It is often said that after spending long hours working on someone else dream, it is important for you to also work on your own dream. This statement gave birth to the term SIDE HUSTLE.
To help prepare your mind for the information we are about to dish out, here are the main points.
- What is a Side Hustle
- Why take on a Side Hustle
- How to create Time for your Side Hustle
- Components of a Successful Side Hustle
- 5 Profitable Side Hustle Ideas
What is a Side Hustle
A side hustle is an additional job that a person takes in addition to their primary job in order to supplement their income.
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Side jobs may be done out of necessity, when one’s income from their main job is insufficient to support them, or simply out of a desire to earn more income.
Working a side job can also, informally, be called moonlighting, usually when it is performed after normal working hours. A side job can be a full-time job, a part-time job, or a freelance job, and a person can hold more than one side job. But why do people take on a side hustle?
Why take on a Side Hustle
You need an Additional Income
The most common reason workers take on side jobs is to obtain additional disposable income. In the United Kingdom, for example, 60 percent of students and graduates reported having a side job, and 43 percent required it to pay their rent.
Paying of Debt
Paying off debt is, for many people, among the top reasons you need a side hustle. If you’re paying off debt and don’t feel like you’re making any headway, you may benefit from the extra money you can make with a side hustle.
Building Wealth
If you’re not working to pay off debt, then you may want to find ways to make time for a side hustle simply so you can build wealth faster.
Whether it’s boosting your savings for emergencies or maxing out investment accounts, making extra money can help you reach those financial goals much quicker than if you rely only on your primary career.
It might become your main Business
The internet is full of stories of individuals who started a business on the side because they were passionate about something and then it turned into their full-time job. If making money doing something you love isn’t one of the best reasons why you should start a side hustle, what is? Here is an example.
Chenell Tull, founder of Hustle to Startup, did just that after working for AAA’s e-business department for seven years as a Google Ads and SEO specialist. She had helped her stepfather with his online presence for a marketing company he’d started and shared the experience with her networking group. This helped her secure another client, and soon she was working with three or four clients on the side of her day job.
“I decided I loved this so much that I wanted to leave my day job,” Tull says. “I worked to save up eight months of expenses, which took about one-and-a-half-years.” In June of 2017, Tull quit her job to focus on her business full time.
Starting a side hustle is really interesting to experience, but when you think of the time and energy involved, you might feel discouraged. So what can you do about that?
How to create Time for your Side Hustle
Thinking about your side hustle inspiration is a good place to start. Are you looking for more financial security? Trying to pay off debt? Build wealth? Once you have the answer, it becomes easier to work on your side gig in your free time.
Tull (mentioned above), who believes if you value your side gig it will be easier to find ways to make time for a side hustle, used early morning, nights, weekends and even her commute to work.
If you’re looking for ways to make time for a side hustle, you may actually find that you have more free time than you think.
This article so far has explained what a side hustle is, why you need one and how you can make out time from your busy schedule to focus on your side hustle. Now we are going to look at the components of a successful side hustle, and some side hustles ideas.
Components of a Successful Side Hustle
Be Passionate about it
Passion means you’re excited to wake up early on the weekends and resentful to go to sleep at night. It means you’re willing to forgo watching the big game on a Saturday because you know you have work to do. It means you’re thinking about your side hustle nearly every free moment of the day.
Passion means you don’t need the motivation to get the job done because you’re internally driven to accomplish what you’ve set out to do. You know that perseverance, hard work, and discipline are what it takes.
Think of your side hustle as a hobby that you’re fortunate enough to make money at. Nobody sticks with a hobby that they don’t enjoy doing, and if you’re miserable with your side hustle, then it’s not likely that you’ll pour much passion into it.
Your Focus should not be Money
You know the quote, “Do what you love and the money will follow.” Well, it should really be, “Do what you’re good at and the money will follow.”
Going into a side hustle with a game plan is a good idea, but laying out a dozen different spreadsheets of how you’re going to maximize your ROI before you’ve even pinned down what that side hustle is going to be isn’t the best approach.
It’s also important that you try to limit how much money you spend on this side hustle, at least in the beginning. Some businesses are going to cost more than others, but a good deal of successful side hustles start out on the cheap and expand their budget as the business grows.
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There must be Room for Growth
Any successful and thriving business is always growing. There are going to be peaks and valleys, but growth is an essential element if your side hustle is going to make it in the long run.
A good indicator can be found in the industry and area you serve. The faster that the overall industry is growing, the more potential there is for the rapid growth of your own business.
As an example, with the technology sector booming at a head-spinning rate, many social media strategists, app developers and related startups are seeing rapid growth.
This isn’t to say that only industries seeing rapid growth should be considered for a side hustle. The larger the clientele area you’re able to serve, the more latitude your side hustle has to grow as well.
Ultimately, turning an idea into a thriving side hustle isn’t easy. If that idea has these key elements in place, though, there’s no reason it can’t become a long-lasting success story.
You must be Serving a Need
Just like any successful business, if you plan on making any money with your side hustle, then it will need to address consumer needs and wants. The more common the need, the more income you’ll be able to earn.
For example, just about every homeowner is going to need some work done from time to time. If they lack the skills or don’t want to put in the time to do it themselves, they’re going to need a handyman to take care of it.
Thus, a home-repair side hustle is going to address the needs of a very large customer base.
ROI must be Encouraging
A side hustle creates extra cash, we all know that. The key difference here is a successful side hustle has an overall high return on investment, or ROI.
I’m not talking about the money.
With a blog, you’re investing a lot of time and energy and should expect something in return. Pursuing a passion that leads to no gains, or even worse, leads to losses is like falling into a trap.
Identify and amplify the value you are receiving in return for your efforts
Find mentors, role models, and heroes
Without a role model, we often lose sight of what’s possible with our side hustle. It helps to have a person guiding us through those early days of starting from scratch.
For example, if you are managing your blog, you will need to rely heavily on other successful bloggers and internet entrepreneurs. It is reassuring to receive positive feedback and advice early on.
The hard part is to trust the mentor and implement their suggestions. Once you do what a mentor asks you to do, they’re even more eager to help out next time.
If you keep the above components in mind, they will help you to better manage your side hustle. We are going to move further and consider 5 side hustle ideas.
5 Profitable Side Hustle Ideas
Web developer
Rate: $36/hr
Time commitment & flexibility: Part-time, freelance, remote
Education/requirements: Bachelor’s Degree in appropriate field of study; equivalent work experience; master’s degree for some upper-level positions; HTML, PHP, and Java. C#, C/C++, and ASP.NET skills
Job duties: For coding experts or those just getting into it, becoming a web developer may be the perfect way to stretch your skills while making some serious money.
Web developers are responsible for designing, coding and modifying websites according to client needs and creating visually appealing and functional sites.
The websites they create should feature user-friendly design and clear navigation so visitors can enjoy a seamless browsing experience.
Marketing consultant
Rate: $35/hr
Time commitment & flexibility: Part-time, freelance, remote
Education/requirements: No degree required, often need 3-7 years experience
Job duties: Marketing consultants manage digital marketing, email campaigns, and web layouts to support the sales process for companies and businesses.
They often work independently or on behalf of a consulting agency, meaning they are not actually employed by the companies they consult for.
Marketing consultants also track sales and feedback to determine the success of their marketing strategies. For creative individuals with a background in marketing or sales, this flexible side job may be a perfect match.
Music teacher
Rate: $30/hr
Time commitment & flexibility: Part-time, temporary, set your own hours
Education/requirements: Instrument training, teaching experience, Master’s degree to teach at college level
Job duties: For those more musically-inclined, teaching children or adults how to play your favorite instrument can be a great way to make extra money.
Music teachers are tasked with planning and preparing lessons, instructing students, offering feedback, liaising with academic staff and parents, and arranging recitals for students.
This rewarding side job also allows you to set your own hours, making it the perfect gig for someone looking to supplement their regular income.
Social Media Influencer
Rate: $25/hr
Time commitment & flexibility: Remote, ability to set your own hours
Education/requirements: No formal education required
Job duties: In the age of smart phones and social media, it seems as though everyone is trying to become an influencer. There’s a definitive reason this career has taken off in recent years — it has the propensity to make big bucks.
Social media influencers post photos and text posts to their social media accounts, work with brands on sponsored posts and other promotions, and work to increase their following in order to further their reach.
The best part about this lucrative side job: all you need is a cell phone.
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Amazon Delivery Driver
Rate: $25/hr
Time commitment & flexibility: Part-time, set your own hours
Education/requirements: No formal education required. Must be at least 21 years old, have a US social security number, pass a background check, have access to a qualifying vehicle, have a valid driver’s license, must show proof of auto insurance, and must have a smartphone
Job duties: Want to be a part of one of the richest companies nationwide? Now you can! Amazon’s Flex driving program allows you to help deliver packages while making some serious bank.
Simply pick up packages from various delivery stations, stores, and restaurants and deliver them to customers using directions from the Amazon Flex app — it’s like Uber but for Amazon packages!
