“You are only one decision from a totally different life.”
Anonymous
There are a lot of reasons why you might want to consider getting a side hustle. For one, having a side hustle can help you make some extra money. But beyond just making a little bit of extra cash, there are a few other benefits that come along with having a side hustle. Choosing the right side hustle can be a daunting process. With so many options out there, it’s important to consider all essential factors before making a decision. To help make sure you pick the right side hustle, here are 12 things to consider before choosing a side hustle:
Why do you want to choose the side hustle? Is it for extra income or is it because you have an idea that you think could be successful? Knowing why will help you make the right choice. The other important thing you need to consider before you choose a side hustle is your skills and interests. What are you good at? What are you passionate about? Do you have the necessary knowledge and experience to do it well? What do you enjoy doing? Answering these questions will help you narrow down your options and choose a side hustle that’s right for you.
2. What are Your Goals?
What are your reasons for starting a side hustle? Do you want to make some extra money? Are you looking to transition into a new career? Having a detailed plan will help ensure you have the best chance of success when you eventually choose a side hustle. Ask yourself important questions like what type of side hustle do I want to pursue? How much time am I willing to commit? What resources do I need? Once you have written down your goals and have drawn up a plan, you can start narrowing down your options.
3. Timeline
Estimate how much time you can commit to a side hustle on top of your current job or schooling commitments. Make sure to factor in additional time for basic side-hustle tasks such as marketing, customer service, and bookkeeping. If you’re only looking for a way to make some extra cash, you might not have much time to dedicate to your side hustle.
4. Earning Potential
How much money can you potentially make with your side hustle? If you’re only looking to make a few extra dollars, there are plenty of side hustles that can help you be quite profitable, while others may only offer a small supplemental income. It’s important to think about how much money you want to make before choosing a side hustle.
5. Geographical Restrictions
Are you looking for a side that you can do from anywhere in the world? Or are you looking for something local? If you plan to offer services such as tutoring or consulting, consider how far away you’re willing to travel for side hustle opportunities.
6. Financial Requirements
Consider how much start-up capital you have access to, or will need to reach your side hustle goals. Evaluate what expenses you may incur in the process and create a budget to ensure success. Consider any equipment that you may need to purchase to do the side hustle well. Will you need a laptop, smartphone, or other tools? This is important as it will help you set and meet realistic expectations for your chosen side hustle.
7. Research
Before committing to a side hustle, research the industry and market thoroughly. Analyze competitors, investigate potential customers, and get an understanding of what side businesses are successful in the space. Make sure to research the legal requirements for side hustles in your area. This can include anything from permits, and licenses, to tax information. Make sure you understand what the side hustle entails and what kind of hours you’ll need to put in.
8. You Will Have to Keep Learning
The side hustle space is constantly evolving so you have to make sure that your side hustle is keeping up with the industry standards, trends, new technologies, and emerging markets that could benefit your side hustle. Take small steps with your side hustle before making any major investments of time or money. This way you can test the waters before diving in head first.
9. Leverage Technology
Use technology to help streamline processes or reduce overhead costs associated with side businesses such as using accounting software or online marketing platforms. Establish protocols for communication with clients, such as responding promptly to emails or phone calls. Invest in customer service software to help manage side-hustle inquiries. QuickBooks, Jasper, Grammarly, and a host of other technologies are something you’ll have to purchase.
10. Have a Backup Plan
Make sure you have a contingency plan in case things don’t go as expected. This will help minimize risk and provide some security if the side hustle fails to generate income.
11. Do You Have a Support System?
Starting a side hustle can be challenging, so it’s important to have a support network of friends and family who can offer encouragement when needed.
12. Self Care is Essential
A side hustle can be a lot of work, so it’s important to find a balance between work and your personal life. Don’t let your side hustle consume you. It’s important to make time for yourself, this will help you avoid burnout and stay focused on your goals.
By following the steps outlined above, you can create a plan of action to increase the success rate of your side hustle. Taking the time to properly research side-hustle opportunities and making an informed decision is well worth it in the end. All you have to do is to ask yourself why as I mentioned at the beginning of this blog post.
