For many, the extra income from a side hustle is essential due to inflation and an increased cost of living, for others, it’s a way to fund their discretionary spending, while some use the income to get ahead financially.
Side hustles can also expose you to new ways to earn money before leaving your stable 9-5. You can learn new skills, explore passions, and even dip your toe in a new industry.
Regardless of your motivation to explore a side hustle, it’s relatively easy to put yourself out there, start with these five steps:
Curious how much is going's to cost you to start that new business?
It can be tricky to know where to start.
Thats why we have created... the Ultimate Start Up Guide
This guide walks you through all of the steps on how to determine how much your new business idea will cost. You'll be able to model your budget off an example and move forward knowing exactly what you need to get started!
HOW TO START A SIDE HUSTLE:
1. DISCOVER WHAT YOU’RE GOOD AT (AND WHAT YOU LIKE)
The last thing you want is to feel miserable while working your side hustle. While not every moment can be glamorous, you should find something that you genuinely enjoy and are good at. Create a list of hobbies, interests, and activities, paying special attention to the ones you’re also skilled at.
Caring for children, baking, social media management, writing, designing, consulting, driving, fitness instructing, landscaping, tutoring (and more!) are all activities that many people enjoy and ones that also make decent side hustles.
2. FIND THE NEED (AND FULFILL IT)
You’ll have a better chance of success if you market your skills to a relative and hungry market. Consider the needs you hear about in your community (your circle of friends, neighbors, coworkers, etc.) and see if you can fulfill them. Identify gaps in the freelance space and discover a specific area where you can offer your unique services.
Engage those in your community by joining local online forums, groups, and communities. Ask questions and even consider creating a survey to gauge interest. Surveys are also a great way to learn how to price your products and services — you may be surprised to discover what people are willing to pay to relieve pain points in their lives.
When your side hustle aims to solve specific problems, it has a better chance of success.
3. PUT YOURSELF OUT THERE
After discovering your side hustle niche, it’s time to put yourself out there! Your marketing materials should always highlight the unique value you bring and the solutions you offer. You can start with your local community by posting on social media, creating business cards or flyers, and simply conversing with those around you.
You can also utilize the internet by creating a website and business social media account that provides essential information about your services and allows you to engage with potential customers. Attending local events can also help you highlight your business and allow you to connect with others.
4. AVOID BURNOUT
Enjoying your new income from a side hustle can be exciting (and honestly, a bit addicting), but you must find the right balance between your side hustle and other commitments such as your family, education, and primary job. Overextending yourself can quickly lead to burnout.
Determine up front how much time you’re willing to commit to your side hustle and implement boundaries. Because side hustles are outside of a typical 9-5 schedule, it can be easy to fall into a pattern of continuous work with little to no downtime. Developing time management skills will help you prioritize your tasks and create a sustainable and realistic schedule.
5. CONTINUALLY UPSKILL
Keeping up with the latest relevant market trends and skills can help you stay competitive. Commit to the necessary continued learning (which can be done informally) to ensure you’re bringing your customers the best experience possible. Staying up on marketing trends — or investing in marketing help — will also help you grow your customer base.
Side hustles can be an excellent way to explore your passions, engage your creative side, grow your network, and increase your skills (while also earning extra income!). Regardless of where you’re at in your financial journey, they can be a great way to boost your financial position and goals.
At HM Accounting, we offer business strategy sessions to get your monthly budget on track, finally knock out your debt, and even pursue financial freedom through multiple streams of income. To book your First free 30 Minute Strategy Session email us on info@hmaccounting.online or book online - here
Curious how much is going's to cost you to start that new business?
It can be tricky to know where to start.
Thats why we have created... the Ultimate Start Up Guide
This guide walks you through all of the steps on how to determine how much your new business idea will cost. You'll be able to model your budget off an example and move forward knowing exactly what you need to get started!
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