Sometimes having a Monday through Friday, 40-hour workweek job isn’t enough to keep the bills paid. Now, you could perform a second job and wear yourself out quickly. Or you could find something that’s referred to as a “side hustle.”
A side hustle means a secondary line of business that doesn’t take much effort but still makes use of your know-how in the best way possible. Obviously, you can’t do it full-time – at least, not yet. However, you can do enough of it to make things grow and possibly think about something different in the future.
So what can you do when it comes to finding that lucrative niche from your side hustle? Let’s look at three steps you can take to find out!
See What Kind of Profit You’re Making From Your Current Side Hustle, and How You Can Expand
The first thing you have to ask with your side hustle is, “How much money is it making me?” Now, if you’re earning a couple of hundred dollars a month from it, it’s supplemental and hardly enough to retire on. That said, however, it is the start of something, which certainly beats nothing. What’s more, there’s always room for growth.
For instance, let’s say you’re making hand-crafted goods, like pixel art or drawing. Take a look at what it’s costing you to make each of these per item, and what kind of options are available for expansion. Granted, you also want to weigh the time spent on this new endeavor. If it starts to take away from your sleep or your primary means of employment, you’ve got a problem.
However, that doesn’t mean shutting the door on future plans either. See what you can do about finding supplies for cheap. Find out what kind of production you can bump up, even if it’s just a little bit per month. This can help expand your money in a big way, and before you know it, you’ll be rolling in moolah.
What Kind of Social Reach Do You Have With Your Side Hustle?
The next thing you can do when it comes to nailing down your side hustle is to find your social role. After all, you’ve got people that sell goods on eBay and Etsy almost daily, making good money from it. Why can’t you?
First, you’ll want to see about expanding your reach. Have some satisfied customers? See if they can leave you a review. Ask them to like you on a social page (such as Facebook) and if they can spread the word about you. Create a small social following that can grow much bigger, based on the satisfaction of new consumers you bring into the fold. Remember, the biggest YouTubers and TikTok users started from a humble beginning before becoming famous.
Additionally, remember that it’s about building a social presence. And what’s more, a good social presence. You don’t want to be mean or pessimistic, because even the slightest negative review can bring all of this tumbling down. Be kind, be funny, and be that something the consumers truly need. That will help your side hustle tremendously.
(Again, it’s all based on time. Don’t let it take away too many precious hours from you. Devote a small bit of your schedule to it!)
Learn from the Pros
Finally, if you really want to make the most out of your side hustle, see who does it better and maybe even ask for advice.
It really helps if you know friends in these circles, because they’re more likely to provide winning tips rather than someone you just met by buying something from them. That said, some of these sellers are somewhat eager to help, provided they aren’t struggling with their own side hustle. Learn from the best and heed their advice to make your growing business something stronger.
Again, though, and we cannot emphasize this enough – value your time. This is an absolute must when it comes to a side hustle. That’s because you don’t want to put too many hours into craftsmanship, to the point that you lose sleep or grow tired of your actual job. This is something where balance can be everything. Without it, you’ll be thrown into absolute chaos.
That’s about it, really. No matter what you may be good at with your side hustle, you can give it just the right amount of growth with a little bit of effort. Don’t overdo it. Be sure to take the advice of others and make a winning social presence to attract more customers. Do all of this and you could be your own success story. And one that’s worth retelling to others, for sure!
The post Three Steps to Finding a Lucrative Niche for Your Side Hustle appeared first on KillerStartups.