Starting a side hustle can be a great way to earn a bit of extra money while working full-time or perhaps for those currently in education. The costs of living are constantly rising, including the recent jumps in electricity prices globally, and so whatever the situation, everyone can do with a bit of additional help financially. There is a wide range of side hustle ideas out there, however, picking one and getting started can always be tricky. If you are looking to create yourself a more comfortable life financially but are not sure how to start your side hustle, here are some great tips.
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Consider different areas of work
First and foremost, you need to sit down and brainstorm the different areas of work you could pick as your side hustle. Everyone can find a suitable side hustle for them, it may just not be very obvious. This could be to do with creating a physical product of some sort. You may think in terms of the different skills or experience you have in specific areas – perhaps you are good at DIY, handcrafting, painting or baking? You could also consider different types of services you are able to provide, such as voice acting, baby or pet sitting, taxi driving, cleaning, etc.
You must consider how comfortable you are doing one area of work or another. For example, some people are happy to earn extra money by escorting. While it may not be a job for everyone, it is a perfectly safe and sound side hustle option, especially using platforms like Skokka that allow escorts Adelaide to find different types of work safely. Similarly, babysitting is a very common side hustle job, especially among young people in full-time education. However, not everyone may feel comfortable with the responsibilities of looking after a child in a stranger’s home, nor does everyone have the required skills and patience for this job.
Therefore, try to be fairly picky with your side hustle ideas and, hopefully, it will not only bring you some extra income but will also be an enjoyable activity in addition to your day job. Don’t worry if you can’t come up with an idea immediately either – take your time and trust the process!
Do your research
Once you have chosen your side hustle idea, you want to start doing lots of research about this type of work. Try to really go in-depth with it, get involved with some online forums if you have specific questions, read up on other people’s experiences and recommendations and, essentially, learn everything there is to know about your side hustle idea.
This also includes such things as market price comparison, so you know what other people in similar situations to yours are charging for a similar product or service. If you are planning to make products that require an investment, try to research the most affordable and best ways to source your raw materials, as opposed to buying them at the nearest store. All of this research will allow you to not better understand the market and the customer expectation for your offer, but also prevent you from potentially making some costly mistakes right from the get-go.
Create a plan
While this may only be a small side hustle idea, it is important that you create a plan to manage your expectations for the future. For example, write down some goals for yourself, in terms of finances and self-development. This could be such things as earning a specific amount of money per month from your side hustle, increasing your prices in 3 months time, getting better at a certain skill and so on.
Having a plan in place will not only give you a timeline to follow for your side hustle, but also give you some realistic and reasonable expectations on what you may be able to achieve. Again, creating a plan will be much easier after you have done your research and understand your market better.
Starting a new side hustle can be a very fun and rewarding experience, however, it can also begin to take over your life a little too much. Always keep in mind that the side hustle is called that for a reason – it should not become your first priority or interfere with your day job, education, family or other hobbies. It may be helpful to decide how many days or hours per week you will invest in this side hustle and try to maintain that amount as much as you can.
Likewise, putting too much of your own money as an investment into your side hustle may not be a wise idea. You can never be sure that it will work straight away, or at all, and when it will start to bring you some extra money. Therefore, don’t put your own financial safety or health at risk by putting too much money or your energy into it at the very start.
This is not to say that your side hustle cannot turn into a successful business and you can, and should, be ambitious about it. Just try to be as realistic and smart about it as possible!