You are more than your day job. You’ve got a passion that must be expressed, a talent that yearns to be set free, a skill that can fulfill your heart’s desire.
Or, you know, you could use some extra cash.
According to the Freelancers Union, 53 million Americans worked as freelancers in 2014. That means 34% of the workforce gave up traditional job security for more independence and flexibility. Welcome to the side hustle economy.
One side benefit is the opportunity to pursue a second career in addition to your day job. These careers are often passion projects that need extra time and resources to get off the ground. But the additional work can be worth it.
“Side hustles give us creative satisfaction,” says Kimberly Palmer, author of The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life. “It’s thrilling to know that something you create or a skill you have is valuable enough that someone else is willing to pay for it.”
Palmer speaks from experience. On top of being the finance editor for a news publication, she runs a side hustle on Etsy selling interactive planners that help people navigate major life events and set their goals.
Here are key things to consider when planning your side hustle:
Do you want to make money?
There are three ways potential side hustlers can answer this question:
- Yes, absolutely! Why else would I start a business?
- Sure, who wouldn’t want to? But I’m in it for more than the money.
- Yes, eventually. But I’m willing to put in the time to build the business. Years, if necessary.
If you answer ‘Nope, never,’ then your side hustle is likely a hobby. However, that can be turned into a business when – or if – you’re ready. Just hold on to your main gig.
“Since jobs can disappear so easily, it’s smart to have another way of earning money in the works already,” Palmer says.
Find your niche
There are millions of prospective side hustlers out there, but only a select few turn their creative spark into a flame. Before you take on the challenge, consider this: what do you do better than anyone you know? What do you love so much that you’re willing to work nights and weekends on it?
“Another way to figure it out is to pay attention to what people ask you advice about,” says Caroline Ceniza-Levine, a career coach who has a side hustle as a standup comic. “If friends come to you for website tips, that’s a sign you could turn your skills into a business and charge for your services.”
Use a scale of one to 10 to gauge your passion for your side hustle. A one is the initial spark of your idea and a 10 is a raging side hustle inferno. Where are you on that scale, and what do you need to do to move up? Keep track of your progress in writing.
So how do you figure out if your balloon animal ceiling art or zither music for cats is ready for the big time? Palmer says to test the market before devoting too much energy or money to your side hustle. “Based on the interest you get from potential customers, you can tweak what you have to offer,” she says.
A key is to start with the smallest, least disruptive step you can and then build from there. “If you have an idea, try to sell one unit – one piano lesson or one handmade bag at a local flea market,” Ceniza-Levine says. “See how much you like it once you’re doing it.”
Get social
One thing side hustlers tend to neglect when launching their new businesses is marketing. “Be ready to get the word out about what you have to offer,” says Palmer. “That might mean having an active Facebook or Instagram account, or being somewhat aggressive in asking friends to spread the word for you.”
Keep in mind that your passion must carry you through long hours of drafting a business plan, researching and fulfilling legal requirements, and delivering orders.
Ceniza-Levine suggests taking it slow. “Give yourself a 30-day window where you carve out time after work on a regular basis to do something fun but that’s not the side gig,” she says. This will help you organize your time and exercise your commitment muscle.
Keep the hustle going
Over the next four months the side hustle movement will be covered here from many different angles. A video series will follow four hustlers as they go through the ups and downs of business development. Additional articles will go into greater depth on networking, peer-to-peer mentorship and how to keep a creative spark going.
Join in by tweeting your own side hustle stories to the hashtag #mysidehustle. And follow along to get career advice that can help boost your side hustle to the next level.
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