Many people these days want to make some extra money. They choose to start what’s known as a ‘side hustle’ to do that. This means they work their usual jobs. However, they have their own business or additional income stream as well.
This can be a lot of hard work, depending on the side hustle you choose. But it can also often be worth it, as you’ll make extra money and have more freedom because of it. You might be able to go on vacation, pay off debts, or save up for a down payment on a house, for example.
The crucial thing to do is to find a side hustle you enjoy. If you do this, you’ll be more motivated and you’ll work harder. That means you’ll be more successful and make more money. If that sounds interesting, keep reading to discover how you can find a side hustle you enjoy.
Think of Your Skills and Hobbies
One of the best ways to decide on a side hustle you’ll enjoy and do well at is to think about your skills and hobbies. Is there anything you already enjoy or are particularly good at (and ideally both) that would make a great side hustle and help you earn some extra money?
The great thing about side hustles is that they are unlimited and you can choose whatever you want. You might go into a business that already exists where you can work on a freelance basis when you have time, like driving for a ride-share company.
Consider a simple business you can do easily. For example, if you’ve learned how to fix your watches over the years, you can easily update your watch toolkit and start repairing watches for others in your spare time.
Or, you might start a business yourself where you can work in the evenings and weekends, and this could relate to your hobby. So, make a list of what you’re good at and what makes you happy, and explore the income potential these ideas have.
Consider How Much Time You Have
The side hustle you take on might be determined (at least in part) by the amount of time you have to dedicate to it. If you work long hours or you do shift work, it might be that you need to find a side hustle that offers a passive income, like investing in property.
In this case, you could look for hard money lending for fix and flip projects, hire workers to do the renovations, and find an agent to sell the property or rent it out on your behalf. All you need to do is collect the profits. If you have more time, you might want to be more involved. Perhaps you can make things and sell them or maybe you can offer a service instead.
When you are honest with yourself about how much time you can put into your side hustle, you’ll be able to narrow down your options and come up with something you can manage and that you’ll enjoy.
Know the Income Potential
It’s great to have an idea of the kind of side hustle you want to start and to have thought about all the pros and cons and how much time you might have to work on it. However, something else you need to think about is its income potential. How much work will you need to put in to generate a profit, and how much will that profit be?
It might be that the idea you’ve chosen won’t bring you the money you need for your savings pot or debt clearance or anything else you might want to do with it. So, even if you love the idea, the income potential might mean it’s not possible.
You could think of something different or perhaps come up with an additional income stream that would allow you to do it all.