2. Do market research
Market research is a crucial part of starting any business and is something you need to do before starting your side hustle. It involves analyzing your competitors, understanding the demand for your product or service, and recognizing potential opportunities or challenges in the market. By doing this, you’ll be better prepared to make strategic choices for your side hustle.
3. Create an action plan and set goals
Although the excitement of starting your new side business can take over, make time to define your goals and create an action plan before rushing into it. You might want to think about short-term goals like launching a website, creating flyers, or acquiring your first client, as well as long-term goals like achieving a specific amount of monthly income. To prepare for these goals, you’ll need to create an action plan to successfully launch your side hustle.
To do this, break down your goals into smaller tasks, like deciding on your brand name, designing the website, or creating materials, and set a timeline for each task. Having a plan for both short-term and long-term goals will help you stay organized and motivated.
4. Calculate your start-up costs
Before starting your side hustle you should also understand the expenses and calculate startup costs. What kind of equipment is necessary? How much are the materials? What about shipping costs? These are just some of the questions you’ll want to address to understand what you’ll need to start this side job and estimate potential profit.
However, many side hustles require little to no initial investment. Freelance writing gigs, starting a YouTube channel, becoming an affiliate marketer, or launching a dropshipping online business are just some of the options out there. And as you’ve probably noticed, all of these side gigs allow you to make money online—with just an internet connection and a laptop or smartphone.
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Source: Unsplash
5. Apply for necessary permits, programs, or status
When thinking about the side hustle you’d like to pursue, explore the necessary requirements to get started. For example, becoming an affiliate marketer will require applying to an affiliate program, while selling handmade products at markets or pop-up stores may require obtaining a seller’s permit. Additionally, it’s important to check whether you’ll need to register as a freelancer for tax purposes related to your new income stream.
6. Create a separate bank account
While seeing extra money in your personal account may be exciting, keeping your personal and business finances in separate accounts allows for better control. Opening a dedicated bank account for your side business is something you should do from the start to maintain clear visibility over all transactions, track your income, and simplify the process of tax filing.
5 key considerations when choosing a side hustle
Besides the 6 steps we discussed before, there are some other points you’ll want to think about before getting started. To understand if a side hustle is suitable for you, start by asking yourself these 5 questions.
1. Will I like it long-term?
Ensuring your side hustle is something you’ll enjoy doing is crucial for longevity. Side hustles might take you some time before they become a stable second source of income. It will require patience, so you should choose a side hustle you’re passionate about and won’t lose interest in the early stages.
2. Does it fit my schedule?
Check if the side hustle fits into your existing schedule without causing burnout or conflicts with other commitments. Although most side hustles can be combined with a full-time job, they still require a significant investment of time and effort, which can sometimes interfere with your other responsibilities.
3. Can I actually earn with it?
Based on the type of side hustle you choose, you can roughly predict the amount of extra income you’ll earn. For example, if you decide to offer tutoring services, your income will depend on the rate per hour you set yourself and the amount of clients you take on. But if you go for dropshipping, your earnings will depend on factors like product prices, your marketing efforts, and sales volume. By understanding the potential earnings associated with different side hustles, you can make more informed decisions about which path to pursue.
4. Do I need to obtain any special skills or training?
Many talents and passions that you already have can be turned into side hustles, like selling your art on Etsy. However, there are other types of side hustles, like tutoring, virtual assistant jobs, and others, that require a special set of skills and training before starting. If you want to follow that path but don’t have the necessary skills, start by investing time in online courses or workshops to build your expertise.
5. What are the potential risks and downsides?
Every business endeavor comes with risks and downsides. When choosing between different types of side hustles, consider possible challenges like time constraints, financial risks, or market saturation. Different side gigs require different investments of time and money, therefore understanding the specific requirements of each side hustle will help you choose one that aligns with your preferences.
10 side hustle ideas
If you haven’t already decided on a side job you’d like to pursue, here are some examples of side hustle opportunities you can look into in your spare time.
1. Dropshipping
Dropshipping is a side business idea that’ll earn you extra money with minimal investment. It involves promoting and reselling blank products from third-party suppliers under your own brand and without needing any equipment. All you have to do is develop a functional ecommerce platform where you showcase and sell the products. When a sale is made, the wholesaler packs and ships the order directly to your customer.
2. Print-on-demand
Another side hustle idea you can start now is selling print-on-demand (POD) items. Like dropshipping, it involves selling blank products through a supplier, but enables you to customize them. The best part about this side hustle is that it doesn’t require you to invest money upfront. To get started, all you need to do is find a reliable POD partner and develop designs for items like custom t-shirts, footwear, home essentials, and other trending products. Then you can list them on Etsy, Shopify, or other online platforms under your own brand. Like the dropshipping business model, your POD provider will handle order fulfillment.
Source: Printful
3. Affiliate marketing
Many companies like Amazon, ASOS, Nordstrom, and others offer affiliate programs that work on a beneficial partnership model. When you join one of these programs, your job is to promote the company’s products and services using your unique affiliate links across various channels like blog posts, Pinterest, or other social media accounts. Since you typically get paid a commission for each sale or action generated through your referral links, the more traffic and sales you generate, the more you can earn. Choosing affiliate marketing as the source of your side hustle income lets you to fit it into your own schedule and work at your own pace.
4. Virtual assistant
Many companies are interested in hiring virtual assistants to help with different tasks like answering emails, assisting with orders, managing calendars, and more. It’s a role that can be done from a remote location and has flexible working hours, making it an ideal side hustle for those who want to earn money from home while balancing other commitments. To find available virtual assistant roles, check out networks like Fiverr or Upwork.
Source: Pinterest
5. Freelance writing
Another side hustle idea you can pair with your full-time job is becoming a freelance writer. A lot of companies hire freelance writers to handle tasks like blog articles, product descriptions, and other types of content creation. These writing assignments can be completed from the comfort of your own home during hours that fit your schedule.
Digital marketing services, including social media marketing, are only becoming more and more popular. This means that many companies are seeking freelancers or agencies to help them enhance their digital advertising efforts, reach a wider audience, and increase brand visibility. If you have the skills to create social media posts, understand how ads work on different platforms and can analyze their performance, this could be the perfect side hustle for you. To find your first clients, you can always check in with local businesses to find out if they need help growing their online presence.
Read our Beginner’s Guide to Social Media Marketing
7. Graphic design
If you’re passionate about creating visual content, you can start offering graphic design services as your side hustle. For example, designing company logos, websites, flyers, and other visual materials is always in high demand. Even if you don’t have all the necessary skills, there are countless free tutorials online that can guide you through various design platforms and teach you valuable tips and tricks. Plus, to start a graphic design side hustle job you don’t need to spend money on expensive software. Free tools like Canva and Inkscape are excellent for beginners.
Source: Extraordinary Routines
8. Online courses
Another clever side hustle idea is creating online courses. At first, recording video or audio materials and developing a marketing strategy can be time-consuming. But once the course is completed and effectively marketed, it provides a steady stream of passive income with little to no ongoing work. Plus, there are no rules when it comes to developing an online course. Whether it’s fitness tutorials, step-by-step sketching courses, or a digital marketing 101 guide, sharing your knowledge and talents can be a profitable side hustle.
