You know I love the side hustle and working for yourself, but let’s be real. It’s not all that easy. Let’s look at the real reality of hustling, self-employed or running a business.
It is a constant hassle in life, needing to magic up money from somewhere. Either your bills increase, or something comes along that you have to find extra money for. Whether you are a stay at home parent who needs to earn a little bit more for your children, or you’re just building your savings for a dream vacation, a side hustle is a great idea. As you know, we are full-time hustlers, so what can you learn from us, and what can you do to develop a side hustle that earns as much as a full-time job would?
Be Prepared For A Financial Slump Before Profit
This is the first step that deters so many people from starting up a side hustle. Yes, we’ve heard the clichés; you’ve got to spend money to make money, etc. But, there is a lot of truth in this sentiment. Because so many side hustles are deemed to be a lot of extra work for a minimal profit, people don’t stick it out long enough to go past that initial financial slump.
Even if you are working a side hustle, like ride-share driving, you will need to plan in expenses and the delay until your first payday comes in. Instant isn’t usually a real thing, but with patience you can really grow a side hustle into a full time business. The keys here are 1) Don’t expect a full time income under 6 months, 2) Don’t quit your job until your income is consistently replaced by your hustle’s income and 3) Don’t work 2 hours a week and expect to reach the promised income.
Learn To Brand Yourself On The Internet
It is important for you to learn how to differentiate yourself in other ways, not just in terms of being competitive with your prices. It’s vital that you develop a sense of individuality, either by setting up your own website, or by promoting parts of what you do to fulfill that emotional need in the customer.
This is just Marketing 101, and it’s these little aspects that need to loom large in your mind. Something as basic as a website is something that is expected as a part of any product. Of course, you can go down the social media marketing route, but if you really want to make yourself stand out, a website is the way to go.
Not only this, but the user-friendliness of the site is imperative to ensuring customers return. If your website is difficult to navigate, it’s a very easy way to turn customers off. In addition to this, security is something that has to be considered, especially when you are running an e-commerce business selling items.
Resources like BlueSnap provide a way for customers to pay for their products by credit card, and it needs to be part and parcel of a secure website. It’s easy for smaller businesses to think they aren’t going to be targeted, but when you are running a side hustle on a shoestring budget, you can’t risk anything. After all, a virus, or a cyber-attack could end up costing you financially as well as personally. And if you’re small website with a small amount of customers that ends up losing your customers’ card details, they aren’t going to be very forgiving! Your reputation needs to precede you.
Stay Passionate About Your Hustle
It is SOO important for you to have passion for your side hustle. Let me repeat that … You must be passionate about what you pour your life into. When you are coming up with ideas, it’s not always about the immediate financial outcome, but rather, you need to be asking yourself if you can do something extra to your working week that doesn’t feel like work. If you have a unique skill or something you actually enjoy doing, you can capitalize on this.
I can’t emphasize enough the need for passion and an attitude of enjoying your side hustle as the reason for your success. I wrote on a free blog site for 3 years until I could start making money on it, and I did it whether I was tired or not. My husband has done ride-share driving as his full time job for a while, he tries other things and always comes back to the driving. But when we take our eyes of of the fun and love for what we do, we lose the ability to push ourselves forward and actually tend to make less money when we get stressed about side hustling.
If you have a passion for music, can you sell something or give lessons in relation to this? If you are going down the e-commerce route, you could sell drumsticks. Another option for this niche is setting up an online tutorial business.
By looking at your unique skills and passions, you will discover the best way forward. Again – When you are building up a side hustle, you don’t want to think that you are working constantly, especially if you are doing a 9-to-5 as well. They say that if you find something you have a passion for, you will never work a day in your life. While most of us can’t do this full-time, if you are trying to find ways to earn extra money, you need to ensure that a side hustle doesn’t become your undoing.
One of the best ways to view hustles is as a side project or hobby that can make you money.
You should be investing time and energy into your hustle, but also, it should feel like something that’s not a major effort.
This is very difficult to achieve, especially at the beginning, but the importance of doing something on top of your already busy life means that it has to be lucrative, but it has to be something you enjoy. This is why it’s important for you, not just to have a sense of business acumen, but to go down the avenue of something you have a passion for. This is why so many people make a living via sites like Etsy, or they handcraft certain items to sell, because they have a passion for it. The same is true for blogging, music, art and anything else that can make a unique business for yourself.
These are some of the fundamentals when it comes to running a side hustle which makes you happy, but will also earn you a decent amount.
Check out these great blogs for more tips and ideas for getting your life/work/money balance under control…
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