In 2018, Bankrate.com said that 37% of American adults have some kind of side hustle or side gig. And, according to the Hustle, the average extra income for these side hustles is about $12,609/year with about 11 hours per week.
This is being referred to as “the gig economy” in which people work short-term engagements for goods and services. This isn't necessarily a new idea, per se, but with the rapid growth of technology, it has expanded greatly in recent years.
There are many different kinds of side hustles that one can do—everything from e-commerce to real estate. Some gigs are more for fun and aren't necessarily big moneymakers. Yet, some side hustles can be very lucrative. The way that people use and spend their extra income also varies. Some people use it to pad their savings account or even for investments, others use it as disposable income to travel or leisure, and some pay off debt. No matter what the side gig is or how people are spending their extra earnings, one thing is certain: side hustling is extremely fulfilling.
If you are searching for a good side hustle but aren't sure what to do or how to do it, we have a few tips to help get you started.
Tip #1 — Find Your Passion
If you're spending your free time doing something you don’t love, chances are you won't be very driven to succeed in that thing and achieve your goals. Rather, take a talent inventory. What are you good at doing? What do you like to do when you have free time? What unique thing can you share with/teach other people? Make a list of these things and it will give you a good starting point.
Example: Say that you're really big into healthy eating and fitness. Maybe you can start up a side hustle focused on helping people stay fit, lose weight, and live a healthy lifestyle. Something like becoming a Xyngular Distributor would be a great idea for you.
Tip #2 — Find A Niche
A niche is a specific market or community that focuses on a certain type of product or activity. Some example niches are backcountry skiing, archery shooting, bowling, marathon runners, or baseball card trading. There are millions of niches out there to choose from. Once you have a list of potential opportunities, now start focusing on your specialties/talents. Renowned author, Lynda Falkenstein, suggests that a good niche won’t just fall out of the sky and present itself to you, it has to be carefully crafted. She says, “Smaller is bigger in business, and smaller is not all over the map; it’s highly focused.” In other words, the more specific and focused your niche is, the more likely you are to find success.
Tip #3 — Set a Routine
There are 168 hours in a full week. Let’s assume that you spend 40 hours a week of them working your regular job. Then let's say you spend about 56 hours sleeping (that’s probably a stretch, but for the sake of this example, we'll use that number). After working and sleeping, you're left with 72 hours for things like eating, grooming, exercising, etc. What if you set aside just 5 hours for your side hustle? That's just one hour a day, Monday-Friday. If you still think that's unobtainable, we suggest recording your time use for one week. You might be surprised by the amount of time you take to scroll through social media or watching TV. Whatever it may be, you'll need to cut out some of these "relaxing activities" to make a little more time for your side gig.
Tip #4 — Be Courageous
You can't be afraid to fail. As Brené Brown says, “You can choose courage, or you can choose comfort, but you cannot have both.” No matter what you choose to do to for your side hustle, it is going to be tough. Don't be fooled by the others who make side hustling look easy. It's not. They've put in the time and worked like crazy to get where they are.
Tip #5 — Have an Abundance Mentality
When you buy a new car, there's something weird that happens. All of a sudden, everyone else has that same car! But that's not the case. When you start out on your journey, you will notice others, others that you didn't notice before, doing similar things as you. Don't get discouraged by this. Stephen Covey explained this as shifting from a scarcity mentality to an abundance mentality which is having the mentality that there is room for everyone. Tip your hat to the others working hard on their side hustles, and keep grinding away on yours.
Hopefully this gives you a good starting point. We commend you for wanting to start your own side hustle. Though it may be a tough journey, you will find that it's an incredibly rewarding one!