Starting a side hustle can help you reach various personal and professional goals, from boosting your income to developing a skill you already have. The best part is that you can do this work while keeping a full-time job. If you’ve been waiting for a raise with no results, starting a side hustle is a great way to take control of your finances.
A side hustle is any type of job or project that brings in extra income, typically on a freelance or project basis. This type of work offers flexibility, which is why over 44 million Americans have side hustles, with 36% earning $500 or more each month according to recent studies.
If you’re new to the gig economy—a term that describes the growing industry of people working side hustles—but you want to jump in, here are five simple steps to get started.
1. Make a List of Your Skills, Background, and Expertise
Start by reflecting on your unique skills, experience, and interests. Then, think about what you want to accomplish with your side hustle. Next, look at how your skills and interests align with your goals to help you find your first gig.
For example:
– If your goal is to make extra money, focus on simple, straightforward gigs that can earn you
quick cash.
– If you want a side job similar to your current role, look for freelance opportunities in that
field. For instance, if you’re a graphic designer, you could take on freelance design projects.
– If you’re interested in self-employment but don’t want to start from scratch, consider
investing in a franchise. Your hobbies and passions can help you decide which type to
pursue. For example, if you love dogs, a dog training franchise could be a good fit.
– If your goal is to learn a new skill or grow your career, consider what skills are needed to
land your first job in that area. For instance, if you want to become a virtual assistant, list
your organizing and planning abilities that would help in that role.
Doing this initial work will guide you in finding the right side hustle.
2. Assess Your Available Time
Think about how much time and energy you can commit to a side hustle. Create a rough schedule to figure out when you’ll work on it. Are you willing to spend all your free time on this, or do you want weekends off? Deciding this early on will help you avoid overcommitting, especially if you’re working full-time.
3. Explore Potential Freelance Projects and Jobs
With a clear picture of your skills, interests, and available time, you can begin looking for side hustles that are a good fit.
A recent LinkedIn study found that 70% of small businesses have hired freelancers, and 81% plan to continue. This means there are plenty of opportunities out there.
Set up profiles on freelance sites like Upwork, Hubstaff Talent, or Fiverr. If you’re unsure where to start, search by skill set. For instance, type “graphic design” to see what types of projects are available.
4. Consider Alternative Side Hustles
If a set schedule or working with another company doesn’t fit your lifestyle, there are other flexible side hustle options to explore.
Drive for a ride-sharing app: If you own a car, are over 21, and have a clean driving record, you can drive for Uber or Lyft.
Sell items online: If you’re crafty, try selling your products online. “How to Start Selling Online” suggests that you don’t need to reinvent the wheel to succeed. Many online stores thrive by selling popular products. Print-on-demand items like custom t-shirts, mugs, and posters offer a low-risk way to enter the market, as you won’t need to keep inventory. You can also sell digital products, which have lower overhead. Just be aware of sales tax on digital goods, as rules vary by location.
Run errands: Earn extra money by helping people with their to-do lists.
Dog walking or pet sitting: If you love animals, you can make money by dog walking or pet sitting through services like Rover or Wag.
Offer coaching services: If you enjoy helping people reach their goals, coaching could be a good fit. A guide like “Coaching Business While Working” can help you get started.
5. Maintain a Balanced Workload
As you gain more clients, it’s easy to get overloaded. Balance your workload by not overcommitting, especially if you’re balancing a full-time job. Make sure to leave time for self-care, exercise, and relaxation.
An effective way to stay on track is to set specific, realistic goals for both your work and personal life, such as:
Work goal: Apply for five new freelance projects this week.
Personal goal: Set aside 1.5 hours over the weekend for relaxation, like working out, meditating, or watching a movie.
Start Your First Side Hustle This Year
With the growth of the gig economy, it’s easier than ever to use your talents to earn extra money, build skills, or add variety to your work.
Follow these five steps to get started on your first side hustle today.
