Many people today have strong motivations for wanting to earn extra income, which is why 39% of U.S. adults report having a side hustle. And while side hustles offer the chance to make additional money, 76% of people also enjoy the work itself.
Side hustles can provide opportunities to build leadership skills, expand your network, and continue learning—benefits that can positively impact your main job, mindset, and finances.
If you’re interested in starting your own side hustle (or have already begun), here are some tips to help turn your idea into action.
The Essentials:
– To get started, identify your unique skills and passions.
– Connect these skills to real products or services you can offer. Analyzing the market and
competitors can also help with pricing and marketing strategies.
– Consider a soft launch to gather feedback before fully committing.
1. Assess Your Skills and Passions
Think about what you’re good at. Maybe it’s something you’re aware of, or maybe your friends have pointed it out. Now is the time to fully recognize those strengths.
Nick Loper, founder of Side Hustle Nation and host of *The Side Hustle Show* podcast, explains that “side hustles are a ‘get to do’ versus most full-time jobs that feel like a ‘have to do.’ If your side hustle isn’t fulfilling, you can stop or try something new—which is often harder to do with a day job.”
Whether it’s calculating tips quickly, helping friends with outfit choices, or having a green thumb, list the skills that make you stand out, no matter how simple they may seem.
Besides skills, identifying your passions can help you find a fitting side gig. Think about:
– Ideas that cross your mind frequently
– Activities you look forward to after work
– Parts of your day job you enjoy most
– Things that make time “fly by” for you
For example, if you love planning trips and creating detailed itineraries, or if you enjoy following stock trends and building investment plans, take note. These interests could lead to a rewarding side hustle. Also, remember to check with your main employer to ensure there are no conflicts with your current job.
2. Identify Skills You’d Like to Build
In starting your side hustle, you’ll likely wear many hats—CEO, project manager, marketer, and finance expert. This can give you hands-on experience in areas you might want to explore in your main job.
Consider skills you’d like to develop, such as public speaking or managing projects. When working on your side hustle, focus on activities that build these skills. Over time, these experiences could boost your career.
3. Choose a Product or Service
With your list of skills, passions, and growth areas, look for patterns or ideas that stand out, like a knack for working with people or numbers. Here are some side hustle ideas that might align with your skills:
– If you’re crafty, sell handmade items online or at local stores.
– If you love animals, offer pet-walking or pet-sitting services.
– For skills like software development or writing, consider freelancing.
– If you’re handy, find home projects for neighbors on websites that connect service providers with homeowners.
– For subjects you’re knowledgeable in, try tutoring or teaching online or in person.
A side hustle requires dedication, so find a strong “why” to keep you motivated, and schedule time to make consistent progress.
4. Find Your Market
Think about who would be interested in your product or service. Are they nearby or online? Do you have the means to reach them? Assess whether there’s demand and space in the market.
Do some research on potential competitors. If you’re a dog walker, freelancer, or tutor, find out who else is offering similar services and determine how you can stand out. If you’re selling a product, research online to see how yours can be unique. Understanding your competitors can help you attract customers in a crowded market.
5. Test Your Idea
One of the advantages of a side hustle is the flexibility to try things out at your own pace. You can test different ideas without diving in too deeply.
As Loper advises, have a basic understanding of your market and target customers, but don’t let “research” turn into procrastination. For instance, you might start small by selling a limited batch or offering services to a select group of people. Get honest feedback, analyze it, and refine your approach before scaling up.
6. Launch Your Side Hustle
When you’re ready, make it official. Name your product or service, develop a brand, and create a marketing strategy. Register your business name if required, and obtain any necessary permits or licenses. A unique logo or brand elements can also help your side hustle stand out.
Establish an online presence, whether through a website or social media profile, so potential customers can easily find you.
7. Reflect on Your Journey
Your side hustle doesn’t have to replace your primary job. Only 19% of people intend to make their side hustle their main source of income. You may still need your primary job for its income, benefits, and stability.
Loper points out that while we often focus on the risks of starting a new venture, it’s also worth asking, “What if this works?” If the potential outcome excites you, the effort required may feel more rewarding.
Remember that the financial boost from a side hustle might not be its only benefit. Expanding your network, building new skills, and bringing fresh ideas back to your main job can enhance your sense of purpose and happiness.
