Side Hustle (Part II) - Art of the side hustle
Side hustles are a great way to boost income and make more money. It is also the way that many business start. In this article we will answer:
What is a side hustle?
How to find your side hustle?
How you can make money from it?
What is a side hustle? A side hustle refers to something you do in addition to your normal work. For example working in the evening or at weekends as a delivery driver for a restaurant is an example of a side hustle. Selling something you make is another example of a side hustle.
A side hustle is a way to make money on top of your regular income. There are loads of different ways to do this which we will explore below. But the most common ways are starting a small business, freelance work, becoming a consultant, and other part-time jobs.
Side hustles also help you gain experience in activities or interests that you might have. Most side hustles do not require any specific qualifications. You don’t have to be highly qualified or have a decent degree in a particular field. The best thing about side hustles and side income ideas is that you can start from scratch.
#1 How to find your side hustle
Start to think about what it is you want to achieve. Do you need extra income quickly to make a monthly payment for a few months, save for a house or pay for a new car. Or, do you want to test and create a more long-term income stream or new business. There is no right or wrong here and it will vary from person to person, but we will outline both approaches here.
The essential items required before reading on are a notepad and pen to note down your ideas, a cup of tea or coffee is also highly recommended along with your favourite Spotify playlist for that perfect brainstorming session!
#2 Decide what you want from your side hustle.
Side hustle for short-term money - Income boost
So this is a means to an end. You are all about earning more money quickly to achieve the goal. This could be saving for a house, paying for a holiday or in the current climate just trying to pay the bills. All are valid reasons to start a side hustle.
To start earning money quickly, you probably want money to be paid to you regularly and from one source, so we are talking more here about a secondary employer. Some great ways to make more money and earn more are:
- Delivery driving
- Seasonal work
- Out of hours remote customer service
- Dog walking
- Start a blog
Art of the side hustle - Sustainable income
What do we mean by this? Easy, we are talking about starting something that will allow you to earn money on the side, continue to earn and make more money and build a sustainable income stream which you can grow and grown into.
Spoiler alert: We are not saying that this is easy, but it is possible and we’ve seen it work.
So you are driven, you think you could be doing more rather than just working 9 to 5. You want to make money but maybe want something more to, to live up to your potential. Now, we’ve all seen the ad’s on Youtube about 10x’ing your income if you buy their book or how you can earn £££’s from dropshipping…. This is not what we are talking about. If it sounds too good to be true, unfortunately, it probably is.
We are talking about you, your passion and interest and how to monetise it to power up your income and earning potential.
Before you start, we recommend getting a notebook out, a pen, a cup of tea or coffee and fire up your favourite Spotify playlist for the perfect brainstorming sesh!
#3 What is your idea?
Write down what you are good at
Write down what you enjoy
Write down what you could earn money from
The holy grail is if you find something which ticks all of these boxes.
We love the concept of IKIGAI, a Japanese concept of finding your reason for being. It is a helpful way to see and measure your idea, is it something you can add value to, does it make you happy and can you make money from it?
Have a go at drawing your own and map your ideas across it. If any ideas occupy the middle, it could mean you are on to something special!
#4 Test, test test
So you've found an idea which is exciting, you are good at it and think there is a need for it. A key part for any business it testing. It is the best market reserach you will get. What do we mean by this? Say for example you are a candle company and have come up with a fragrence you think is fantastic, your family and fiends all think it smells great right? Well if the public don't agree, you will struggle to build a business. A really good way to test the market and build your business on robust foundations is to test the market. There are great ways to do this, that anyone can do!
Local school fetes and Christmas markets
Sampling, go door to door to ask for feedback or set up a small street stool in your local high street
Actually taking the plunge from an idea on paper to actually creating the first one can be tough and scary. Keep it simple, the main thing here is to remember it is a marathon, not a sprint. The product doesn't need to be perfect, you don't need hundreds of products to form a range. Keep in mind the MVP principle.
Minimum Viable Product (MVP) refers to the ability to launch and start selling a product in the shortest time possible.
Example, you want to launch a range of 12 fragranced candles, so each month has a different scent. It will take time to test the fragrances, time to create the labels, and time to create packaging. The principle of MVP means you would launch 1 candle and launch to the market, as this is the minimum product available.
This is important why? Because launching 1 and getting feedback quickly can lead to better product evolution. Any production issues can be worked on before scaling up. It also allows you to learn fast and test whether this hustle could turn pro...