Side hustles are a great way to earn extra money while you’re working full time. They can also provide an opportunity for job flexibility and personal growth. If you have the right personality, start thinking about what your favorite skillsets might be and where those talents could take you if applied in the side hustle world.
The “side hustle ideas 2021” is a guide to choosing a side hustle. It includes different types of side hustles and how much they pay.
Tyler Tervooren of Advanced Riskology has written Part 2 of a two-part series.
If a guy with limited time, money, and energy chooses to create his own micro-business—his own side hustle—he must be strategic in his approach.
First, he must devise inventive solutions to all of the actual and imagined obstacles that stand in his path. If you read Part I of this series last week, you’ve already gotten a head start on this.
Of course, the next step is to take action! And doing so smartly means starting with the correct side hustle (read: one that pays well) and identifying the low-hanging fruit that you can harvest straight away.
This is essential for getting things started in an already hectic life.
Choosing the Best Side Hustle Concept
This section is called “finding the correct concept” because that’s exactly what everyone wants to do: find the most likely to succeed idea. But, in the end, it’s not so much about the concept as it is about selecting the proper consumer.
Any company may succeed if it makes an effort to serve the proper customers, but this is more difficult to consider than just choosing a concept, so it receives less attention. Of course, this is a problem since, at the end of the day, your micro-business will not thrive if it isn’t engaging, cutting-edge, or distinctive. It manages to stay alive by being helpful.
Selecting a client is more difficult than picking an idea since an idea is something you can clearly grasp in your brain and doesn’t need anybody else’s approval to feel good about. You’ll be pleased if you enjoy your concept. That is, until you start doing it and discover no one else enjoys it.
Rather, begin with the client. This is more difficult since you must first identify an issue that others are experiencing and fully comprehend the situation in order to provide a solution. It can’t simply be a brilliant answer that you conceive of. Others have to believe it as well.
Damn! Isn’t it simpler to have a side business if you could simply sell goods to yourself?
Nonetheless, I’ve never encountered someone who regrets basing their company on a consumer rather than a concept.
And it doesn’t have to be an unpleasant or difficult procedure. There are just three stages to finding a suitable client for your microbusiness. Let’s have a look at what they have to offer.
1. Who is the client and what is their issue?
The more explicit you can be in your response to this question, the more likely you are to succeed.
Don’t be deceived by the notion that if your company addresses an issue that affects everyone, it will be successful. It is significantly more probable that it will be too broad and will be disregarded by everybody.
Instead, put your whole attention on the task at hand. Consider difficulties you’ve solved for yourself in your everyday life. If you can locate people with a similar condition, you may utilize yourself as a case study.
- My client, for example, is a guy who needs to save money.
- My consumer, for example, is a 30-year-old parent who needs to save money on diapers.
- Better example: My client is a parent in his 30s who is concerned about the environment and wants to save money by using cloth diapers.
The more precise you can be, the better. Why? Because having a mental picture of your consumer makes it simpler to answer the following two questions, which are crucial to the success of your micro-business:
2. Is my consumer in a position to pay?
Looking at the client profile you just created… Is this the sort of individual who would be willing to pay for your solution? The more descriptive you can be, the simpler it will be to answer this question, and the response must be a resounding yes. If it isn’t, return to step one and begin again.
3. Does my consumer have the financial means to pay?
The second qualification is as crucial as the first. Your clients may be loaded with cash and unsure what to do with it, but if they don’t recognize the issue you believe they have and don’t appreciate it—in other words, they don’t experience the pain caused by it—it doesn’t matter how good your offer is. They don’t have to pay for it.
Return to step #1 if the answer here isn’t yes (be brutally honest with yourself).
I’m staying inside my $100 budget.
I suggested last week that practically every company in the world can be launched for around $100. This is still true in my opinion, but it requires some explanation.
The urge to spend as much money as possible when beginning a company, micro or otherwise, is strong. While we have mastered the art of spending money before we have it in the United States, this is not a typically American issue.
When you have a passion for anything, such as your new micro-business, you want to invest in it and show the world that you’re serious about it. You want to plan ahead and grow before you need to, so you don’t run into any issues.
Intuitively, this seems reasonable, yet it’s really counterproductive.
To offer oneself the greatest chance of long-term success, you should constantly be one step ahead of your challenges. Rather than avoiding issues, you should constantly spend money to solve them.
Basically, don’t attempt to tackle issues that you haven’t yet encountered!
This is where the bulk of squandering occurs. You get the feeling that if you’re not cautious, something will spring up and bite you, so you spend money ahead of time to ensure that doesn’t happen.
Then it never occurs, and you conclude that the money was wisely spent since, as you suspected, you fixed the issue ahead of schedule! What’s more probable is that the issue was never going to be a problem in the first place, and you just squandered money that might have been put to better use.
You might also be suffering from a more prevalent and perhaps deadly symptom of business: a corporate porn addiction.
A business porn addiction affects a large number of entrepreneurs. They find something that they believe will make their firm appear cool, so they invest in it, figuring that if others think their business is hip and attractive, it will generate more revenue.
This may be true in the future, once you’ve shown that your company concept works. But it’s the kiss of death right now!
“Anything that does not immediately generate more money” should be characterized as “business porn” in our scenario. So, if you spend $1 on anything, you should be able to confidently state that $1 will return at least $1.01.
You don’t need it now (or ever) if you can’t answer that!
The irony is that once you embrace this mentality, almost all of the products you buy and sell to “better your company” become blatant wastes of money.
Congratulations, you’ve become a savvy businessperson.
Now, in order to stay inside your $100 launch budget, you must acquire one more critical belief:
If it takes more than $100 to start a firm, it’s already too huge.
This is a difficult pill to take at first, but it’s not so difficult if you harness your inner cheapskate and aggressively refuse any business porn.
Examine every move you do in the direction of launching your company via this lens:
It’s too huge if it costs more than $100 and I can’t finish it by the end of the day.
When you look at each step in this way, you drive yourself to pare down your concept to the basic necessities of what it needs to get started, and you develop activities that are small enough to be completed.
This is vital for any do-it-yourself entrepreneur, but it’s especially important if you’re launching a company while working a day job and/or caring for a family.
If you believe you need a website and it will cost more than $100 to create or will take more than a day to complete, then:
- Your website is very complicated, or
- You are not need to have a website.
That may seem ridiculous, but you don’t really need a website to get started. You need a client! It’s just one of them!
You don’t even need a website to locate a consumer. You’ll need to chat to your friends, knock on your neighbors’ doors, inquire around on Internet forums, and send a number of emails to individuals to let them know about your company.
Try to market to your consumers where they are (remember the people you just identified?). You’ll have to accomplish this regardless of whether or not you have a website, so start without one.
Repeat this process many times to get a few clients the hard way, and then utilize the funds to develop a website. Basically, spend your time and effort on selling more, and utilize the earnings to pay for activities that aren’t linked to selling.
“Make it to spend it” is the name of the game. Because this is the polar opposite of what we’ve been taught, it may take some getting used to!
The Last Word: A Proclamation of Your Side Hustle
You’ve got a lot on your plate. You have a job, a wife, children, and other obligations. You also want to establish a company because, let’s face it, who hasn’t fantasized about being their own boss at one point or another?
You could consider these constraints to be drawbacks, yet they might also be benefits in disguise.
Because you have so much on your plate, you’re compelled to concentrate in ways that others may not. And it’s via this laser-like concentration that you’ll achieve success—a side income from a microbusiness you’re delighted to work on every day.
You can accomplish it—most people can if they simply start—and how effectively you allow yourself to think large yet behave little will be the decisive factor.
In a society filled with constant distractions, your success will be determined by your ability to set goals for yourself that are:
- Dedicated to creating money for your small company, and
- They’re small enough to fit into your schedule.
These are the two most important factors to consider when beginning a micro-business as a working person. Go ahead and work hard.
Best of luck!
Tyler Tervooren, a do-it-yourself entrepreneur, contributes to Advanced Riskology, a website committed to having a better life by taking risks.
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If you are looking for a side hustle, then the “side jobs for extra money” is a good option. There are many different ways to make some extra cash on the side. The best way to find one that suits your needs would be by using the internet and doing some research.
Frequently Asked Questions
How do I choose the right side hustle?
A: There are a few ways to choose the right side hustle. If youre not sure what your passion is, then go for something that pays well in order to make ends meet until you figure out what it is that makes your heart sing!
Is my side hustle worth it?
A: I do not know anything about your side hustle, so I cant answer this with any degree of certainty. However, if you have a skill that people are willing to pay for then its likely worth your time investing in.
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