Estimated reading time: 6 mins
Everyone could use some extra cash, whether it’s to pay off a debt, purchase a dream car or even merely boost their main income. Besides, some people start side hustles with the prospect that it’ll grow into their main business so that they can quit their job. Whatever your reason to start a side gig is, you need to ensure that you pick the right one for you.
Experts have found that it’s easy for you to thrive in a side hustle that complements your lifestyle. Since you already have your main job stressing you out, so your side hustle shouldn’t feel like too much work.. When a side line doesn’t interrupt your normal workflow daily, you’re more likely to be consistent and successfully thrive from it.
Following these six tips is a good place to start in choosing the right-side hustle that will earn you more money in the long run:
- Do What You Love
This is arguably one of the fundamentals of starting a side hustle. Always go for what you enjoy doing and what you’re good at. A side hustle should be what you do with the least effort and yet achieve excellent results.
So how do you know what you’re good at? Most people tend to downplay their unconventional skills. Anything that isn’t considered a white-collar job tends to be overlooked as a potential source of income, and that’s where you go wrong. Therefore, start with deep introspection to find out what your expertise are. It could be a talent, hobby, or even a newly learned skill. It would be best if you could write it down.
If you have a problem identifying your skills, ask people around you. They have probably noted that you’re good at combining outfits. In that case, you can pick that skill and start a YouTube channel on styling different outfit or you can also blog about combining different outfits.
Bottom line, don’t fall into the trap of thinking you can learn your way into a side hustle. For example, if you don’t like frequent human interactions, avoid side gigs that may need you to make direct sales.
- Share Your Skill
Consider sharing your skill if you don’t know how to capitalize on it. This means coming up with a detailed course on how to do what you love doing then sharing it on online platforms. It could be in YouTube or academic platforms like Udemy, among others. For example, you could share skills on how to get rich fast by elaborating on viable ways to do it.
At first, you’ll be sharing your skill for free, but as your progress, a huge following on YouTube may help your content become monetized. On the other hand, Udemy may offer to buy your course or hire you as a mentor.
- Start Small
The idea of owning a business on the side can be pretty exciting. If you have planned it yourself, you may be tempted to start big, it’s advisable not to. Experts advise that you start small then gradually grow your side hustle.
This is because you’ll only devote a few hours to the gig, unlike a full-time business, and the side job may not have enough human capital to pick up immediately, unlike another full-time business. Therefore, you have to be gracious with your side hustle, and that includes starting small. Moreover, by starting small, the effects are a little more bearable should the business fail.
- Don’t Quit Your Main Job.
The only reason it’s called a side hustle is that you have a main source of income. Therefore, when you decide to start a side job, don’t be quick to quit your main job without a plan, even if that’s your ultimate goal.
Why? When you quit your job without a plan, you may begin to get stressed when the side hustle isn’t meeting your financial needs as the full-time job did. However, the side hustle needs time to pick up, just like any other start-up.
If you want to leave your full-time job for a gig, the best thing to do would be to wait until the side hustle grows into a business with a steady income. Evaluate if the income can meet your basic needs and identify how you’ll have to adjust your life as you switch from your job to a side hustle. Lay down a detailed plan and stick to it.
- Go For Something Different From Your Main Job
Picking a side hustle that’s different from your main job helps to avoid boredom. The last thing you want is to have an extension of your 9-5 at home. It’s always advisable to pursue a side gig that will help you explore other sectors. This helps to kill boredom and exposes you to a lot of knowledge about other industries.
How do you make sure your side hustle is different? First, if you spend your day staring at the screen, you want to break that monotony and go for something that preferably doesn’t require using a digital device, for example cooking.
Second, if your main job is done remotely, a good side hustle should push you to get out of the house and have social interactions. Finally, if your main job is analytical, for example, you’re a doctor, a good side hustle should help you explore your creative side.
Note that there are other creative ways to link your main job to your side job. For example, if you’re a financial analyst and you enjoy your work, writing a book about good financial habits would work as a good side hustle.
Sometimes linking your main job to a side hustle will help you manage your time better. If you decide to link your main job to your side hustle, only do so if you enjoy your main job and if it doesn’t feel monotonous to bring it home.
- Take Up A Side Hustle That Pays
The primary purpose of a side hustle is to make extra money. Therefore, even if you’re thoroughly enjoying pursuing your passion and they aren’t paying you, you may have to drop that side gig. For example, if your side gig is to sell pastries and they pay little compared to the time, capital, and effort you put into baking, it may be time to revaluate the side hustle.
This isn’t to say that you should drop baking. Perhaps you can bake for your friend and family without having to put into the many hours and resources. Therefore, while pursuing your passion, make sure its profits are suitable and income generating.
Better yet, ask yourself does this side hustle have the potential to grow into your main business. If its performance says yes, then you’re on the right track. If the performance is not doing well, it may be time to pick a new side hustle.
It’s easier for you to follow through with a side hustle that seamlessly integrates with your life. To find such side gig that you’ll enjoy and will earn you money, consider these six tips discussed above to attain your life-long goals to be financially secured with the things you love doing.