If you are on the prowl for some extra cash, you’ve surfed your way over to the right corner of the internet. Starting a side hustle has the potential to put you on the path to financial freedom. At the very least, your new side hustle will provide supplementary income that helps you pay the bills and increase your quality of life. Here’s a quick look at a couple simple and actionable tips that will help you make strides toward launching a side hustle that has the potential to become your dream business.
Why Side Hustles are the new Wave
Nowadays, it seems like everyone is picking up a side hustle or considering doing so. You yourself may have wondered if now is a good time to start a business. The combination of high inflation, a contagious entrepreneurial spirit and side hustle-turned-business success stories featured on popular shows such as Shark Tank have inspired millions. Though some side hustles fizzle out, many become consistent part-time jobs with the potential to scale into legitimate businesses.
Side hustles are becoming that much more common with each passing day. More than one-third of those living in the United States have a side hustle. Nearly one-half of these self-starters invest at least 10 hours into their side hustle each week. A Bank of America Survey reveals slightly more than 60% of Gen Z and 50% of millennials have launched a side hustle since the start of the Covid-19 pandemic.
Part of the appeal of a side hustle is the autonomy it provides. Shark Tank’s Mark Cuban is famous for saying he would rather work two times as many hours for less money as his own boss than work fewer hours at a higher salary as a traditional employee. Entrepreneurs are beholden to clients yet they enjoy invaluable autonomy in the context of setting work hours, workplace rules, human resources, etc.
Aside from expanding one’s autonomy, side hustles are also appealing in that they have unlimited earning potential. Clocking in at the factory or filling out a weekly timesheet for a cubicle office job is inherently limited. Though there is the potential to be promoted and climb the corporate ladder in a traditional job, the ceiling is limited. Most people are unlikely to reach the executive level simply because competition is fierce and only so many executive positions exist. Alternatively, side hustles present a golden opportunity to gradually scale an idea into a legitimate job and eventually a regional or even multinational corporation that generates millions of dollars in revenue.
Choosing a Side Hustle and Examples of Successful Side Hustle
Starting a side hustle isn’t as challenging as most assume. You don’t have to be rich or flush with free time to kick-start a side hustle. You can quickly and easily launch a small business with minimal capital using your ingenuity and elbow grease.
As an example, dropshipping items sold on the internet has quickly become a lucrative side hustle with nearly unlimited potential. College graduates can work as informal tutors, helping neighborhood kids, tweens and teens with academics. Even musicians can launch a successful side hustle by providing lessons to locals looking to round their creative edges.
Dog walking, removing dog waste from residential properties, mowing lawns, shoveling/plowing driveways and vacuuming swimming pools are low-skill or no-skill jobs nearly everyone can do with relative ease. Even something as simple as shopping for groceries as an Instacart employee can begin as a small side hustle and gradually expand into a full-time job. Exhibit social graces when interacting with your customers and you just might find they need additional assistance in the form of babysitting, chores, etc. Gradually expand your customer base, transitioning the side hustle into a full-time job, hire an employee, continue to grow your team and your business might soon become a regional enterprise.
When determining which side hustle is best for you, focus on voids in the market. Fill a niche that is in demand or one in which there is minimal competition and you’ll be that much more likely to succeed. When in doubt, solve a pressing problem that people face at home or at work. Become a problem-solver and you’ll provide meaningful value that endears you to your customer base and also paves a path toward coveted referrals that build critically important momentum for your side hustle.
Some side hustles even grow into nationwide businesses after years or decades of hard work. Multinational businesses such as Amazon began as small online booksellers that were in the red (meaning no profitability) for years before finally entering the black and gradually expanding offerings in unison with service coverage. The common theme of successful entrepreneurs such as Jeff Bezos is their vision and nearly unmatched work ethic.
Quick and Easy Tips to Start Your Side Hustle
Once you’ve selected your side hustle, pick up a vision board at your local office supplies store, write out your vision plan for your side hustle and affix that board to your office wall as a reminder of your overarching aim. Develop a business plan that will propel you across the road map to your destination, form your business as an LLC or sole proprietorship and the stage will be set for revenue generation.
Take full advantage of resources on the web that are available at your local library and the wealth of information available from business community leaders. From no-cost online classes to summits and webinars, there is a treasure trove of information available to budding entrepreneurs. Press the flesh while learning the ins and outs of launching a business and you’ll rub elbows with potential financiers . Crowdfunding on the web is another option for initial capital. However, if you have enough money saved from your full-time job, avoid the financial burden of debt and finance your side hustle out of your own pocket.
Establish a realistic work schedule for your side hustle, ensuring it doesn’t interfere with your part-time or full-time job, family time and other obligations, honor that commitment and be patient as your side hustle blossoms into a legitimate business. Recognize that hurdles will arise, do your best to seamlessly surmount those challenges and never give up. Retain a laser-like focus on your side hustle, honor your commitment to work hours dedicated to the grind and your efforts will reap rewards in due time.
Start Your Side Hustle Today
There is no better time to start a side hustle than right now. When in doubt, don’t forget that nearly every successful business began as an idea that took the shape of a side hustle, became a small business and flourished from there. If you have the will to be your own boss, you have the ability to create and eventually grow a side hustle into a full-fledged enterprise.