How To Start A Profitable Side Hustle (Without Giving Up Your Day Job)
So much advice about achieving your dreams seems to preclude the notion of having to pay bills or indeed, having any common sense. However, rustling up a little side hustle is a great way to make a little extra cash and make your dreams come true at the same time.
Need some help to get started? Well, you’re in luck. Bestselling author Chris Guillebeau recently released his latest title, Side Hustle: From Idea to Income in 27 Days. It 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 here are 5 key tips to get you started on the road to building your very own side hustle.
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.
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!
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.
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.
5. Sell through understanding your target market
- 12 min reading time duration 12 min
- 60.6k reads
- audio version available
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 now, and then get started on building your dream!
While you're here...
... let us tell you a little about who we are.
Blinkist Magazine is made by the same people who make — yep, you guessed it! — Blinkist. We spend our days transforming crucial insights from the best nonfiction books into powerful little packs of wisdom that you can read or listen to in a matter of minutes.
If you’re curious about the app, why not try it for free for 7 days? If it’s not for you, just cancel your subscription during the trial period and you won’t be charged. Happy learning!