Side hustles are becoming increasingly popular nowadays. If you want to make some extra money, but can’t get a pay rise or a new job at the moment, then side hustling may be an excellent alternative. But how do you start? And how do you make sure you’re choosing the right side hustle?
Side hustle opportunities
Your side hustle has the potential to open doors for you that you didn’t know existed. You might be surprised at how many opportunities your side business can provide. Furthermore, the additional cash you make might help you pay down debt, catch up on bills and even save for the future.
If you’re interested in joining the side hustle movement and earning more money in your own way, you may be wondering what sort of work you can do.
Generate a list of your skills and interests
The ideal approach to figure out what side hustle is ideal for you is to make a list of all of your talents and hobbies.
It may be difficult to start a side business, particularly if you have other responsibilities in your life, such as a full-time or part-time job. That’s why it’s critical to find a side hustle that you enjoy and can do well in, because it won’t seem like such a huge additional burden. Take some time to really consider and think about everything you have access to when making this list.
Do you enjoy writing? Do you have a passion for social media? What type of project do you like doing yourself? Is interacting with other individuals something you enjoy? Are you interested in marketing? Can you play any instruments, or do you shine in academic areas that interest you the most?
Even if you enjoy organising or interacting with animals, make a note of it because it will assist you in coming up with side hustle ideas.
Work with your natural personality
Not every side hustle is a good fit for your personality.
I’ve discovered over the years that I like side hustles like writing or editing where I can operate independently.
However, you may find the prospect of sitting alone in front of your computer unappealing.
According to Harvard Business Review (HBR), side hustle goals should be in line with the activity’s primary purpose. Someone wanting to socialise while working a side hustle may be ill-equipped to do online surveys, but be better qualified for bartending a few nights per week.
The secret to deciding on the best side hustle for you is to first consider what kind of atmosphere appeals to you most. Then, work on cultivating an ambience that fits your expectations.
Be honest about your availability
Once you’ve created a list of skills and interests, you may already have several creative ideas for a lucrative side business.
Before you move on, consider how much time and effort you could devote to a side business.
Make an honest assessment of your present routine and how it may change. How many days do you typically take off from your principal employment? Would you have any free time during the day, evenings, or weekends to focus on your side business?
You don’t want to work all day, every day, but it’s important to figure out how many hours each week you can set aside as a side hustle.
This is an important distinction. Some jobs pay for a certain amount of time each week, and you do not get paid extra if you work longer than that. This may be five hours, ten hours, or 20 hours per week. It all depends on your schedule and availability.
Also, don’t overlook your energy levels. Learn when you have the most energy throughout the day to focus on making more money. For others, this is in the morning, while for others, it is at night.
If you know you won’t have the time or energy to work on your side hustle later, you might want to pick something flexible that you can do first thing in the morning.
Explore income potential
When you’re choosing the right side hustle, you need to look at the amount of money you want or need to generate. Side hustles are frequently motivated by our financial goals, so it’s essential to figure out what your financial demands are before getting started.
Consider why you want to start a side hustle in the first place. Obviously, you desire to make more money, but why?
Perhaps you’d want to quit your job. Maybe you want to pay off your debt before travelling abroad. Or, maybe you’re looking for an alternate source of income.
Choose an income objective that corresponds to your circumstances after you’ve established a specific goal. Not all side hustles are created equal. Some may be entertaining and low-effort, while others might have little earnings potential, so keep that in mind.
If you just want to make more money so you can go out to more cafés and happy hours with your friends, taking surveys online or mystery shopping may be the answer.
If you want to earn £250 per month so you can pay one of your bills or supplement your housing payment, working part-time at a store may be a good idea.
On the other hand, if you want to earn more than £500 per month, there are several side hustles on the list below that may be worth your time.
- Virtual Assistant
- Pinterest Virtual Assistant
- Graphic Design/ Programming
- Private Tutoring
Decide when you’d like to start to earn extra money
When most people hear about side hustling or think about launching a side business, they have pound signs in their eyes.
While making money may be enticing, keep in mind that you may not make any money at first.
The great part about freelancing is that you can set your own prices and work hours. However, getting a new client might take a few weeks, even if you don’t have much expertise. When you’re starting out, you may have to provide trial services for less than your agreed-upon fee to gain experience.
During the first few months, you may not make any money with blogging. After taking my blog seriously for four months, I made £60 in profits for the month. Those four months were the most difficult for me, because I was just beginning to blog and had a lot to figure out. However, as I continued to work hard on my blog and improved it, my revenue increased.
Some side hustles may be suitable for a quick, short-term money boost, while others might need you to put in some time and cash but will eventually become a reliable source of income. It is up to you to determine what you want right now.
Invest in your education
Once you’ve decided where you want to work, invest in education. Find blogs on the subjects, read books, and take courses if necessary.
Look at it as a long-term investment. I’ve invested in these items, which have already paid back handsome dividends. Sometimes, you have to invest and learn in order to develop.
Choosing the right side hustle takes some real thought. We hope this article has helped you to come up with a plan.