Side hustles are becoming very popular, especially with the cost of living crisis. If you want or need to make some extra money but a raise or a new job is not possible, side hustling may be a good alternative. But where do you start?
Alongside the benefits of additional money, you might be surprised at the opportunities a side hustle can bring.
But what sort of work you can do as a side hustle?
List Your Skills and Interests
Firstly make a list of your talents and hobbies.
It’s important to find a side hustle that you enjoy and can do well in. You will be more likely to continue doing it and even if it’s tricky to fit into your life, it won’t seem like such a task.
Ask yourself what you like and enjoy. What are you passionate about? Do you enjoy writing? Do you have a passion for social media? Do you like doing DIY projects? Do you enjoy interacting with others? Are you interested in marketing? Can you play any instruments, or do you shine in any academic areas?
Even little things you may think are not important, write them down. It will give you more possibilities to explore and will assist you with side hustle ideas.
Work With Your Personality Type
Not every side hustle will be a good fit for you and your personality. There are different workplace personality types and strategies you can undertake for working with each one.
According to Harvard Business Review (HBR), side hustle goals should be in line with the activity’s primary purpose. This means that someone wanting to socialise while working a side hustle may not like doing online surveys but would prefer bartending a few nights per week. You need to consider your motive for the hustle and the probability that you will get the experience you want.
First, consider what kind of atmosphere appeals to you most for the working environment. Then, work on cultivating an ambience and the social interactions that fit your expectations.
How Much Time Do You Have Available?
With your list of skills and interests, you may already have some creative ideas for a lucrative side hustle.
Next, consider how much time and effort you could put into a side business.
Look closely at your present routine and how it may change. Would you have any free time during the day, evenings, or weekends to focus on your new business?
To avoid burn out you don’t want to work all day, every day, but it’s important to work out how many hours a week you can commit to a side hustle.
This is significant, as some jobs pay for a certain amount of time each week, and you do not get paid extra if you work longer than that. It all depends on your schedule and availability.
Remember your energy levels too. Learn when you have the most energy throughout the day and use that time to focus on making money. For some, this is in the morning, while for others, it is at night or you may want to pick something flexible to give you more choices.
How Much Do You Want To Earn?
Work out the amount of money that you want or need to make. Side hustles are motivated strongly by our financial goals and knowing your financial objectives makes it more likely that you will continue with your side hustle.
Why do you want to start a side hustle in the first place?
Maybe you want to quit your job or pay off your debt before travelling abroad. Maybe you need an extra source of income to help supplement your growing bills.
Choose an income target that corresponds to your circumstances and your goal. Keep in mind, the earning potential of side hustles can vary greatly.
If you just want to make more money so you can go out to more cafés with your friends, then taking surveys online or mystery shopping may be good for you.
If you want to earn £250 per month so you can pay one of your bills, working part-time at a store may work best for you.
However, if you want to earn more than £500 per month, one of the following areas may be a good fit for you; Virtual Assistant, Pinterest Virtual Assistant, Graphic Design/ Programming, Photography, Private Tutoring or Coaching/ Consulting.
When Do You Need To Start Earning Money?
With any side hustle, keep in mind that you may not make any money at first.
For example, if you’re considering freelancing or blogging, you may not make a lot of money at the start.
The good thing about freelancing is that you can set your prices and work hours. However, getting a new client might take a few weeks. In the beginning, you may have to provide trial services for less than your agreed-upon fee to gain experience.
With blogging, you may not make any money for the first few months. There may be a steep learning curve if it is new to you and it can take some time to work out the best way to monetize your blog. However, with time and hard work, your revenue can increase.
Some side hustles may be best for a fast money boost, while others might need you to put in some time and money but will with eventually become a reliable source of income. It is up to you to work out what you want and need at this point.
Invest in Yourself and Your Education
Once you’ve chosen your side hustle, investing in your education may help you to progress further. Find blogs on the subject, read books, and take courses if needed. Don’t be scared to spend a little money on these items if you can.
Some people baulk at the idea of spending £29.99 on a book or £1500 on a training course or weekend event.
However, if you have the funds it can be a long-term investment. I’ve invested in these items over the years and thankfully I am pleased to say they have paid back dividends. Over time I hope to see even more returns on the investments I’ve made.