Starting a side hustle doesn't have to be hard, these 6 simple steps will help you launch your own side hustle in no time.
It all starts with an idea for a product or service. Without this, it will be difficult to start a side hustle. Not sure what you should be doing? These tips and questions should guide you in finding your next hustle. If you already have an idea, waste no time and make sure you go to the next step.
In order to start your hustle sooner than later, it's advised to start something you're already knowledgable of. Use skills you've acquired over the years, instead of doing something you still need to learn all the ins and outs of. Don't get me wrong, of course it's good to learn new things. But when it comes to starting a side hustle fast, you should use your limited time wisely.
At fitst it might not be as obvious, but literally look around you. Look at your current work, hobbies or things you've done in the past. What are you good at? What do you enjoy doing? What are the not so obvious tasks you enjoy doing that are / aren't directly related to your work? What do you love doing in your free time and is something you could earn money with? What did you enjoy doing as a child, is this something you still like doing?
Finding a suitable ideas can take a few days and that is okay. Once you start seeing potential ideas around you, it will be hard to choose one.
2. Rank you idea(s)
Now that you have an idea, preferable several ideas, it's best to check which idea has the most potential. It should be:
Feasible: You can get stared and earn money in a short amount of time;
Profitable: You’re not looking for an idea that merely sounds interesting, you’re looking for a profitable one;
Persuasive: It’s not enough to have a good idea -your idea has to arrive at the right time. It should be so persuasive that it’s hard for customers to say no to.
Make sure you choose the idea that scores highest on these three areas. If your current idea(s) scores low on all areas and can't be carried out in a few weeks, you should consider another idea.
3. The right audience
Create a persona for your hustle, this is your ideal customer who needs what you're offering.
Lot's of hustlers (but also entrepreneurs and small business owners) want to serve everyone and don't want to leave anyone out. This is where most people go wrong. Trying to focus on everyone, will get you no one. Thus, start with one. Be as specific as possible, as this will help you find your ideal customer faster. It helps you understand their pain points, what frustrates them most and what the possible solution for this problem is (your offer of course!).
Whenever you find that one person you're looking to serve, it makes it easier to find more people such as your ideal persona.
4. Pricing a product or service
Technically you don't have a side hustle if you don't earn money with it. If that's the case, it's just a hobby. So, pricing your offer is one of the most important steps.
Your offer can be categorised as a product or a service. These two can best be distinguished by it's tangibility. A product is (usually) a tangible item that is put on the market for consumption. A service is an intangible item which arises from the output of one or more individuals. However, there are some instances where products aren't tangible, can you guess what type of product isn't tangible?
One way to price your product is the cost-plus method. The selling price of a product is determined by adding a markup (percentage or fixed price) to the product's unit cost. Another way is value-based pricing. The price is set according to the estimated or perceived value of a product, rather than the cost of the product. Pricing a service is a bit different. You can use the value-based method or decide on a hourly rate. As this is your side hustle, meaning you'll be doing this next to your day job and in your free time, you should never charge less than your hourly rate at your day job.
While pricing your offer, it's essential to take different factors into consideration: shipping costs when selling a product; the projected volume of products being sold (high volume vs low volume); minimum acceptable profit; if it's a fixed, negotiable or variable price; what your clients are willing to pay.