According to recent statistics, people make an average of $8,948 per year on their side hustle. While this average is lower for women, it amounts to $507-$746 per month! So, is spending time and effort building a side hustle worth it? Well, if you are looking to bulk out your finances it probably is.
However, while there is no lack of success stories, many struggles to find the right side hustle solution for their needs and expectations. And, without a clear plan ahead, it is easy to make the wrong investments and lose money. Here is what you need to know to get started.
Consider Your Skills and Find a Suitable Niche
Getting started on a side hustle is essential to achieve financial freedom – but choosing the right side hustle can make or break your success.
If you choose the wrong side hustle, you might find yourself wasting valuable time and resources. Luckily, thanks to today’s technology, your choice is greater than ever. Just make sure to consider your skills before getting started.
For example, if you have always loved crafts and arts, or you are a DIY expert able to make unique handmade creations, selling your products on Etsy, eBay, or Shopify is a great way to make your passion more profitable. At the same time, if you wish to provide a service rather than sell a product, you might consider using a skill such as video making, copywriting, or logo creation on platforms like UpWork or Fiverr. Whatever your talent is there are plenty of ways to put it to good use.
Don’t Skimp on Tech Assets
One of the greatest benefits of side hustles is that you won’t need to invest in specialized and expensive equipment to get started. However, there are some software and hardware that you truly shouldn’t skimp on when building your business.
Among these are plugins like www.nestify.io – which allows you to optimize your eCommerce platform -, video and photo editors, and technical gadgets such as drawing pads to create digital arts.
It goes without saying that you will only be as competitive and productive as your slowest device – so, make sure to upgrade your laptop and phone before getting started.
Market Yourself and Set Goals
Creating a website or eCommerce platform is undoubtedly the first step to take to get started with an online side hustle. However, if you are looking to grow and transform your hobby into profitable activity, you will need to market yourself.
To do so, make sure to network with other professionals in the industry, and consider partnering with a marketing or SEO expert. Social media platforms – as well as building a solid portfolio of your work – can be essential tools to help you grow your business.
Continue Honing Your Skills and Knowledge
For your side hustle to be profitable, you will need to fend off the competition. And, while you might already have a skill or ability, there will always be a competitor who will try to be more successful than you are.
Taking marketing courses, learning more about technical skills, and investing in certifications can help you grow your knowledge base, maintain your competitive edge, and pinpoint growth opportunities when they come around!
