Nearly one-third of all Americans work more than one job in order to make ends meet. Whether you want to supplement your income to pay off debt or save for a house or you need to make additional money to cover all of your living expenses, a side hustle can be a great way to do so.
The benefits of a side hustle include more financial freedom, control over your work hours, and the chance to do something you are passionate about. Want some tips for starting a side hustle and learn how you can make more money from a side hustle? Keep reading.
What Is a Side Hustle?
What is the difference between a side hustle and a second, part-time job? A part-time job is a way of earning money outside your traditional day job, but you are still working for someone else. Someone is still dictating the hours you work and how much you will earn, whereas, with a side hustle, that isn't the case. You can earn money from a side hustle in a different way.
One of the most attractive things about a side hustle is the ability to be your own boss. The work you do will still be work, but you are in control of what hours you work and what prices you set for your goods and services.
No matter what side hustle you choose, it should be something you're passionate about. You already work a full-time job, so you want to pick something that requires hard work but that also brings you joy and fills you with excitement. Many people are able to be successful financially by turning their side hustle into a money-making business.
When it comes to tips for starting a side hustle, one of the most important is to remember that, for the time being, this is not going to replace your job. Starting a side hustle allows you to test out and try ideas while still having a safety net in the form of your traditional job's income.
The possibilities for your side hustle are virtually endless. If you're passionate about cars and have always wanted to work for yourself, why not start a side hustle as a car dent repair expert? Love writing? Start a blog about your passions. Enjoy making jewelry? Set up a website and start selling your unique creations all over the world. As far as tips for starting a side hustle go, choosing something you love to do and are passionate about is perhaps the most important part of starting a side hustle.
Draft a Business Plan
If you want to have a successful side hustle, you’ll first need to come up with a business plan. This is certainly not the most exhilarating part of starting your side hustle, but it is a critical step towards making your dream of working for yourself a reality. The ability to earn money from a side hustle starts with a well-thought-out business plan.
One of the best tips for starting a side hustle is to keep in mind that your business plan can, and will, change with time. According to the National Federation of Independent Business (NFIB), a business plan generally includes seven sections. These include:
- An executive summary
- A company description
- Your products and services
- A market analysis
- Your strategy and implementation plans
- The organization and management team
- A financial plan and projections
Do not let this list overwhelm you. For now, your main focus is creating a clear idea of your long-term goals for the company. As an example, if you want to be a home remodeling contractor, you would want to define what your business is and include your mission statement. You would want to describe what type of company you ultimately want to run, who your customers are, what the viability of your market is, and develop strategies for turning your ideas into your reality.
Remember, your business plan is by no means set in stone. It can, and will, change over the course of the growth of your side hustle. Right now, you just want to create a clear summary of your business, your goals, your market, and your plans to succeed. To make more money from a side hustle, you may want to obtain professional advice as you draft your business plan.
Obtain Professional Financial Advice
Professionals who offer tips for starting a side hustle often recommend getting financial advice and guidance early on. One of the first things you need to consider is whether you are going to invest in your side hustle. Because you want to earn money from a side hustle, you do not want to put tons of money into setting it up, but you might need to invest a bit in supplies to get going.
Consulting with financial professionals about bookkeeping and tax services early in the stages of opening your side hustle can be majorly beneficial when it comes to reporting your income. Additionally, in the event that your side hustle becomes your primary source of income, professionals will be able to help you with setting up important legal and financial aspects, like an affordable insurance plan.
Successful budgeting is among the top tips for starting a side hustle. Eventually, your goal is to have your profits exceed your expenses, but it might take some time to get to that point. By establishing and sticking to a budget, you will be able to keep your costs in check.
Build a Website
If the thought of building a website overwhelms you, remember that one of the most important tips for starting a side hustle is to start with simplicity. Right now, you do not need a top-of-the-line website. Instead, you need a website that gives your customers the basic information they want and need. You can build additional features and complexity with time, but for now, your goal should be to create a website that introduces your business to potential customers.
What information should you include? Your website may well be the first impression you give your customers, so you want to provide your customers with a clear idea of your brand identity. As you start your side hustle, add more information to your website. Include information about yourself, your products, and how you plan to grow.
Construct a Workspace in Your Home
One of the most important tips for starting a side hustle is to remember that it is your side hustle. You want to keep your current job for the time being. This means that you want to designate time and space to dedicate to your side hustle, so you have to be willing to work long hours after your full-time job to be successful and earn money from your side hustle.
It might be helpful to create a specific workspace in your home where you can go and know that your time spent there will be devoted to working your side hustle. When you go into the office, whether work in computer networking or in medical practice, your body responds to the signals that it is time to get to work.
Designating an area of your home can help you shift from a relaxed mindset into a work mindset. If you need an actual office, consider reaching out to a local remodeling company for an office floor installation. For those pursuing more creative-type side hustles, make sure your work area is stocked with the supplies you will need, and consider adding fun touches to inspire you, like tropical wallpaper or open shelves with pictures, trinkets, and other memorabilia.
One of the most important aspects of any business, side hustle or otherwise, is the ability to stay organized. You started your side hustle because it is something that you care about, so you do not want to let disorganization overwhelm you. In order to get organized, you need to figure out what the most important aspects of your side hustle are and prioritize them.
Whether you want to be a computer networking consultant, or you want to supply businesses with inkjet printer parts replacement services, knowing what to prioritize is one of the best tips for starting a side hustle. Organize your home office so you can be productive and make more money from a side hustle.
Think About Product Packaging and Shipping
Smart marketing tactics are one of the best tips for starting a side hustle, and you do not have to have a degree in marketing to achieve this. In order to catch the attention of your potential customers, put yourself in their shoes. If you were looking for your product, what would you want to see? What type of packaging would catch your eye?
Another thing to keep in mind when designing packaging is to remember that it will represent your brand. You want to make sure that your packaging maintains consistency with the rest of your brand identity. If your side hustle includes selling homemade products, including a handwritten thank-you note is one way to show appreciation for your customers and their support of your business.
When you begin your side hustle, you will most likely be working out of your home, and your garage can be a great place to store supplies for your business. If you plan to utilize your garage, make sure you get the appropriate garage door services so that your materials are well protected and kept at the proper temperature.
Consider What Customers Will See Outside Your Home
Many people successfully start and run their side hustle from the comfort of their own home. If you hope to do the same, it is important to remember that the exterior of your home will impact the first impression of your customers, business partners, or investors. One of the most important, but often not considered, tips for starting a side hustle is to make sure the exterior of your home will make a great first impression.
There are a number of easy and inexpensive things that you can do to improve your home's exterior. Consider putting a fresh coat of paint on your front door, mowing your lawn, and power washing the siding and windows of your home. You can also improve your curb appeal by ensuring your residential landscaping look superb. Chances are, you do not have a ton of money to spend when you are starting a side hustle, but landscaping is something you can take care of yourself.
Trim trees and bushes or shrubs spread fresh mulch on your flower beds regularly, make sure your plants receive adequate amounts of water, and keep your outdoor area clean and tidy. You will earn more money from a side hustle if you ensure your customers see your very best work from the outside first.
Market Yourself and Your Products Via Social Media
The common saying goes, to make money, you have to spend money. When it comes to advertising your side hustle, however, this is not true. Figuring out how to leverage your social media profiles to market your business is one of the best tips for starting a side hustle. The first thing you will want to do is create profiles specifically for your business. What type of social media profiles should you have?
A Facebook page is a way to reach a universal audience and can be a great place to start. If you are providing products locally, you could also join Facebook groups specific to your community and begin to spread the word that you are for hire.
For creative-type jobs like graphic design, creating an Instagram page of your sample work can go a long way in helping you connect with potential clients. Instagram is a visual social media site, so you can effectively demonstrate what your work looks like and what you can do for your customers. Twitter is also a useful tool for providing quick updates about new products or services you are offering.
No matter what type of social media profile you choose, make sure to present yourself professionally. You want to show off your personality and distinguish yourself from competitors, but you still want your customers to trust that you can handle your business professionally. Additionally, you will earn more business and make more money from a side hustle if you utilize social media to your benefit.
There are so many helpful tips for starting a side hustle, but the most important is to remember to choose something that matters to you. If you care about the products and services you provide, it will shine through in your work, your customers will appreciate your passion just as much as you do, and you’ll earn money from a side hustle. It is important to start small but also dream big. Work on establishing a customer base, then as you grow, expand your business as appropriate. When done correctly, your side hustle might just bring in enough revenue to become your full-time job, and you could be your own boss.