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As wonderful as the idea of a side hustle is, the toughest part is trying to figure out which is the best fit for you.
Learn how to pick the right one for you so you can grow your stash and hit your money goals faster!
One common challenge couples have on their path to financial freedom is the plateau they encounter after they have optimized their expenses.
They've switched providers, dropped necessary bills, and have regular check-ins to make sure they are getting the best deals.
The initial rush of seeing their bills go down has passed. They want to do more and speed things up with their goal.
Earning more money would be wonderful, but plenty of people don't want to take on a second job just for money.
Part of the reason they want to be financially independent is to have more freedom and time. They want something that gives them income, is flexible with hours and location, and maybe work they enjoy.
Sounds to good to be true? Maybe not.
Starting a side hustle can be a solution.
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How a Side Hustle Can Help You
For sake of clarity, think of side hustles as part-time entrepreneurship.
You are building up an income stream on a service or product that you can provide with a limited amount of time.
It can be passive or you can devote some time for the projects.
Some side hustles can become careers or full income streams, but for most, they can be a nice boost in the budget.
Besides the money, there are some other benefits to diversifying your income with another pursuit. A few of my favorites are:
- Refining and honing your current skillset
- Broadening your professional network and projects
- Using your talents to help a non-profit that moves you
As wonderful as the idea of side hustle is, the toughest part is trying to figure out which is the best fit for you.
You can start anywhere, but some of the more popular options include:
- art and craft creation (think Etsy)
- freelancing with your current professional skills
- mobile apps
- niche consulting (like my Fiverr hustles)
You may be looking at the list and seeing some ideas that jump at you. And that's great.
The next step is going from an idea to making a profitable venture.
Finding the Right Side Hustle for You
Jumping in is tempting – after all, it's just a side hustle – but it more often than not just leads you to waste time and making no money.
The name may throw some off, but treating it like a business and completing your due diligence can give you a huge edge.
There are two sides to the equation with creating a profitable business:
- What you have to offer
- What your clients/customers need
Once you clearly define both, you can considerably narrow down your options.
Let's start with you. What are your skills, strengths, and interests?
- Skills: What are you good at? If you are a software developer, for example, what languages are you a master in?
- Strengths: What are your advantages with projects? Are you a good organizer? Can you handle managing a remote team spread throughout the world?
- Interest: Or as the internet likes to say ‘What are your passions?' If you're still stumped, look at how you spend your free time. You may have a hobby that could translate into a money-making business.
Write them all down. See if you can take the top picks in each category to find a niche that suits you.
Now, let's get inside your potential client.
Besides being able to pay (I know you wrote that down!), what do you know about them?
What's their biggest headache? What are they stressed over? Be as specific as possible.
Take these two lists and create a list of three or so side hustles that fit your talents.
Building a Side Hustle
Now for the fun part – starting and growing your business.
The great news is that now is a wonderful time to begin.
There are plenty of resources and opportunities out there to help you get up to speed.
When I began a few years back, one resource that helped me was Chris Guilbeau's Unconventional Guides.
Long story short – as he traveled the world he's designed systems and guides (some times in collaboration with others) to help people create location independent income streams.
- Designed to Sell (my review)
- Unconventional Guide to Freelance Writing (my review)
- Working on the Road
Another fantastic resource is Nick Loper from Side Hustle Nation.
- How I Got on the Homepage of Fiverr and Earned $920 in 10 Days
- How to Make a Full-Time Living on Craigslist
If you want to hear more check out the podcast and hear Nick openly share about what it takes to build a side hustle.
He also shares some of his favorite productivity tools for work.
Thoughts on Starting a Hustle
I'd love to hear from you about your ventures. What side hustles do you run? How are they helping you with your goals?
This episode was originally released in November 2015. The show notes have been updated in March 2020.