We talk a lot about side hustles on the blog, but for those who aren’t familiar with them, side hustles are jobs or businesses that you run on top of your regular 9-5 job.
The issue that a lot of people run into with side hustles is an obvious one: limited time.
Because the time you can contribute to your side hustle is so limited, it forces you to look for ways to make it more efficient and profitable without spending more time on it.
Today I’ll share three ways you can make your side hustle more profitable and efficient.
1) Utilize Existing Technology
One reason running a business or working a side hustle is realistic today is because of how much technology has advanced. Every day there are companies creating tools that make it easier – and cheaper – to run a business or to work a second part-time job.
We highlighted some of these technologies in 5 tools to help you manage a small business from anywhere in the world. This list only scratched the surface of what is available, though, and should only be seen as a starting point.
One thing that I think is underutilized by both small and large businesses is video conferencing. Gone are the days where you have to spend thousands of dollars on business travel just to meet with a client or vendor. Today there are services that provide video conferencing services that are flexible and work with every device and brand (Surface tablet, Macbook Air, etc.). This can make meetings much easier and more efficient.
2) Outsource Work as Needed
When you have limited time, it’s important to prioritize the things you spend your time on. Bloggers like Anne of Money Propeller have hired low-cost virtual assistants to help them run their side hustles efficiently.
I’ve seen firsthand how difficult it can be to keep the momentum going for a side hustle or business. The problem with a business doing well is that you end up not having enough time to reply to every email, manage social media streams, and plan for future business improvements.
I would encourage anyone who has a side hustle to look into outsourcing tasks. You don’t want to spend all your free time on your business or you risk burning out and losing all your momentum. There are many freelance marketplaces that give an endless number of freelancers specializing in just about every task you can think of.
3) Leverage your Success
Utilizing technology and outsourcing work are just two ways to make your business more efficient. To make it more profitable, though, you need to make sure to leverage your success. Momentum builds upon itself, but if you don’t take advantage of momentum you will lose it.
Many people have turned side hustles and one-off business ideas into a full-time income. That doesn’t happen overnight, though.
If you want to become a freelance writer the easiest way to land your first job is by starting a blog. You can leverage your site to land your first freelance writing job. In turn you can leverage your first job for your second, and so forth.
Similarly, if you have a side hustle that involves landscaping, it’s important to leverage your work to land more work. Who knows, you may end up needing to hire employees because of all the demand!
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Outsourcing is a great thing. At first, I tried to do mostly everything myself, but I’ve found that outsourcing has allowed me to focus on other tasks within my business that need my focus a little more.
I’m definitely suffering from a time management thing, but it’s to be expected when just starting out. I would consider outsourcing some tasks if warranted, but that is way down the road for me. ;-)
Having enough time for everything definitely seems to be a major roadblock – I know it is for me. I think planning ahead for outsourcing is important too – building something and trying to plan in advance how it can run with the support of others, rather than waiting until you’re overwhelmed and trying to find someone to pick up the pieces.
SenseofCents I haven’t outsourced much, but I think within the next six months to a year it’s something I will absolutely have to do. I simply don’t have enough time to focus on some areas of my business that need attention.
debt debs I hear you. I’ve been running this site for over two years and I still have only outsourced some of the writing function.
Jason@Islands of Investing Great point. Outsourcing takes some planning o pull off, so getting processes set and defined is key.
Thanks for the mention! I was very hesitant about hiring a VA, mostly due to cost, but it is so awesome!
moneypropeller No problem! I’m so glad it’s working out for you. It’s inspiring me to quit making excuses and finally look into it.