Side hustles can have many different purposes. They can be to cash flow your next vacation or could be something to help generate long term wealth. Whatever your reason is, extra income is highly valuable and we can learn a lot of new things in the process.
There are about a million blogs out there with lists after lists of side hustle ideas. I am not going to list them all out here. Choose the right side hustle for you that suits your needs, time, and skills. Whichever side hustle you choose to pursue, make sure they check each of these boxes.
- Start small – Your first side hustle doesn’t have to be too big. Start with something small that can scale slowly over time. In my handmade business, at this stage, I am the only one working on the business and I do everything for it. I am the maker, the bookkeeper, and I am the social media manager. Hopefully down the line, once my business starts generating enough revenue I will be able to hire contractors or VAs to be able to handle those things for me.
- Make it a part of your lifestyle – Your side hustle should be fun to you and not a chore. It will be really hard to keep going if it feels like a burden. Choose something that you truly enjoy and you look forward to doing everyday after your full time job. I allot time in my week for my handmade business and blog so it is spread out evenly through the week and not overwhelming.
- Is this a long term hustle – Some side hustles have a short term purpose and some, long term. Not all of them are for replacing your full time jobs. I love my job and wouldn’t want to give that up. But I also enjoy sewing. It is important to make it sustainable so you are not going to burn out in the process.
- Are you trading money for your time – Whether it is a product or a service you choose, are you trading your time? Only things like investing in real estate, stock markets would be a no to this question. If it is a yes, then make sure the business can scale. You only have so much time and can only make so much money if you trade it for time.
- Anticipate highs and lows – Not all months are the same. Some are busier than others. For my handmade business, July and November are traditionally the busiest times in the year. I plan for those in advance. I don’t plan any vacations during that time. Minimize social engagements and go all in serving my customers.
Bonus – 6 – Make a profit – Pricing is very important in any side hustle. Running a business means that there is some cost involved in starting out. But make sure your price so that you recover your costs and make a profit as well.
Hope this helps you in starting your side hustle. It is a trial and error process unless you find what is perfect for you. It is a lot of work but I love every minute of mine. Do you have a side hustle? Is it weird that I love meeting people with side hustles?