Whether you’re looking to make extra cash or just want to bring your passion to life, the opportunities for launching a side hustle are endless. However, just because you can start a side project doesn’t always mean you should. There are many factors that come into play when considering what kind of project to begin as a side business, and they may impact how successful your new venture might be.
In the world of content creation and blogging, the opportunities to find a side hustle that may work for you are endless. With more than a billion active websites and blogs on the internet today, that leaves billions of dollars on the table for freelance writers, affiliate marketers, publishers and anyone willing to master the art of SEO or online marketing.
Looking to Pursue a New Side Hustle to Make Some Green?
Thanks to the power of the internet and blogging, it’s now easier than ever before to get started with a side hustle and make some extra money on the side. More often than not, this simply comes down to the amount of time and focus one is willing to put into it.
To find out more, we asked a panel of Young Entrepreneur Council members the following question:
There are a lot of different ideas for side hustles out there. What should people look for when considering a project to take up? Why is that factor so important.
Here’s what they had to say.
1. Assets Versus Liabilities
A good side hustle is a method of generating extra income that doesn’t require a great deal of extra work. Although it’s not completely avoidable, you should prioritize side businesses and revenue streams that don’t require a great deal of upkeep or micromanaging. That’s the difference between a revenue-generating asset and a revenue-draining liability.
2. Time Commitment
Do you have enough time to handle a side hustle? Your No. 1 priority is your business. If taking on a side hustle is going to pull yourself from your business, then now is not the best time. Make sure that you have enough time to dedicate to both, as well as enough time for you to step away and take a break to recharge.
3. Cost to Start
When deciding on a side hustle, you should look at the cost to start. Many people are on a budget; after all, they’re likely starting a side hustle to make more money. Choose a side hustle that doesn’t cost a lot of money to get started. For example, a photography side hustle requires you to buy an expensive camera and editing tools. But, becoming a social media manager only requires a website.
4. Repeat Client Potential
Having a side hustle is great, but it can get exhausting if you have to carry out marketing activities to get every single job. Look for opportunities to build a network and try to get repeat work from the same customer. You can even end up making your side hustle your main one once you have a strong client portfolio.
5. How Personal and Professional Boundaries Might Change
Consider your boundaries in your main hustle and your personal life and how your boundaries will be redefined with your side hustle. Boundaries are not meant to be punitive, but rather when building out your side hustle, where are you going to be taking time and resources from? Be clear with your boundaries from the start to best understand the limits of the projected growth and your limitations.
6. Excitement Level
If you’re considering starting a side hustle but you’re already unsure of how excited you feel, that’s a good sign that it’s probably not for you. Work takes up enough time, and if you dedicate even more of it to something you aren’t passionate about, the fire will die fast. Stick to projects you have a genuine excitement and curiosity for if you want the best results.
7. Business Connections
I look at side hustles as a way to build connections for my primary business. I look for opportunities to work with people that are in some way linked to my industry. I’ve used this tactic to build long, meaningful connections with people that eventually became partners with my company.
8. Willingness to Fail
A side hustle is like any startup. It comes with the risk of failure. You have to ask yourself if you are willing to fail. If you are not, then move on to something else.
9. Your Current Expertise
Many people think that their side hustle needs to be different than their day job, but taking your current work and doing it on the side as a consulting gig can be a great option. You can find a ready set of potential clients in former colleagues and your broader network. If you already have a great reputation for the work you do, getting projects on the side can be easy to find and do.
10. Have a Reliable Source or Infleuncer to Follow
Going after a side hustle to make money can be a lot of work. No matter what you are going after, make sure you first put in the time and effort to research it, and to learn from others who have already mastered the process. There are plenty of resources and influencers online that cover side hustles in details, so learn as much as possible before fully jumping into something new.
11. Market Saturation
How saturated is the marketplace already? You must walk the line of finding a product with high demand, that doesn’t already have high availability. If you create a business that is already filled with experts or similar products, consider how difficult it will be to break out as a leader. Still determined? Create a business so that it has its own flare, niche or intended use.
12. Your Ultimate Goal And Scalability
You should have a clear idea what the goal is. Are you simply looking for an additional passive income stream? Are you looking to change careers or simply live according to your own vision? Once you’ve determined the goal the next step is to see how scalable it is and what ultimately will be required to get it to grow.
Successful Side Hustles, or Just Dumb Luck?
You’ve likely see a lot of stories and headlines in the news lately about different side hustles and ways to make money in your space time. More often than not, these are stories that stand out from the crowd and are making more money than the average person trying this.
Perfect examples of this can be seen with Uber and Lyft drivers, selling unwanted goods on eBay or even creating a freelance writing or design business. All of these work extremely well, but only if you are willing to put in the necessary time and effort to do better than the competition.
To learn more about successful side hustles, be sure to check out this resource guide for 2020.