Working outside of a regular 9 to 5 job to make extra money is called a side-hustle, and many Americans add to their monthly income in this manner. A side hustle can become more than just a way to make extra money. It can become a great way to explore a current passion and rethink it into a full-time career move.
Keep these tips in mind when deciding whether or not to make your side-hustle into your new career.
Research, Research, Research
First, determine how much time will be dedicated to turn a lucrative skill or passion into a career. For example, if a person with a 9 to 5 job wants to open a clothing store, it would not be feasible to open a brick and mortar store where there would be no time to oversee the daily requirements. However, a weekend pop-up shop would be more feasible.
Passion Versus Skills
There is a difference between passion and skills. The want may be to open a sports store, but if there is knowledge in only one type of sport, it will be hard to sell only one type of item.
Instead, focus on the ideas that can make money quickly and become a viable business. Find a market that is in need of a particular product or service. Decide whether or not you possess the skills needed to charge a fair price for those services or products.
Finding the Niche Market
Once there is a decided avenue to take with a particular skill or product, find the niche. Rather, find the specific audience that is looking for your specific type of product or skill. For example, selling jewelry is a popular side-hustle, but decide what type of audience you will cater to, such as young millennials or wedding and event jewelry. Both have different audiences. This is a good place to start, not stay, when trying to grow a business.
Determine the Costs
Think about the items you already have (computer, tools, etc.) and the items you will need to purchase. Are there any licenses that need to be applied for before your service can begin? What about paying customers? Look into a mobile point of sale system. Write down the anticipated costs and plan how to stretch that budget so that the business doesn’t lose money.
Know the Audience
Knowing where an audience lives doesn’t mean geographically. It means to focus on how to get to them to market the product or service. Are they on particular social platforms that can be utilized when marketing? Don’t waste time marketing to a group who has no ears.
Turn That Passion into Your New Side Hustle
Finally, take all of your information and start that side hustle! Start small and begin quickly in order to get that revenue flowing. Who knows? It may not be long before you discover that the side hustle can make enough money for you to make it your new career.