With a side hustle, you can supplement your paycheck and at the same time develop talents that don’t have much of a game in your nine-to-five. Committing to a side hustle could be the kick in the butt you need to develop a skill that you are passionate about. You may have to stop binge-watching Netflix, and often you’ll be the last to hit the bar … and the first to leave. But the best way to start is to stop talking and start doing. These are the three steps to transform your hobby at a job.
List the possibilities
Yes, it is time to make another list. You may have more than one hobby that gets your hustle flowing. To help decide which way to go, focus on hobbies that fit the following criteria: You’re really good at it, it’s a service or product that fills a gap in the market, and you can realistically make money from it. You want your job candidates to meet those three criteria, but list everything that meets those criteria. You like dancing? Put it on the list. Talking on phone? Put it on the list. Are you a beer connoisseur? Put it on the list. Do not stop! Get started with the whole thing because you’re going to narrow down this list based on the reward potential.
Is it worth your time?
As you go through your hobby list, ask yourself: how much time do you have for your side hustle? And can you realistically stick to a self-imposed schedule while also having a full-time hustle? Tackling your secondary hustle after a busy day at work will take a lot of discipline. Look at the list of hobbies you did and now analyze the time you can dedicate to that hustle and bustle. Remember, your availability may be different for different hobbies, because some jobs you can do on your own at night, while others will be “customer-facing” and must be done during traditional business hours or require time-consuming transportation. available / week. Make sure your side hustle is something you care enough about to take the time to do other things.
What is the ROI?
ROI, or return on investment, is the measure of how much money you get back from the money you put down. So as you go through your hobby list and the amount of time you can put in, also think about what your initial investment will be to get your business up and running. Will you need equipment? A training course? Money to establish your LLC or whatever entity you choose? The ROI has to be substantial, even if you are cutting some money from your investment to account for travel time, a new computer, or whatever else you need to get your business up and running, there has to be a profit. If your initial investment is too high, cut it! Always find ways to save.
I want you to make your list and follow these three steps. Decide how long you have for your side hustle, what the startup costs are for graphic design and woodworking, and how quickly you’d recoup that initial investment. Remember, you are looking for the options with the lowest initial investment that can generate good money for the hours spent … and, perhaps, could turn into a career.