How can you turn your hobby or free time into something more profitable? Here are some tips to maximize your profits on the side.
These days, it seems like everyone has a side hustle. It’s an extra way to earn money when you’re away from your main job. While the gig economy has provided plenty of opportunities to earn extra cash, that doesn’t mean all are created equal. Here are some tips to help you turn your hobby or free time into a profitable side hustle.
Start with what you know
Is there any aspect of your job that makes for a good freelance opportunity? For example, are you a manager who could consult on the side? Maybe you work in communications and can freelance write in your spare time. Most people who do profitable side hustle do so by focusing on their strengths and past relationships.
A note about this approach: be very careful to separate your primary and secondary work. Your job won’t appreciate you taking their clients or their opportunities. This could result in termination or even legal action.
Make a plan
Your side hustle is a business, so make a business plan. Outline your goals and aspirations with your sideways bustle. Keep your goals reasonable and achievable. You don’t want to burn out before your gig even starts. A plan will help organize your business, give you milestones to celebrate, and give you an idea of when to pivot.
Alternatively, you can also let someone else do the planning for you. A lot of people are jostling with companies like Uber, Instacart and others. They’re great for people who want something to do that doesn’t require a lot of planning and strategy. Plus, you can make your own hours and get a reliable source of income.
Have a return
The first people to buy into your side business will likely be friends and family. They want you to succeed no matter what, which is a double edged sword. Getting open, honest, and sometimes brutally needed feedback can be difficult from these groups. This is why you should solicit feedback from your first customers who are not family or friends. They will help you shape and change your business to make it a better experience that will grow and succeed.
Turning a hobby or your free time into something profitable can take time and energy. Be sure to take care of yourself during growth and be patient in that growth. Overnight successes don’t happen. Even the ones that seem like instant hits took a lot of hard work, dedication, and quite a bit of luck. Go ahead and be shrewd in your planning and execution. This is the best way to make your stampede profitable and enjoyable.
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