How to Choose a Side Gig
The goal of this article is to empower you to take bold action.
You want to increase your income and be your own boss. Who doesn’t? You just need the practical know-how to overcome your fear and start the journey.
So turn off the YouTube videos and fire up Google Docs. Here’s how to choose the right side gig for you.
Step 1: List your hobbies. Passions make excellent side gigs. Why? Because they leverage skills you already have, and likely command your attention and interest. Those are critical ingredients for success.
It doesn’t matter how niche or strange your hobby might be. Write it down. In fact, the more oddball your interest, the more potential you may have more monetizing it.
Step 2: Evaluate the market. Simply put, can your skills solve a widespread problem? If so, then you have a potential client base at your fingertips.
Those problems may not seem obvious at first. But you will certainly be surprised by what people will pay for.
Not knowing how to play an instrument is a huge problem for music lovers.
Lacking time to decorate and organize is a huge problem for type A personalities.
Social Media illiteracy is a huge problem for older people starting small businesses.
All of those problems are opportunities to boost your income, if you have the skills to solve them. It just takes some time and creativity to identify problems.
Step 3: Size up the competition. But here’s the catch—there might be hundreds, or even thousands, of others seeking to solve the same problems as you. In fact, your competitors might have a stranglehold on your target market.
However, if your skills or niche are highly specific you could have a rare opportunity on your hands. You could eventually scale your side gig income to replace your day job!
This leads to a critical principle for deciding which side gig is right for you…
Opportunity lies at the intersection of high demand and low supply.
The more people demand a service, and the fewer competitors already providing it, the greater your likelihood of success.
There’s just one factor left to consider…
Step 4: Weigh costs against rewards. Starting a business requires a combination of time, effort, and money. No exceptions. The question is whether—and when—the rewards will outweigh the costs.
Starting a car manufacturing business? Good luck—you’ll require a huge amount of capital, and won’t see profits for years.
Refurbing curb-side furniture with tools and skills your grandpa left you? Hats off—your start up costs are almost zero, beyond some time and energy.
In summary, you want a side gig that…
• Aligns with your skills and passions
• Solves a major problem for many people
• Lacks competitors
• Offers high rewards with small costs
Which side gig fits that bill for you? Whatever it is, let’s chat about it. We can discuss what it would look like for you to start pursuing it today.