We could always use more money and side-hustle is a great way to get it. Moreover, your side business can be the game-changer that’ll make a difference in your wallet while giving you the freedom you’ve always wanted.
- Tips on having a successful side hustle
When you start a side hustle, your goal is to be great at two things: your full-time job and your side hustle. Losing your full-time income is the last thing you want so make sure you consistently crush your full-time job as you start building your new venture.
Never take on side-hustle debt
The majority of small businesses take years to reach profitability because they require significant investment before they start earning money. A huge percentage of startups also fail because they never turn a profit and don’t pay back their investment. Don’t make that mistake.
Don’t spend money that won’t be visible to your customers
Before making any investment, always ask does this increase the value of your product or service in the eyes of your customer? If the answer is no, don’t do it.
Don’t’ spend ahead of time
It’s tempting to plan ahead like stocking up on supplies before you actually have demand. Or needing more equipment before you actually have demand. Wait for things to pick up so you are flexible enough to adapt and alter your strategy as needed.
Always follow a strict schedule
When your “normal” workday ends, your side hustle workday begins. Devote a specific number of hours, then double it or at least increase it by 1/4. Most importantly, commit to your schedule and do not succumb to excuses.
Dream big, but start small
Making a million dollars is not impossible. But you should focus on a way to serve a million customers. Start small where you have reasonable chance of success. As you build your customer base, you’ll build your skills, leverage everything you’ve learned and then you can up level your game. Eat the elephant one bite at a time.
See your side hustle as “me time.”
When you choose your side hustle, pick something you want to do and be so you will be motivated to work toward it. In this way, you’ll make it fun and give it a greater sense of purpose as it will enhance your everyday life.
- Alternative ways to make money
There are so many ways to approach this as these days there is literally nothing that you cannot do. With the help of the internet, you can even become a virtual assistant to a person you have never met or give classes in any skill that you have. Below is a list of a few universal and low-risk side-hustles.
Dropshipping allows you to sell a product directly to the customer without having to buy any inventory. Therefore, risks are low and you need zero investment to get started. Moreover, you can start a business within any of your favorite passions such as selling kitchen equipment.
The secret to succeeding as a freelance writer is to charge clients based on the value you’ll bring and not based on time. You need to be careful not to undercharge, as you will burnout quickly with little payoff.
Affiliate can either make you a lot of money or nothing because it’s not just about finding the right product to sell, but also finding the right brand to partner with. E-commerce will likely offer you a lower commission than tech companies which are more likely to offer you a hefty price tag.
Blogging allows you to build a personal brand while owning your own asset. You can even write about your passions such as yoga, beauty, or and attract a niche with the same interest. A blog can be monetized via affiliate links sponsored posts, by adding a link where you sell dropshipping products of even by offer premium content with an exclusive membership on Patreon.
Make money from your hobbies
If you are a photography fan, own a camera and some basic Photoshop skills, you can sell your photography.
- Money-Saving Tips
The least fun things to spend money on are the ones you actually have to pay for. But, you may be surprised how simple it is to identify areas where you can save each month:
Switch to a Cheaper Cell-Phone Plan
With so many wifi hotspots around, do you really need a lot of data? The standard smartphone owner today does not need more than 1.6 gigabytes of data per month.
Out with the old
Channel your inner minimalist and get rid of all those dusty DVDs, CDs, books and devices. With Decluttr, you don’t even need to wait to see if someone will buy them as you can scan them and see how much money the company would pay you for them.
Rent your possessions
If you have items you don’t use but that you are not willing to part ways with, you can rent them. This can be a car, baby gear, camera equipment, projectors, lighting and audio equipment, textbooks, etc.
Monetize your commute
You can earn extra money while you commute to work and drive the kids to soccer practice. You can get paid just for driving a package or even a pet from point A to point B along your route with Roadie.
Save money on your utility bills
Energy-efficient lifestyle can result in significant savings. Start by insulating your windows with a simple sheet of bubble wrap, unplugging appliances when they are not using them, and turning the faucet off when you brush your teeth. Moreover, make sure you chose the right utility provider as a difference between rates can amount to several hundreds of dollars off your yearly bill. Companies such as Scana Energy have many different rates to choose from.
Re-evaluate your subscriptions and memberships
Many of the exercises you do at the gym can be done at home with a YouTube tutorial. All it takes is a bit of creativity.
Making extra money can change your life. Side-hustle can be a great way to monetize your passion and perhaps even find a new purpose in life. People who build wealth and manage to save money are not unicorns. It’s time to break that myth. All you need is a side-hustle and you’re good to go.