Well, it’s that time again. Time for us to create our 2018 goals. One goal that I consistently have at the top of my list every year is to make more money.
Everybody wants to advance in their career, and that usually includes an increase in pay. However, what I would like to focus on here is starting a secondary source of income, commonly known as a “Side Hustle”.
How Do You Side Hustle?
So, what is a side hustle? Simply put, it is money that you earn in additional to your full-time income. This would not include overtime income, but it would include the following:
- Starting a business
- Making money tutoring
- Rental Income
- Paid surveys
- Sales from writing a book
This list goes on and on, but you get the gist. There are a wide variety of ways to earn additional money in your downtime.
Why The Hustle?
So why do we want to occupy the little free time we get with more things to do? The most obvious answer is, money.
In the current state of our economy, earning a good living from one income is difficult. We have a generation of adults with advanced degrees, and student loans to match, who are making entry-level salaries.
The journey up the corporate ladder is a long and unprofitable one. However, we cannot postpone repaying our student loans or the expenses from starting a family. When the expenses keep growing, your only option is to increase revenues.
Another good reason for having a side hustle is skill development. Learning another skill outside of your primary career challenges you and helps you learn other things faster. But, a side hustle requires the use of multiple skills, no matter the tasks.
You have to learn how to market and sell the skill. If the hustle grows into a business, you have to learn how to legally create a business. Then you will have to file taxes as a business.
Now you’re an entrepreneur and that shift in mindset will open your eyes to other opportunities for making money. These skills are not ones that are learned in a classroom. You learn them by doing, either successfully or unsuccessfully.
How To Start
Your first journey into a side hustle begins with choosing your niche. If you are new to this, I suggest starting small and focusing on your existing skillsets. What do you do in your current career? Do you perform a function that the population as a whole might want to pay for?
For example, if you are an accountant, you could leverage those skills to help people do their taxes or bookkeeping. If you work in marketing, you have to skills to assist small businesses with their marketing efforts. However, those are more professional examples. What if you play an instrument? What if you are good at math? You could become a music teacher or math tutor. Do you like pets? Become a dog walker or board your neighbors pets while they are away.
The point is, you can really be creative with this, so don’t limit yourself.
To get things off the ground, take advantage of the internet/social media to find free resources or to promote your business. Start with your existing circle of friends or colleagues to find your first customers. Your only goal is to find one person who will pay your for your services. If you can find one, there will be many more that follow.
The most important thing is to keep going. If you’ve exhausted all of your options in one niche, move to a new one. A good rule of thumb is to look for areas where there is already competition. If there are other people getting paid to do what you do, there is a market. The existence of a market is an indicator of the viability of your product or service.
I offer a word of advice if you are looking to start a business. Do not spend more then $100 to get your idea going. You do not need to purchase capital to start a side hustle.
Here are some ideas of what you can do to earn some extra money in 2018 and beyond.
Fiverr.com and Upwork.com are websites where freelancers can sell their services to individuals or other businesses. It is free to get started. There is a wide range of options on both of these platforms. Anything from graphic design to Excel help to business consulting. You just need to create a profile highlighting your expertise, and set your price. You can shop for available jobs and submit an offer to perform the service.
Some examples are Graphic Design, Creative Writing, Copywriting, SEO services, Digital Marketing, Business/Financial advice, even Arts and Crafts.
Most online businesses sell products or services through their website. These companies offer information products to help, inform or give guidance to their potential and existing customers. You can start an online business for under $100 and develop information products to sell to your target market. An e-book is one example of an information product.
These are two competing platforms that are used to sell physical goods. With these methods, you would create a product, have the product manufactured and sell it online. That is a very elementary definition of the physical product space, but that is the basic business model for most companies.
One way to make extra money with no skill or investment is through survey apps. There are companies willing to pay you to provide your opinion. Some of these companies are SwagBucks, Survey Junkie and Opinion Outpost.
If any of these things don’t interest you, there are dozens more to consider. Here is a list of over 75 different ways to make extra money in 2018.
What I would like you to know is that there are many ways that you can make additional income. I don’t want you to feel like you’re stuck with your salary from your day job. One way to really get ahead is to start adding additional streams of income.
So make 2018 the year that you launch your side hustle and make a difference in your life.
Don’t forget to subscribe and head back to careerintellect.com for more advice on your career and your side hustle.