Things to Factor In When Selecting a Side Hustle
A known fact is that a side hustle is an income generating activity that is done besides one’s regular day job. It is good to state that a side hustle can serve many purposes such as being a money-making source or it can help the person delve into their passions with the hope of converting them into a full-time job.Every person has an interest that they enjoy outside their work. To ascertain the best passion that would be quickly transformed into a side hustle must fit into the following criteria: the person has to be good at it, the service or product must fill a void in the market, and the service or product has to be able to make money. When conducting this analysis the person needs to list every passion and hobby then make Ven diagram of the things that they are passionate about and the things that can make money then the person needs to shade the things that fall into both categories.
Doing a side hustle after a busy day at work takes lots of discipline thus the person needs to look at the list of passions they have then analyze the time that the individual can devote to the hustle. The person has to ask themselves if the item is worth the money they are getting and if it is worth the time that the individual is putting into it. When trying to sort through the side hustle the person needs to give some thought to see if they have the potential to provide a pathway to a career in the passion. The individual needs to research on professional networking sites to see how much money people that work in the same industry make.
Even before taking a side hustle from being a recreational activity the person needs to decide if it can be a job because then they will have to do it every day to pay bills. When converting it to a job the person needs to be sure that, they can do the less exciting parts of the hobby when turning it into a business on a daily basis while remaining focused.
The individual needs to give their employer a heads up that they will be doing something on the side especially of it competes with the job that the individual is doing. Testing out one’s passion, to ascertain whether it is a valid business idea, while still employed allows the person to determine a proof of concept that has fewer risks because they have a job that pays them already. This will enable the person to figure out what they do not want to do while still in the safety net of employment thus they can discard it comfortably.