Everyone can use extra cash and with the rise of the entrepreneur, it’s becoming easier to be inspired and find ways to turn your skills into additional income every month. When looking for a way to make money in addition to your “day job” there are a few things to think about before getting started.
Time, resources, and profitability are the three main things to help you decide what type of “side hustle” works best for your lifestyle. If you are saving for a house, wanting to pay off your debt, or planning a dream vacation, here are five tips to help you get your side hustle on and see your goals come to fruition:
- Lock in an idea. Don’t just jump on the bandwagon of what everyone else is doing. What works for others may not work for you. Make a list of all the things you like to do and add to it all the things you have skill or knowledge in and see if you can find areas where the two meet. A side hustle means that you will be spending most of your waking hours working, so it’s a good idea to make it something that you enjoy.
- Invest time not money. Since the idea is to make more money, don’t buy into a project that will you end up costing you a lot of money. Find inexpensive ways to market yourself, whether that’s using social media, word of mouth, or inexpensive branding materials. Banners for your car, flyers, or yard signs are a less costly way to promote your business if you are a real estate agent, caterer, or are pursuing another type of entrepreneurial endeavor.
- Don’t get burned out. Take a look at your current work schedule and find time for your side hustle that won’t interfere with your work/life balance. A few hours every few days or a weekend day dedicated specifically to moonlighting position can bring in a nice profit every month without compromising your mental and physical health and well-being.
- If you are going the freelance route, networking can be one of your best tools. Connect with others and become an active member in your field of work. Social networks such as LinkedIn and Meetup are both great ways to find people who can help boost your client list or provide other resources to help you with your side work.
- Mark your progress. When starting a side hustle, suddenly schedules can turn to work only without taking a minute to appreciate your accomplishments. Schedule a weekly and monthly check-in to see how far along you are and adjust your goals as necessary. Plan smaller rewards for yourself for each milestone on the way to each goal.
Planning a side hustle takes dedication, motivation, and endurance. Don’t let yourself get discouraged with setbacks (because those will inevitably happen), but stay focused on what you’re wanting to achieve.
Whatever the reason you decide to pursue a side hustle, the extra income will be a big motivator, but you may even find that you want your side hustle to turn into your full-time gig and this is the perfect way to test it out.