How to Turn Your Passion Into a Side Hustle
The gig economy is booming in the United States. Recent surveys show that one in three Americans has a side hustle, whether part-time freelancing, starting their own business, or some other form of additional income.
Have you always been praised for your entrepreneurial spirit? Perhaps you have a knack for something unique and are looking to turn it into a lucrative opportunity. Whether you're looking to pay off credit cards or save up for your next vacation, here are a few tips and tricks to help you hop on the side hustle bandwagon.
1. Make a List of Hobbies and Passions
The first step to starting a side hustle is to list your hobbies, interests, and passions. Make sure the list isn't too long and think about how you might make money off your top contenders.
For example, web designers might want to create customizable resume templates for job applicants to purchase and download. Experienced writers and editors may start a side business editing manuscripts or tutoring students.
Or, maybe you've collected lots of fashion accessories over the years and are interested in starting a jewelry resale business online.
2. Research the Market
Once you have an idea, begin researching similar products and services. Conducting market research allows you to improve your business idea in the following ways:
Determine if there's a demand for your business venture
Figure out customer interest in your offering
How much income you may make from sales
Figure out your customers' locations and where you should promote your side hustle
Your competition and how many similar products or services exist
What the alternatives typically cost
3. Sample Your Idea
Before you venture into the market yourself, test your business concept on sample customers. You could offer them a special deal and welcome their feedback to refine your vision.
Practical ways you might use customer feedback include improving the quality of your product or service and making adjustments to maximize your profit.
4. Create a Business Strategy
When you're ready, create a comprehensive business plan to deploy your idea into the marketplace. Choose a platform, such as Etsy or a freelancing service, to get your side hustle off the ground.
Your business strategy should include:
Developing and registering a name and logo for your side hustle
Obtaining any necessary licenses or permits
Creating your marketing materials
You may also want to purchase a website for your business, open social media accounts, and collect as many testimonials as possible. Approximately 92% of potential customers read positive testimonials before considering making a purchase.
5. Make Time to Invest
Of course, the key to any successful side hustle is investing your time into creating an exceptional offering. In the beginning, you'll want to work on your business strategy often to attract customers and boost earnings. However, don't forget to focus on your day job, too.
Generate a schedule to allocate a few hours a day to your side hustle, whether it's for creating, marketing, communications, or shipping.
If your business idea takes off at some point, you may need to consider devoting more time to it, perhaps even turning it into your full-time position.
Turning Your Passion Into Profit
Why not make money doing what you love most? Turning your passion or favorite hobby into a side hustle is a great way to learn how to operate a successful business on your own while generating extra revenue for things you need or want.