4 Keys to Choosing a Profitable Side Hustle
These days, promising business opportunities abound, thanks to the continued growth of the gig economy. In today's digital age, small businesses and scrappy freelancers can serve consumers throughout the world. Before you consider a side hustle, however, it's important to consider your options. Here are some of the key factors to keep in mind before you dive in.
Do what you know. Entrepreneurs take pride in their ability to wear many hats - and wear them well. Since they are responsible for every facet of their enterprise, they tend to become knowledgeable about a great many things. Unfortunately, no matter how smart or hardworking you are, you don't have time to specialize in everything. In most cases, having a basic understanding of a business isn't going to be enough to drive success in today’s hyper competitive marketplaces. When looking for a side hustle, consider your expertise and search for opportunities that fit nicely within these parameters.
Make sure it really is on the side. As the name implies, a side hustle is something you should be able to do when you aren't busy with your full-time job. Many times, however, people underestimate the time and commitment involved in what are supposed to be part-time endeavors. You can't pursue a full-time opportunity with only part-time availability. Before considering a side hustle, make sure you will be able to fulfill its requirements according to your schedule. If you jump in without thinking, you may overextend yourself. This may force you to work extra hours, compromising your well-being and work-life balance.
Look for growth opportunities. Unless you are strictly doing it out of love or passion, you will want to choose a side hustle with growth potential. Ideally, you should be able to work on the project when you aren't working at your day job, with the understanding that it will become your full-time job at some point in the future. If your side hustle is unlikely to ever replace your day job, it should at least bring in enough extra income to justify the time you are spending away from friends and family. Even if you love your side job, it will grow to be a burden if it throws your life out of balance by consuming too much of your time.
Follow your heart. It may sound like a cliché, but purpose and passion really are the two pillars of success. If you don't love what you do, you are unlikely to spend the time and energy it takes to stand above the competition. This doesn't mean you should go all in on your pet psychiatry idea. It does mean you should avoid side hustles that will be tedious and uninspiring. To give yourself the best possible chance for success, target something that will be easy for you to dive into every single day, even when you are exhausted after a long day at work. While any worthy enterprise includes at least some boring work, there should also be enough elements to excite you enough to stay motivated for the long haul.
When it comes to choosing a side hustle, it's a good idea to conduct plenty of research, so you can see exactly what it will entail. Many times, things that look simple, fun or profitable from the outside actually involve a lot of unexpected work and complications once you get involved with them. Instead of rushing into an opportunity blindly, perform plenty of research to see if it will align with your lifestyle and abilities.