There are a lot of reasons why you may want to start a side hustle.
Maybe you want to make more money so you can pay off debt or save for a dream vacation.
Maybe you want more personal fulfillment or you’re a new empty nester looking to fill some extra time.
Whatever the reason, the traditional 9-to-5 job is no longer the sole path to financial stability and personal fulfillment. More and more people are launching side hustles, looking to supplement their income, pursue their passions, or simply take control of their financial future.
But with the abundance of options and possibilities, how do you sift through side hustle opportunities to find the one that resonates with your unique skills, interests, and goals?
I’m no stranger to side hustles or entrepreneurship. I’ve participated in the gig economy as a Lyft driver and started multiple 7-figure businesses, and today, I’m sharing my knowledge with you.
Today, I’ll walk you through the steps to help you find and launch the perfect side hustle.
9 steps to finding + launching your perfect side hustle:
Finding a good side hustle that suits your skills, interests, and financial goals requires some thoughtful exploration and consideration. Here are 9 steps to help you figure out a side hustle that's right for you:
1) Self-Assess
First, identify your skills.
Make a list of your skills, both hard skills (like coding, graphic design, or content creation) and soft skills (like communication, creativity, or organization). Consider what you excel at and what you enjoy doing.
Then, consider your hobbies, interests, and passions. A side hustle related to something you're already passionate about can be more enjoyable and sustainable.
2) Research and Explore
If after doing a self-assessment, you’re still not sure what you want to do – or maybe you’re torn between a few different options – then here are some considerations that can help you pick one.
Research Market Demand
Research the demand for different side hustle options in your area or online. Look for niches that are underserved or have growing demand.
Scope Out the Competition
Analyze the competition in your chosen field. Consider whether you can differentiate yourself or offer something unique.
As you do this, try to avoid a scarcity mindset; there may be a lot of people working in the niche you’re considering, but that doesn’t mean there isn’t also room for you to succeed. The goal is simply to make you aware of possible gaps in the market that you could be uniquely qualified to fill.
Explore Online Platforms
Explore websites and apps like Upwork, Fiverr, or TaskRabbit where you can find various side gig opportunities.
3) Determine your time and commitment
Determine how much time you can realistically commit to a side hustle. Some side gigs may require more time and effort than others.
For example, driving for Lyft is fairly low-time and commitment. You can set your own hours.
On the other hand, building a YouTube channel is high-time and commitment; you need to record, edit videos, and do that consistently in order to achieve a level where you can monetize your channel.
Ensure that your side hustle fits into your schedule without overwhelming you. Effective time management and having an upfront understanding of what you’re committing to is key to balancing your main job, personal life, and side hustle.
4) Set Financial Goals
Set clear financial goals for your side hustle. Determine how much extra income you want to earn and by when.
For example, maybe you want to earn extra income so you can pay off credit card debt. You may have a goal to pay your bills and still be able to build up savings with the money from your “day job” and you want to make enough from your side hustle to meet your minimum credit card payments.
If that’s your situation, then you have a specific money goal you want to hit every month. You’ll want to make sure to pick a side hustle that’s high-demand and high-value, like doing freelance content marketing or web design.
On the other hand, maybe you’re starting a side gig just so you can have some extra pocket money. In that case, you may have a lower target income, so you can focus on a side hustle that may take longer to develop or may not pay very well but is very emotionally fulfilling.
Keeping your financial goals in mind will help you choose a side hustle with earning potential aligned with your goals.
5) Determine Risk Tolerance
Before you start anything, you need to think about the level of risk you’re taking on – especially if you are already in a precarious financial situation.
Some side hustles may involve more financial risk or uncertainty than others. For example, if you already have a car and auto insurance, food delivery shouldn’t incur much additional costs. But if you’re considering a side hustle that requires equipment, like photography, or maybe software, like video editing, then make sure to count those costs.
Also, think about ways you can minimize upfront costs and risk. For instance, maybe you can borrow equipment for a friend, rent it, or buy it secondhand instead of buying it new.
Consider your comfort level with this aspect and be sure to weigh the risk with the potential payoff.
6) Plan and Set Goals
Create a business plan and set clear goals for your side hustle. Define your target audience, pricing strategy, and marketing plan.
If you’re interested in learning more about pricing yourself as a freelancer, we have a training on that in our program Million Dollar Year, so if you’re a Million Dollar Year member, be sure to log into your account and check that out.
If you’re not in Million Dollar Year, we have a special offer for you – check out our masterclass to learn more!
7) Network
Connect with others who are engaged in side hustles or freelancing. Join online forums, groups, or social media communities related to your potential side hustle to learn from their experiences.
For instance, there are a lot of Facebook groups where people may post job opportunities for freelancers. Try looking up groups for your specific niche or for freelancers in general.
Or you can start connecting with people on LinkedIn.
You can also reach out to people you know who may be in need of your services.
Just remember to always approach people from a place of service and explain why you’re uniquely qualified to help them reach their goals.
8) Start
I know I’ve listed a bunch of steps and hopefully these help set you up for success. But the most important thing is just to start. At the end of the day, you won’t know how successful you can be or how much you enjoy your side hustle until you start.
Try to set yourself up for success, but don’t let fear and perfectionism hold you back. Done is better than perfect.
And remember, your side hustle will likely change and evolve as you do. Which brings me to…
9) Monitor and Adjust
Regularly evaluate the performance of your side hustle. Make adjustments as needed to optimize your income and overall satisfaction.
Remember that finding the right side hustle may take time and experimentation. It's okay to start small and gradually scale up as you gain experience and confidence in your chosen field.
Don't be afraid to try out different side hustles on a small scale to see what works best for you. Experimenting allows you to learn and adapt.
Final Thoughts
Whether you’re hoping to grow your side hustle into a full-time job, make some extra cash, or try something new and exciting, these steps will help you start a successful side gig.
If you want our 3-step system for wealth-building, then be sure to check out our free masterclass, Master Your Money! I’ll explain how I went from $40,000 in debt to making $1,000s from my investments every month.
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