For people saddled with high living costs, wage stagnation, and other financial challenges, the idea of starting a good side gig can feel like an impossible feat. This may explain why despite exhibiting great skills, some people are less likely to start successful side hustles.
But while it may seem difficult to get these ideas off the ground with limited resources, it's not impossible. Some successful individuals started their side hustles while broke.
If you're in the same situation right now, don't give up. Here are a few tips to help you turn that side gig idea into a reality.
It's very easy to feel overwhelmed and get lost in the little tiny details that go into getting started. You may feel that it's necessary to have a website, all documentation, or a logo. But that's not always the case.
Although these things will eventually be important, they shouldn't deter you from making your first sale or getting that first client. So instead of sweating the small stuff, just start. You can perfect your side hustle over time.
Build Something You Know For Someone You Know
Most people spend so much time trying to find a solution for everyone. But they don't know who they're targeting or even the issue they're trying to solve. If you want to succeed, build what you know for someone you know.
With limited resources, you can't afford to make products for everyone. Narrow down the scope. Find a niche market to focus on to keep your costs low and gain a better understanding of the problem you're trying to solve and your customer base.
Don't Jeopardize Your Main Income with Side Hustles
Some people are quick to jeopardize their full-time or part-time jobs to focus on their side gigs. And after a short while, they start struggling financially because they underestimated the benefits of keeping their primary income.
Individuals who have succeeded in building great side hustles say it's wise to build a financial safety net when starting. And that means retaining your main job, and saving more money until your side gig takes off.
Without a financial safety net, you will lose focus because you will be worrying about basics- rent, food, and other expenses.
If you're starting a side hustle that involves working for someone else, there is a chance that you may get duped. So be cautious.
For example, despite having legit companies, it's not uncommon to find suspicious side gigs posted on popular platforms such as Craigslist.
A rule of thumb is to steer clear of gigs that offer quick or free cash. And do your homework before committing yourself to any client. Look at their business website and social media accounts to verify their authenticity.
Be Ready To Cut Back
When your side gig starts bringing in some income, resist the temptation to change your lifestyle. The reality is that if you're going to grow your side hustle into your main income earner, you must spend less and save more.
Keep in mind that you started small and to grow fast you will probably need more resources. So, find areas to cut back on. With this mindset, you can easily turn your side hustle into a profit-making business soon.
Juggling a side hustle with a full-time job is not for the faint-hearted. It's the harder path with so many obstacles to overcome. But it will change your life tremendously thanks to personal growth, financial rewards, and new experiences. Ready to start? Invest in these five tips and use your side gig to create the life you want. Good luck!