests to find the right side hustle. |
| Consider the time commitment required for your side hustle and create a realistic schedule. |
| Research the market demand and feasibility of your chosen side hustle. |
| Keep track of your income, expenses, and taxes for effective financial management. |
| Develop a marketing strategy to promote your side hustle and reach your target audience. |
| Seek personalized advice and conduct further research to make informed decisions. |
Picking A Side Hustle That Dispels Your Doubts
Once you’ve figured out what your side hustle is going to be, there are a few things to think about:
Pick something you’re good at. If possible, pick something that makes use of skills or interests that you already have. For instance, if you like animals and are good at taking care of them, consider becoming an animal walker or dog-sitter; if you like writing articles online, consider copywriting as a way to make some extra money on the side.
Pick something that fits into your schedule. While it’s important to choose something that will make money for you, it’s also important not to put yourself in situations where earning money is so difficult or time-consuming (i.e., working night shifts after work) that it prevents you from having time for other things in life like friends and family!
Make sure the side hustle doesn’t take away from those things too much…and if necessary adjust accordingly!
Pick something enjoyable.
If possible! This should go without saying but there are plenty of ways to earn extra cash (selling clothes online comes immediately to mind) which can become tedious very quickly so choosing something enjoyable may help reduce stress levels overall when starting out, especially if working from home means being alone all day long!
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Choose Something You’re Good At
While you want to choose something that you’re good at, when it comes to your side hustle, there are other things that matter more.
If you love helping people, then a career as a coach or mentor might be right up your alley. If cooking is your passion, maybe opening a catering business is the way to go. And if you have a natural talent for sales, selling products online could be perfect for you!
However, before choosing any of these options, make sure they fit into the rest of your life:
Choose something realistic if it takes six hours every week (and this includes marketing), then don’t choose something that requires so much time and energy!
It will keep adding up until one day those six hours become 10 or 12…and before long it seems like all we do is work on our side hustle! So stick with what makes sense for YOUR schedule and don’t overextend yourself just because someone else has done well with theirs (see: “How It All Went Wrong” section below).
Choose something quantifiable so many people to get started on their side hustles without knowing exactly how much money they are making from each client/customer/clientele group etc.,
This leads them down some very bad roads later on in their businesses’ lifetimes because they don’t know exactly how much money there should be coming in each month/quarter/year…or even worse yet if there’s no plan at all!
Finding The Time To Create A Side Hustle
It’s easy to feel overwhelmed at the thought of starting a side hustle. You want to be successful, but you also want to spend time with your family and friends, relax after work, and maybe even save some money for retirement. How can you possibly find the time for it all?
Well, don’t worry about that yet. Start by thinking about what you need in order to start your side hustle:
- Time – how much time do I have each day or week?
- Money – how much money do I need to make this happen?
- Skills – what skills do I need in order to start doing this thing (or buy them)?
Now that we know these things, let’s move forward with finding the answers!
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Planning Your Income Streams
You can’t expect to make any money without a plan. You need to decide how you’re going to make your income streams, and then you need to set up the systems and processes to get there. Here are some things you should think through:
- How will I make money? What’s my strategy?
- What is my budget? How much do I have available for expenses right now?
- Do I have a plan for how I’m going to spend my money (for example, saving it or investing it)? If so, what’s that plan look like?
- Am I going to save taxes this year by claiming them as deductions on Schedule C rather than paying them at the end of the year when filing taxes with H&R Block (or whatever software program they use these days)?
Uncovering Your Potential
When you’re trying to figure out what your passion is, obviously it’s important to think about what you enjoy doing.
But it’s also important to think about what you are good at. It may be helpful in the beginning stages of discovering your passion that you focus on something that comes naturally to you something where you can easily succeed with only a small amount of effort.
And then once that starts feeling more natural, then start experimenting with other things, learning new skills, and exploring different options for creating income (or whatever else) in your life.
Hearing me say this makes sense? Well, let me explain further…
Embracing Your Fear
Fear can be a major barrier to success. It’s okay to be afraid, and it’s okay to ask for help. At some point, you’re going to have your own moment of panic when everything seems like too much or too little, or when the next step feels completely out of reach. You’re going to feel like quitting (or never starting), but don’t let fear stop you from reaching your goals!
Fear of failure: The biggest fear is failing at something and in this case, it’s not just losing money but also losing time and mental energy that could’ve been spent elsewhere.
If you pursue side hustles with no intention of succeeding at them, then yes…there’s really nothing left worth doing besides watching Netflix all day long (which actually sounds pretty nice).
Fear of success: The flip side is being so scared about achieving something great that there’s no point trying it in the first place! This happens especially often with people who have been unsuccessful before so now they’re convinced they’ll only fail again if they try again..
But remember: everyone fails sometimes even successful people fail frequently! Don’t let this stop your dreams from coming true…
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Face Your Fears In Order To Succeed
Fear is a natural response. It’s human nature to be afraid of the unknown and what lies ahead.
Some people may have this misconception that fear is an indicator that they shouldn’t pursue their side hustle because they are afraid of failure or success, but it’s actually the opposite!
Fear is a motivator and it can help push you forward when you least expect it. If we didn’t have fear then we wouldn’t be able to make many decisions in life for ourselves or for others around us.
Fear can also hold us back from achieving our goals because some people let this fear drive them into inaction instead of action when faced with difficult situations such as quitting your day job or starting up a business without knowing how things might turn out down the road (and yes, these things do happen).
Find The Things That Scare You And Tackle Them Head-On!
Find the things that scare you and tackle them head-on! Pick something you’re good at, find a way to make money from it, and identify your strengths. If you decide to do something completely new (like I did), plan your income streams and don’t be afraid to ask for help.
Get a mentor or accountability buddy who has already done what you want to do. You can even join an online community for support if it makes sense for your business idea. Make more money than you spend: if this seems impossible, start small until it becomes easier and then push yourself further.
Get an Accountability Buddy!
An accountability buddy is someone who can help you stay on track, motivate you when you’re lacking motivation, and provide a sounding board for ideas.
Use the following tips to find an accountability buddy:
Pick people who are doing something similar to what you want to do. If they don’t understand your hustle, it will be difficult for them to support your goals and dreams.
For example, if your friend wants to become a doctor but doesn’t understand your side hustle as an artist or writer, then having them as a coach may not work out well for either of you.
Ask yourself “what would I think if someone asked me this question?” When looking at clients and customers alike every person has something unique about them that makes them interesting in their own right (even if it seems like nothing at first glance).
Try getting inside their heads by asking yourself questions such as these: What would I think if someone asked me this question? How can I make things more fun/less boring/more productive? What else could we do next time?
Make More Money Than You Spend!
In order for your side hustle to be a success, it’s important that you make more money than you spend. This is called a positive cash flow, which means that the amount of money coming into your account is greater or equal to the amount going out of your account.
If this sounds like an intimidating concept, don’t worry! It’s super simple. If you’re making $10/hour and spending $9/hour on groceries and gas each week (and other necessities), then you’ll have $1 left over at the end of the week which means you’ve got yourself a positive cash flow!
It’s also important to understand what “making more money than I spend” means in terms of personal finance:
- Knowing how much money is coming in (and where it’s coming from)
- Knowing how much money is going out (and where it’s going)
- Managing my personal finances so that there are always enough funds available where needed
- Budgeting my expenses so I know exactly what I’ll be able to afford each month
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A Side Hustle Can Be A Great Opportunity, But It’s Important To Plan And Prepare First
If you’re going to start a side hustle, you need a plan. You’ll want to consider what kind of business model will work best for your skills and interests. Once you’ve decided on the type of business to run, think about how much money it’s going to cost in the long term.
It’s important not only to consider how much time it will take away from other obligations but also how much money you’ll need upfront (and possibly as recurring expenses).
After that, determine if there are any legal implications or requirements associated with starting this type of small business (for example: registering your company).
Finally, think about whether or not there is anything else standing in your way besides money like family commitments or health concerns, and make sure that those things are accounted for before beginning this journey!
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Conclusion
The most important thing to remember when starting a side hustle is that there’s no such thing as failure. Remember, if you do not succeed the first time, then try again!
If you’re still unsure what type of business might be right for you, try these tips from our blog post on different businesses. If you want more information or advice about starting up your own company, check out our blog post with articles on the topic.
Further Reading
Here are some additional resources that you may find helpful for further exploration:
7 Things You Should Consider Before Starting a Side Hustle: Discover seven important factors to consider before diving into a side hustle, including financial considerations, time management, and finding the right opportunity.
Starting a Side Hustle: 5 Questions to Ask Yourself: Angela Helfrich shares five crucial questions that can guide your decision-making process when starting a side hustle. Gain insights into the key aspects of planning, resources, and personal motivations.
Things to Know Before Starting Your Side Hustle: Explore this article on US News Money to gain insights into important considerations before starting a side hustle. Topics covered include financial planning, market research, and managing your time effectively.
Frequently Asked Questions
What If I Don’t Have Any Money To Invest In My Side Hustle?
Start with what you’ve got. If you have $10 in your bank account, but it is all into your side hustle. It will take longer to get there, but the effort will be worth it!
Should I Start With My Idea Or Someone Else’s?
If you want to start a business on your own, make sure that you have a clear understanding of how much time and money it will take. If not, then the best way is to start with an existing business that has already been tested by others. This way, you can learn from what they’ve done right and avoid mistakes they made along the way.
Does It Matter Which Industry I Choose?
No! As long as it fits your lifestyle and interests, there are many ways to earn extra cash doing something you love!
What Is A Side Hustle?
A side hustle is an extra source of income that you can do in your spare time. This could be anything from an Etsy shop selling your handmade crafts, to coaching people through their writing process or even just doing something as simple as cleaning houses on the weekend. Whatever you want!
How Much Money Do I Need To Start My Side Hustle?
You don’t need a ton of money to start your side hustle, however, some things will cost you at first but will save you money over time. For instance, if you decide to put together a blog and sell products through it (like an Etsy shop), then you will need to purchase a domain name and hosting for your site.
This can get expensive if you aren’t careful about how much space and bandwidth you use every month. You may also want to purchase any necessary software needed for blogging (such as WordPress) or other design programs if applicable (like Photoshop).
How Do I Know If It’s Time To Start A Side Hustle?
You know it’s time when you wake up in the morning and think about how much better your life would be if only you could get out of that office and work for yourself instead. You’re tired of having a boss who doesn’t appreciate you, and now is the perfect time to make your dreams come true.
I am a content writer, and I love what I do! Writing makes me feel like the words are flowing through my fingers, and then onto the keyboard, like magic. My experience as a writer has taught me that writing makes me feel good, as well as helps others to feel better too!
