Take a moment to think about this: What do you absolutely love to do?
If your current job involves something you’re truly passionate about, congratulations! If you consider your job a way to simply earn income, that’s okay, too – and you’re not alone. Is there a way to turn your true passion into a money-making livelihood, even if just for a couple hours per day or week? Do you realistically have the time and energy to pursue additional opportunities, especially if your day-to-day schedule already feels overwhelmingly full? You may be asking yourself these questions If you’re thinking about pursuing a side hustle.
In addition to their full-time or part-time jobs, more Americans are tacking “side hustles” onto their already busy schedules, whether to unwind from their day jobs, make some extra cash, or pave way to an up-and-coming career path. As a matter of fact, a recent study conducted by Bankrate revealed that about 45 percent of working Americans – roughly 70 million people in the U.S. – have a side hustle. Plus, if you can tie it in to something you already enjoy doing, it’s a win-win. Do you enjoy exercising and could teach a group class? Do you have a professional skill set that you could offer freelance work? Side hustle ideas are abundant and many you can do right from your home.
Easy ways to start a side hustle and be successful
Use your time strategically
- Even if you have a standard 9-to-5 job, finding time to pursue your side hustle is one of the first steps – whether in the early morning hours, in the evenings or on the weekends. Whatever schedule you create for yourself, stick to it. View your side hustle schedule the same way you see your schedule for your current job, as non-negotiable. Otherwise, progress will be minimal and you may become discouraged.
- Think of how you can plan your day without sacrificing the essentials like eating healthy meals, getting enough sleep, spending time with friends and family or taking care of personal matters. Determine how much time you can realistically invest in your passion.
- As with any job, it’s important to stay well-organized and hold yourself accountable. Keep checklists and set concrete goals and deadlines to stay on task, even if you are your own boss. Purchase necessary office equipment and invest in affordable, efficient project management tools to help you get work done. The more productive and motivated you are, the more fulfilling your side hustle will feel day after day. When your “normal” workday ends, your side hustle calendar is just beginning.
Determine your profitability
Before becoming too concerned about reaping a profit, start by building a solid foundation and creating potential. Some important elements to consider:
- How much supplemental income do you plan to make via your side hustle?
- Do you envision your venture transforming into a full-time job down the road?
According to Inc., the easiest way to fund your side hustle is through accumulated savings. It’s an even better idea to create a product or provide a service that doesn’t require extra funding, and rather utilize tools and resources you already have at your fingertips. More profitability and less liability out of the gate plays a large role in continuous motivation and confidence. As you’re getting started, your side hustle mainly requires getting a solid foot into the business, actually creating something tangible to make money.
Be kind to yourself
Everyone has the same 24 hours in a day, but everyone has completely different schedules and lifestyles. That’s why it’s important to be honest with yourself about how much time you have available for side hustles. By no means does working a side hustle mean working during all your free time, but if you’re not diligent enough, it’s easy to fall into that trap. Set strict boundaries to ensure that you don’t end up taking time away from other priorities in your life, including your own wellbeing. And remember, it’s okay to take an occasional a break. It’s better to rest and rejuvenate your body and mind to reset than to result in burnout. Don’t overexert yourself, or you will have a difficult time feeling fulfilled or inspired by your aspirations.
Seek help if you need it! There are plenty of resources available including knowledgeable industry experts, online courses and useful tools designed to accomplish certain goals. For example, Side Hustle Society is a student organization at the University of Wisconsin-Madison that helps budding entrepreneurs turn their passions into professions.
Working on a side hustle can certainly be challenging, but overall, it should be rewarding and fun! If your side hustle potentially requires extra business insurance, contact your local Rural Mutual Insurance agent with any questions about getting started.