Use a Side Project to Generate Extra Income
Are you sick of dreaming about vacation but never taking getting to experience it because you can’t afford to go? Are you drowning in debt, wondering how you’ll dig your way out with the money you currently make? Or maybe you’d just like to say ‘yes’ to those weekend activities your friends are always asking about, but you constantly turn them down because of financial reasons. Whatever the case may be, a side hustle is the perfect way to bridge the financial gap to accomplish any and all of these items above!
What is a side hustle? When we say ‘side hustle’ all we’re referring to is a side project that you dedicate a few hours a week towards with the intent of generating an additional income stream to help you achieve your financial goals.
Now, I know what you’re thinking, “I’m already so busy, where will I find the time to start up a side business?”. The beauty of a side hustle is the many forms in which it can be established. It can be as complex as setting up a full retail business, or as simple as charging electric scooters (yeah, the ones you almost get run over by every time you walk down the street!) The fact is, any additional income is nothing but ‘extra’ money you didn’t previously have. The trick to the game is finding the right side hustle that fits your persona and skill set.
Finding Your Hustle
Often times, the hardest part about a side hustle is landing the perfect idea. Finding just the right blend of your skillset combined with the time you’re willing to commit isn’t easy. If you’ve decided you want to give this side hustle a go, fantastic, here are some tips for coming up with your idea.
Sit down at the table on Sunday with a notebook and a cup of coffee, tea, whiskey, or whatever gets your brain firing. Jot down any of the skills you possess, leave nothing off the list. This might be difficult for some, so start small if you’re struggling. Who knows, maybe whiskey is the basis of your brilliant side hustle (yes, it can be monetized). There are no bad ideas at this stage in the game because, like whiskey, just about anything can be monetized. Don’t believe it? Try this: Google ‘diapers for dwarf hamsters’ and what you’ll find is thread after thread about diapers for hamsters and people looking for products or tips.
These ideas were taken to the extreme for emphasis that EVERYTHING can be monetized! Think about it, everything you see, touch, hear, or use throughout a given day was created and sold by somebody else. It’s how the world we know it today was built, so join in on the money train! And if you’re still struggling with ideas, check out a guy named Chris Guillebeau who runs a Side Hustle School podcast and has written a book titled 100 Side Hustles. He has compiled and detailed over 1,000 side hustles between the book and the podcast!
Starting Your Hustle
Once you’ve nailed down your perfect hustle, it’s time to take action. Not tomorrow, not next week when things are slower, RIGHT NOW! Every day you procrastinate taking the necessary steps to get it off the ground is another day you’re not making more money, so get going.
First, jot down all of the action items you can think of that are needed to get your hustle off the ground. You may not start with an all-inclusive list, depending on how big of a hustle you’re starting, but that’s OK you can add any items that pop up as you make your way through them. Next, once you have a solid list of actions, put them into a chronological order if you didn’t do so when jotting them down. Finally, start making your way down the list! You will see that after you get the first couple of items checked off, you’ll start to hit your stride and momentum will build.
Now, if you’ve gotten your idea, but you just can’t seem to come up with the right steps to take, don’t worry. The idea is the hardest part of the process. You can find resources online for writing a business plan, you can consult friends or family for help, or there are a number of books that can help guide you through the process. There is another gem out there from our side hustle guru, Chris Guillebeau, titled Side Hustle: From Idea to Income in 27 Days.
Earning the First Dollar
Once you’re off and running, nothing will compare to the first dollar you make from the business. That is because this will be the physical proof that you built something yourself, and it worked! So grind it out until you reach that feeling, because it will be worth it. Don’t forget to satisfy the need that initiated this venture in the first place. Take that vacation! Go on that weekend trip with friends! Buy that car or boat you wanted! Pay down that debt so it doesn’t keep you up at night! Whatever your motive was, make sure you satisfy it, because you’ve earned it.