7 Tips for Creating a Successful Side Hustle
Written by Nikki Newbauer
Are you struggling to make ends meet? Do you have your eyes set on a financial goal? Are you trying to break up with your student loans for good?
Side hustles are a great way to make extra cash on the side. Get really good at them, and you can even make that “side hustle” a full-time gig. There are numerous (and very creative) side hustle ideas out there. Here is a list of popular side hustles you may consider if you want to amp up your debt-free journey or enjoy the finer things in life (like a latte a day?):
- Dog-sitting
- Reselling gently used clothing
- Rehabbing used furniture
- Virtual Assistant
- Dropshipping
- Freelance writing
I’ve tried my hand at a dozen or so and have walked away with some serious cash but even more valuable advice. Keep these seven tips in mind when you’re considering which side gig is best for you, your lifestyle, and your financial goals.
Take Stock of Your Resources
Are you prepared for the side hustle you’re thinking of tackling? Make a realistic list of resources you’ll need to start bringing in cash. We’ll chat a bit more about a cost analysis further down, but for now, just list the basic tools you’ll need to kickstart your side hustle.
Here are some questions to get you started:
How much space will your side hustle require?
How much time do you have per week to commit to a side hustle?
What is the timeline for doing your side hustle?
How will you advertise your product or service?
Know Your Side Hustle Working Style
Are you best suited for an in-office side hustle, or are you aligned more with a virtual gig? Knowing your style of working and what interests you isn’t just for career-focused professionals. Take a popular personality assessment like 16Personalities or the Enneagram test to get to know yourself a little better.
I’ve listed four questions I wish I would have asked myself before starting the many side hustles I’ve tried over the years:
What is my mental and physical bandwidth?
Based on that answer, which side hustles should be cut from my list?
Is this side hustle going to interfere with my goals rather than equip me to reach them?
How can I keep this side hustle lucrative and exciting on the days when I get bored or discouraged?
Do a Cost Analysis
After researching the cost analysis of side hustles, create a list of your top three contenders. Finalizing your list will keep you from overcommitting, overspending, and burning out. Some side hustles require an investment to get them off of the ground (i.e. dropshipping, furniture rehab, etc.), while others won’t cost you a dime to get underway. Be mindful of apps or reseller platforms that withhold a percentage of sales, and take those fees into consideration when comparing investment costs.
Need a hand thinking through the best side hustle for you? Here are a few things to think about:
What is the initial investment needed to begin this gig?
Are there any recurring fees involved (i.e. a monthly subscription for a website, app, etc.)?
What is the average monthly income people doing this side hustle are making? How much time are they committing?
What am I projected to make if I use this formula: (average monthly income) x (number of months) = projected income?
Gauge the Competition of Other Side Hustles in Your Area
You probably have too many side hustles to even consider if you’re in a metropolitan area. However, your location may also make the competition tight. Search social media for others in your area doing the same side hustle. If the market is saturated, consider how you can up-level the side hustle to make it your own or reconsider another side hustle that was on your original list. To make the most of your time and investment, you need to know you’ll have a market for it.
Use these questions to gauge the sustainability of your side hustle:
What is your local market like?
Would you be able to pivot and offer your product or service online if the local market is saturated?
What is the competition doing to drive interest and customers/clients?
What is an advantage you have that your competition doesn’t (i.e. same-day shipping, flash sales, discounts for recurring clients, etc.)?
Consider Your Side Hustle a Job
A side hustle can be a lot of fun and give you an escape from the everyday routine of your 9-5 job. The truth is, side hustles are also a lot of work because they’re still requiring your energy, resources, and time. Of course, you don’t want to commit to a side hustle with the exact same intensity you would your career, but there are still customers/clients to please, deadlines to meet, and taxes to file at the end of the year.
Just as you would in an office or in your remote job, take precautions to:
- Take frequent breaks
- Know your limits and when you need to call in a “mental health day”
- Set client/customer expectations from the beginning (i.e. your side hustle hours, return policies, shipping timeframe, etc.).
Find Support
Follow others on social media that are in the side hustle circle. There are plenty of free resources to help you succeed in your side hustle, including podcasts, books, and online courses. If you fall in love with the side hustle of your choice, consider how you can build it to be a lucrative business and crush your financial goals even faster!
Here’s a quick list of resources you may find helpful in your side hustle journey:
And, here are a few platforms I have used and can vouch for as being a 10/10:
Reseller:
- Poshmark
- Mecari
Freelancing:
- Upwork
- Worksome
Pet Care:
- Rover
Take it to the Next Level
The sky is the limit when it comes to side hustles. I have watched so many people start out with a side hustle and then find their passion, pay off debt, start a business, or sometimes all of the above! I have been a dog sitter, vintage clothing reseller, and virtual assistant, and my gig as a freelance writer led to me starting a copywriting agency. The rest is history! If you’re considering turning your side hustle into your dream job, consider reaching out to a business coach or mentor.
Best of luck as you tackle your side hustle!
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