You’ve heard tons of bloggers rave about getting a side hustle, mostly because it’s a great way to make extra money and pay down debt.
Of course, not everyone has the same talents and aspirations, so how do you find the perfect side hustle for you?
Here are a few questions to ask:
1. How Fast Do I Need Extra Money?
This is important because it will determine the type of side hustle you pursue. If you don’t need money right away, I would recommend slowly starting a small business (like a blog or coaching or resume writing service) because these can be quite lucrative in the long run.
The downside is that it takes some time to build a client base and so you might not make money right away. If you need money quickly, you should start selling your belongings on craigslist, have a garage sale, or offer to help your neighbor babysit their kids or mow their lawn. So, assess your financial situation and think about the urgency of your extra funds.
2. How Much Extra Time Do I Have?
Ah, time. It’s the one thing we all need more than ever. If you have a busy life, it might be hard to imagine adding in another job or another responsibility. In my experience, however, it’s quite amazing what we can all accomplish if we set our minds to it. I know many people who have side hustles who wake up really early in the morning or stay up really late at night. I personally work until just about midnight or a little past every night on my blog and writing biz. Other people enjoy waking up at 5 or 6 to do a paper route or some other side hustle. Think about the time that you have and where you want to add in another responsibility.
3. What Are My Skills?
My advice is to pick a side hustle that you’re already familiar with. For example, I would never, ever take up glass blowing or even jewelry making. I love the artistic process and appreciate the result of those jobs, but I know that my talents are elsewhere. I wouldn’t want to try to learn a skill just because I think it will be lucrative. I think it’s much easier to start with something you already know. That way, you’ve already conquered half the battle.
4. How Will I Market My Side Gig?
We can sit around and talk about side hustles all day long, but when it comes to actually getting started, you have to know how you will market yourself. Most side gigs are going to need clients, so you’ll need to sit down and think of a business plan for meeting new clients and getting referrals. This could include social media profiles, a new website, or new business cards. There are lots of ways to promote your business. It’s just important to think of them ahead of time before launching it!
I’m sure there are many more things to think about when starting a side hustle. What have I missed? What type of side hustle do you have or want to have?
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I am working on growing a blog. I hope that one day it will start to generate some income. I think that time ( like you said) is a huge factor! It takes a lot more time than I imagined to write, edit and also read other blogs.
BudgetforMore You’re telling me! ;) Blogging is an ultra time consuming gig. Most people don’t realize what goes on behind the scenes.
I’m happy that I do have a side hustle and thanks to Pauline for recommending me. Picking a side hustle that you’re familiar with is a good tip too.
Clarisse @ Make Money Your Way Woo hoo! Got to love that side hustle!
Start with something you are good at! Don’t blog because you can write – everyone can!! Don’t try photography because you have a smartphone… I think passion is the key. For me side hustle should be profitable and fun and I should truly enjoy while I’m at it.
moneycone Haha well as someone who taught college English for two years, I can attest to the fact that not everyone can write ;) But I see what you mean. Have passion but don’t do something just because you think it will make you $. :)
These are all good tips Cat and really think #3 is a huge one. Just because you can do something doesn’t necessarily mean that you can be successful at it. Like Moneycone added, I’d try to find something you’re passionate about or are excited about and go from there.
FrugalRules For sure! If you’re going to work super late every night, you have to love it.
I think you have to consider not only what you’re good at (which is a good tip), but what you’re good at that people will pay for. You really have to start with the consumer and understand them really well before starting, because in the end that’s who you have to please. If you start with yourself, then who are you really making your business for?
Matt @ Mom and Dad MoneyWhile I agree with you, Matt, I also disagree that it should be totally consumer-driven. If it’s a true side hustle that you are doing on top of a full-time job, you better enjoy it or you won’t last. Consumers need toilets cleaned, but I doubt many people would want to do that as their side hustle in their “free” time outside of their 9-5. I think it has to be a balance between doing what you enjoy and focusing on consumer demand. Thankfully there seems to be a wide variety of side hustles for just about any interest someone may have.
DC @ Young Adult Money Matt @ Mom and Dad Money Interesting point from both of you. I remember some guy trying to sell these random gold sculptures he made on that TV show Pawn Stars, and they were like, ummmm we can’t sell these, so the product or service has to be applicable in today’s market but yes you do have to love it.
My goal has always been to have multiple income streams. I have thought this since my first job at the ripe age of 14. The more avenues you have money coming from, the likelier you will prevent any major financial fallouts.
My biggest suggestion is to get side gigs before you need them as they can be impossible to get when you do need them.
The Warrior
NetWorthWarrior.com
NetWorthWarrior I couldn’t agree more!
Love your thoughts here, Cat. Like Mr. Warrior, we are working on multiple income streams, based on our time and skills.
Laurie TheFrugalFarmer I’m all about the multiple income streams for sure!
Picking a hustle based off your current skill set is an excellent idea! It gives you a comfortable place to start and you’re more likely to be successful, faster, if you have some kind of background or experience in a certain area.
CSMillennial I totally agree. :)
If I needed money right away I’d also try taskrabbit.com, and just flat out asking friends if they need any kind of help. That’s kind of how I landed my personal assistant work. I told my friend his apartment was just a huge mess and I’d be willing to clean it.
Beachbudget That’s a good one!!
Come on, you know you want to be a glass blower! I agree you don’t have to reinvent the wheel to earn extra money. Writing for health websites about eyes is super easy for me, but if I tried to write about raising weaner pigs (yes, there are blogs for that) it would take forever in research and not be worth the amount per hour.
Eyesonthedollar I do, I really really do haha! Maybe in another life ;) I took a glass bead class one time. It was really fun. And LOL about the pigs!!!
Great tips, Cat. I think people often get excited about side hustles for the money potential (whether the need is dire or just because) but often forget about #4. When you start anything – you have to go out and find some initial clients. You do a good job and they may refer you but you have to prepared to market yourself and ask for business, which not everyone is comfortable doing.
ShannonRyan Exactly getting that first client is the hardest for sure!
“I think it’s much easier to start with something you already know. That way, you’ve already conquered half the battle.”
Great advice Cat! All of my side hustles have involved something related to tech or computers as I already have the knowledge base and equipment needed to make some extra cash.
RatherBeShopping That’s the way to do it for sure!
Cat, I am looking to launch my first side hustle in the coming weeks/months, so I appreciate hearing about the big moving pieces from someone who’s been at it for a while. I’m most concerned about the marketing piece, since my readers are likely the one group who really don’t need my services. Still, I figure I can fake it till I make it, you know?
DonebyForty Fake it till you make it is one of my husband’s favorite phrases, haha. I would say for you to advertise on facebook and twitter and maybe get some other bloggers to promote for you, depending on what it is. :)
I am always amazed when it comes to the amount of time we have versus the tasks we want to accomplish. I’ve felt completely swamped having just school but also felt the same way having school, work, sports, and a side job. It seems like the more we want to cram in our day, the more we will work to use all our time efficiently. If not, then the items in question clearly aren’t a huge priority for us.
MicrosMissions True. I’ve often heard that if you want something done, give it to a busy person. :)
Well my side hustle turned into full time freelancing! I’ve considered taking on a side hustle outside of that, but I’m not sure what I would want to do. I love blog stuff and freelancing, I think I’ll probably just continue to grow that :)
Erin My Alternate Life Awesome!!! I am joining you in about 2 weeks! :)
I’ve been blogging for the past 7 months, but I’m not seeing much fruit yet. I gearing toward private-labeling an item next year.
ubersteward If it makes you feel better, I didn’t make a dime off of my blog until I hit the 2 year mark for a variety of reasons, although people (like DC) made an income from their sites much faster than that!
I’ve been trying for 2 years to get more side hustles but it’s hard when you move to an area where you don’t know anyone. I’m looking for babysitting, pet sitting, house cleaning and VA side hustles with no luck so far. I have made about $20 sewing patches on Navy uniforms, definitely not lucrative. I’m working on finding friends to help with networking and eventually I want to start hustling some art skills. I can face paint and hope to sell some art and do more graphic design.
You nailed it right on the head especially with the first question because that is the most important one. Are you trying to make money fast or start a business because in most cases they are two separate things.
It’s all about what you make of your situaiton: http://froogalstoodent.blogspot.com/2014/05/the-millionaire-mindset.html