Three Tips to Determining if a Side Hustle is Right for You!
Wanting to find the perfect side hustle? Here are three tips to help make sure you choose the best side hustle and start making extra money!
- Find your what!
To find your side hustle, you must determine your what. What is it that you want to do as a side hustle? That is the question you need to ask yourself. Start with what you are good at, maybe what you are known for. You may be known around town as being an awesome baseball pitcher or maybe for being super smart in school. Maybe you are a school teacher during the day or an IT worker. Just with those few things I mentioned, I could think of many side hustles. For example, the baseball player could give pitching lessons for $25 or more an hour. Maybe you were super smart in school or a school teacher, you could tutor. If you are the IT worker, you could fix the physical computer, software, get rid of computer viruses.
- Find your why!
To determine if a side hustle is for you, you must determine your why. Why do you want to do this side hustle? What is your goal? Figure it out and plaster it somewhere you will see it everyday. It gives you something to work towards and when things get tough you remind yourself why you are doing it. When you lose your why, that’s when you know it’s time to stop.
- Make sure the juice is worth the squeeze!
Before you make a final decision on your side hustle, crunch the numbers. Crunch the numbers not once, not twice, but at least three times. Ask yourself, is the juice worth the squeeze? Make sure whatever you are doing can be profitable and isn’t a waste of time. Think about your overhead, start up costs, etc before you start your hustle. Make sure you aren’t going to lose money instead of make money! Lay out a budget. The best side hustles are those that have close to zero start up cost. Maybe you want to start a lawn business. Do you have a paid for lawn mower? Weed eater? Blower? A trailer or truck to haul the equipment? Or would you have to buy these things? If you don’t already own these things, you may want to reconsider your side hustle. Maybe you have all the equipment needed. The next step is to think about maintenance cost to include gas for all the equipment. Remember to also think about how much time it will take you to perform your side hustle. It may be that you love sewing but by the time you take the amount you can charge a customer (what the average person is willing to pay) for that garment, subtract your overhead (fabric, thread, needles, etc), and divide it by the total number of hours it took you to make the garment, you may find you are making less than minimum wage. Make sure the juice is worth the squeeze!
