A Side Hustle Takes the Fear Out of Entrepreneurship
Perhaps you have been thinking of becoming an entrepreneur for a while, but aren’t quite ready to take the plunge. You might be afraid it isn’t going to work and don’t want to ditch your steady income day job for the uncertainty of entrepreneurship. Starting a side hustle could be your answer.
A side hustle may become a full-time venture in the long term, but it could also remain a side hustle as an income supplement. There is no hard and fast rule. Whichever way you choose needs to be right for your unique situation, however, you will need to find some time to develop your side hustle. How many hours a week can you devote to a side hustle?
Sometimes you have to try different opportunities before you find the right fit. But that’s ok, too. In today’s work world, we will have many different roles before we retire. We are called “slashers”. That’s right, we have titles like: Author/Speaker/Trainer/Teacher, we are not just one dimensional with titles such as Accountant!
What Kind of Side Hustle Could You Start?
One of the first things is to decide what product/service you could start while still working your existing job. The easiest way to list your transferable skills that could translate into an entrepreneurial adventure.
Current Day Job = Teacher
Transferable skills = speaking, designing programs, writing, presenting, creating
Entrepreneurial opportunities = certified coach, creating courses on your topic specialty, teaching others how to create courses/webinars, writing a novel, writing a ‘how to book’ such as ‘how to be a dynamic teacher’, teach via Udemy platform.
Current Day Job = Fitness instructor
Transferable skills = great at exercise activities, believes in a healthy lifestyle, trainer skills, communication skills, program organization.
Entrepreneurial opportunities = Create healthy food line of frozen products to go such as paleo foods with home delivery, launching a natural skincare product line, mobile personal trainer to executives, network marketer for products in related fields of health/nutrition/exercise.
Turning a hobby or interest into a side hustle is another alternative. For example, you might be a math teacher but piano or art might be a hobby that could also translate into a side hustle.
If you cannot think of anything that really comes to the top of your mind, then hundreds of people have turned into Amazon sellers, making plenty of money with this side hustle. The easiest way is to become a reseller, called Retail Arbitrage. Basically, in retail arbitrage, you find a product in a retail store and re-sell it at a higher price on Amazon. It is surprising what items you might be able to find at a deep discount on a seasonal clearance that you can re-sell at a high profit.
The capital outlay, while you experiment, is very small and it is fairly simple to set up. The fees from Amazon are quite reasonable and there is an app you can get for your mobile phone that helps you find out if you have permission to sell a particular product. It also figures out at your retail purchase price whether you can make a profit selling on Amazon. So all the hard work has been done for you.
There are many myths about selling on Amazon, but these are clarified for you in this post by the folks at Floship who specialize in e-commerce fulfillment.
Success Tips for a Side Hustle
- Learn as much about your new product/service as you can before you launch
- It doesn’t have to be a perfect product/service
- You have to be able to make money
- Start small without a huge outlay of cash
- Dedicate a minimum of 16 hours a week to your side hustle
- Take action steps (baby ones) every week
- View failure as feedback, nothing more
- Try again and again
Resource For Side Hustle Examples
If having a side hustle interests you, check out Chris Guillebeau’s book appropriately called “Side Hustle” or his Side Hustle school where he shares daily examples of people who have found their side hustle. There is a side hustle for everyone and your idea doesn’t have to break the bank!
XL Consulting Group advises startups on business launch strategies including business planning, all aspects of marketing including website design, social media set up and campaigns. Contact us for a free consultation.