How To Start A Profitable Side Hustle (Without Giving Up Your Day Job)
So much advice about achieving your dreams seems to forget the notion of having to pay rent or bills or indeed, having any common sense. However, rustling up a side hustle is a great way to earn a little extra cash and make your dreams come true at the same time. If you’re tossing around a few side hustle ideas but aren’t quite sure where to start, bestselling author Chris Guillebeau has a few pointers for you.
His book, Side Hustle: From Idea to Income in 27 Days, offers plenty of tangible advice on how to assess the quality of your ideas, how to make practical steps towards making the best of them into a reality, and how to rake in some all-important dough in the process. Interested? Well, you’ll have to read the full book to get all the goods, but in the video above, Page and Turner walk you through a crucial concept that’ll help you get your side project off the ground and rocketing towards the stratosphere in no time. If you have a little longer than a minute to spare after the video, then read on for some more key points from Side Hustle, and get a better overview of the key ideas on Blinkist.
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But right now, let’s have a look at how you can get started on the road to building your very own side hustle.
Side Hustle Tip 1: Make an effort assessment
A good side hustle is one that you can put a little effort into while reaping maximum return. If your side project begins to take up all your free time and means that you work constantly, it’s probably not the best place to start. Choose something that you can put a little effort into at the start and will mostly require maintenance over time. “Like what,” I hear you cry? Read the book-in-blinks for a sweet explanatory anecdote about fish tanks. Seriously.
It’s also important to consider something that you’d genuinely enjoy engaging with and working towards on a daily basis. The best side hustle ideas are those that will not only bring you another income stream, but a little joy, as well.
Side Hustle Tip 2: Do some math
For a side hustle to work, it needs to check three boxes. Does your idea motivate you? Will it earn you money? And, finally, can it be accomplished in a relatively short period of time? If your idea fulfills all three criteria, then it’s time for some arithmetic. Making realistic estimates, do a little calculation with the following equation: anticipated income minus anticipated expenses. Do the numbers project a potential profit? Then go for it!
If you’re not sure whether or not it will be profitable, start asking your potential customers what they think of your idea. Try explaining your idea in two sentences and see how they react? Are they confused or unmoved? Then maybe it’s a good idea to think of something else.
Side Hustle Tip 3: Define a price, a pitch, and a promise
For your side hustle to work, you need to be able to convince potential customers that they need your service. What can you promise customers, and why is your offer better than any of your competitors? Your pitch should be a single sentence that clearly gives potential customers all the info they require, while convincing them that they need what you’re offering. Then, just set a price and make it easy for people to give you their money.
Side Hustle Tip 4: Set up the basics
Depending on your chosen side hustle, you’re going to need different things. However, in today’s world, there are some essentials that are must-haves before you can get anything off the ground. Look into creating a website, social media profiles, scheduling tools, and a payment system. Once you have these, you’re ready for people to come find you. For everything else you need, make a shopping list and prioritize the most important things first.
Side Hustle Tip 5: Sell through understanding your target market
Selling is easy, if your customer understands why they need your product or service. For this to be the case, you need to understand them. What is it that you’re offering and why is it valuable? What problem does it solve? How does it benefit your customers’ lives? Emphasize its merits and lead with the benefits when talking to prospective customers. If they feel that you understand their needs, you’re far more likely to start making those sales!
Now, you’ve got a taste of what it takes to set up a side hustle, why stop there? Read the full book-in-blinks to Side Hustle now, and then get started on building your dream! For more videos like the one above, don’t forget to subscribe to our YouTube channel!