I’m sure you’ve noticed that side hustles are becoming more and more popular. Many people are looking to side hustles to achieve that financial freedom. It makes sense after everything increases in price, and we’ve seen how a traditional job may not provide the security it once did.
We’re going to talk about how to start a side hustle and some things you should think about so that you can find the right side hustle for you. You want to love what you do, and you want to find a side hustle that will also help people in some way.
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What Is A Side Hustle?
First, let’s take a moment to define what side hustle means.
In the most basic terms, a side hustle is a money-making opportunity beyond your typical “day” job. If you’re frugal enough to be here, though, you may already have perceived there is a distinction between a side hustle and something like a side job or a part-time job that you’d need a killer resume to get.
Money-making opportunities beyond a person’s day job were historically called “side” jobs or “part-time” jobs. In many cases, these jobs are not highly skilled, and the wages aren’t excellent.
It makes sense that part-time jobs might be those sorts of opportunities for many people. For one, it can be hard to develop multiple skill sets fully. It can also be difficult to find employers who only want a few hours of your labor each week and who want to compensate you well.
Why Side Hustles Are Unique
Side hustles are unique because they seem to be more about maximizing your income relative to the additional work you do. By developing and marketing niche skill sets in high demand, you can generate significant compensation for your efforts with a minimal commitment of time.
I have a side hustle where I am fortunate to make what comes out to about twice the hourly rate I make for my day job. Part of the pay differential is the nature of the work.
My side hustle is task-oriented work rather than an hourly wage. The more efficiently I can complete the task, my ultimate hourly rate is better.
I dedicated quite a bit of time and effort upfront to make the work as efficient as possible. The initial work has helped to maximize the return for my time.
Why You Should Consider a Side Hustle
A good side hustle can provide you with a unique opportunity to maximize the economic return for your time. It can be a great alternative to the hourly toil of the types of part-time jobs that would only slightly increase your income but might severely drain your time and energy.
There are several different ways to find your niche side hustle. Here are what I consider to be three of the best ones:
Use A Current Skill Set
You might be surprised by the level of demand for a skill set you already have, though you may have to be creative in studying what other similarly positioned people have done to become successful.
Spending some time networking with people with similar skills to your own can help you better understand what opportunities are out there.
Establishing and building relationships with people who need your unique talents is often even more effective.
Develop A New Skill Set
Even if you don’t perceive you have a unique ability to meet someone else’s needs, there’s probably something you could learn pretty quickly.
For example, my wife and I have been looking into new flooring recently, and people around here generally charge 2 dollars and $3 a square foot to install it. Installing flooring professionally takes skill, but it is the type of thing you might be able to learn pretty quickly with the right mentoring.
Convert A Hobby Into A Side Hustle
It’s also possible to turn a hobby into an opportunity to make additional income.
Do you like drones? There is a massive demand for the type of work commercially licensed drone pilots can do. In a day on a website like LinkedIn, you might find multiple clients whose businesses you can add value to by capturing high-resolution footage of things like land for sale.
In All, Practice Due Diligence
If you plan to turn a hobby into a revenue stream, be thrifty enough to do your due diligence in researching and ensuring you meet any applicable government and industry rules and regulations.
You want to conduct any business, even a side hustle, with the sort of integrity and detail that generates repeat customers and positive referrals. And, anyway, the costs of non-compliance can be high, both financially and otherwise.
A Few Final Things To Consider
I would encourage you to dedicate some time to consider how you might get the maximum return for your time beyond the work you’re already doing and to wisely discern which of those types of opportunities seem to be most worth pursuing.
I would also encourage you not to lose sight of the reasons you’re considering a side hustle in the first place. Side hustles might help you achieve your financial goals more rapidly. But don’t let pursuing them become a time thief. Once your needs have been met and you have enough, be vigilant in remembering how much more valuable and scarce time can be than money.
Here Are Some Questions To Ponder And Discuss Below:
Do you have a side hustle?
What are some of the best opportunities you’ve come across?
Is there a new skill you’d like to learn? How could you go about developing, mastering, and marketing it?