Money is SymbolicFull Article
2 posts match your search for Side Gigs
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.
We’ve all probably heard someone talk on social media about their “hustle” or “side gig.”
It’s in style; and it makes sense—and cents? Gigs are now just a click or tap away on most of our devices, and a little extra money never hurts! Here are a few things to consider when starting up a side hustle.
What are your side hustle goals? We typically think of a side hustle as being an easy way to score a little extra cash. But they can sometimes be gateways into bigger things. Do you have skills that you’d like to develop into a full time career? A passion that you can turn into a business? Or do you just need some serious additional income to pay down debt? These considerations can help you determine how much time and money you invest into your gig and what gigs to pursue.
What are your marketable skills? Some gigs don’t require many skills beyond a serviceable car and a driver’s license. But others can be great outlets for your hobbies and skills. Love writing? Start freelancing on your weekends. Got massive gains from hours at the gym and love the outdoors? Start doing moving jobs in your spare time. You might be surprised by the demand for your passions!
Keep it reasonable. Burnout is no joke. Some people thrive on 80 hour work weeks between jobs and side hustles, but don’t feel pressured to bite off more than you can chew. Consider how much you’re willing to commit to your gigs and don’t exceed that limit.
One great thing about side hustles is their flexibility. You choose your level of commitment, you find the work, and your success can depend on how much you put in. Consider your goals and inventory your skills to get there—and start hustling!