Education is ever-present, inflation is rising, and many individuals are looking for more freedom and income. This has created a huge trend to start a side hustle, as there are so many ways to level up your skills or passion and put them out into the world. Needless to say, there are so many things to consider before starting your side hustle, and you do not want to throw all the available time you have at something you are unsure about. Today, we are going to cover five of the most common questions to ask yourself when starting a side hustle.
1. What is the cost to create and cost to sell?
Before you start this venture, you want to know that you can turn a profit. If you are getting into freelance writing, how long does it take you to write an article, and what are you selling it for? Exploring these figures will give you a sense of your rate. If you are creating a tangible product like jewellery, then what is the cost of the wholesale jewellery in Australia and other parts, and what can you sell it for? This will let you gauge what your profit margin is. You want to have a clear and transparent idea of your margins, as you might be spending too much time and effort on too little profit.
2. Is there a market for this product or service?
Another critical question to ask is whether there is a market for this product or service. The last thing you want to do is create something that no one is looking for, or the demand is not enough to sustain your side hustle. You can look to see whether people are looking for this product or service by doing keyword research, which will guide you to finding out what they are looking for and what sort of additions they are also searching for. Businesses that do this due diligence before starting their side hustle will be in a far greater position.
3. How much time will this side hustle take up?
The last thing you want to do is to create a product or service, only to find that you need more time than you can afford to keep it going. Do some time analysis and record how much time it takes to ideate, create, sell and repeat. If this is something you can do quickly, then you might be on to a winner, but a larger investment of time might make your side hustle harder to execute. You also want to experiment with how you can work on your side hustle. For example, can you work on your side hustle while you are watching television, on your lunch break or on your commute to work? If so, then this might make your side hustle even more viable.
4. How will I get my side hustle out there?
Now that we know how much time we need, whether there is a market and what the cost is – you need to also understand how you will reach your customers. Facebook groups can be a great way to reach people authentically, or you can also create a social media presence that you can reach out to your audience. Remember to work this side hustle marketing time into your time budget, so you have a clear snapshot of what is required when starting a side hustle. Paid advertising is a great way to increase your exposure in the short term, but this will be expensive as an always-on strategy. Collaborating with other creators is another way to get your side hustle out there, so try and identify some like-minded influencers out there who you can work with.
5. What does success look like for my side hustle?=
This is a question that everyone will have a different answer to. Perhaps your side hustle will give you a little more money to spend on your wardrobe or holidays, or perhaps your side hustle is a creative outlet that can be a mindful activity for you. You might even have long-term plans for your side hustle to become your full-time job or that your side hustle will allow you to go part-time in your day job. Get clear on what your objectives are for your side hustle, and write them down so you can refer back to them. It’s very likely that your success parameters may change over time, and that is fine!
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We hope these questions will get you started on your journey to side hustle success – wherever that journey takes you! Be kind to yourself and allow enough test and learn time so you can get a better understanding of what is exactly involved.