Before we move on to discuss some secrets of successful side hustle to make money, let us understand what side hustle means. Side hustle is an activity which is not related to one’s fulltime job, and the most important part is, side hustle generates income. One is very passionate about their side hustle. Though in the initial stages of side hustling, one may not earn from it as much as from a fulltime job. However, over time, this side hustling can become a full-fledged business if one is extremely passionate and dedicated about their goals. One must be driven to achieve their goals, and that’s where side hustle comes to the scene.
Also, in today’s economy, depending on only one source of income is not advised. If you are completely dependent on a single source of income, it might lead to hard financial times, even in some cases, a total financial failure. If you truly dream big about your side hustle and are ready to put all your effort, it may even lead your side business to become your primary source of income in future. Therefore, it is possible to make a living by doing what you love to do if you have the dedication.
In this article, we will be discussing some key points to remember for successful side hustle to make money.
1. Proper planning & time blocking –
While thinking about the hustle, one must keep in mind the obvious limitations. The biggest limitation being time. The only time slot available for side hustle is after office hours and on weekends. So, there must be a proper planning about what, how and when to do. Set up small daily targets which can be achieved by the end of the day. Achieving weekly and monthly targets can be motivating too. You can achieve that by doing time blocking.
Time blocking is the process of planning an advance timetable for the day by assigning specific tasks and responsibilities for each hour of the day. Just like making a to-do list, only this time you know exactly when to accomplish each task. Time blocking is effective because, unlike an open-ended to-do list, it helps you focus on one task at a time. Therefore, there is no need for you to lose time deciding which activity to start with.
Burnout is a real problem for individuals who balance a day job and a side hustle. That is why you need to manage your time well if you want to take care of yourself and your side business. Occasionally, you need to take a break from your daily routine to take rest before returning to your work refreshed.
2. Monetization –
Think of the ways in which your passion can enrich you, financially. Because obviously, we delve into side hustle to make money. Make use of the internet. For example, people earn money being cab drivers, delivery agents, etc. Some do these jobs on a fulltime basis but mostly these are part time jobs. People get themselves registered with the concerned company with little or no investment. Bloggers and content writers too earn a good deal of money writing blogs and articles. All they need is good internet connection and followers. As, it is the number of their followers which decide how much the brands will be willing to pay them for advertisement.
3. Remember the 80/20 rule –
In business, it is believed that 80% of the results come from 20% of the activities. Chalk out a plan on how and when to do the most important 20%. Make plans and decide how you can extract 80% of benefits from 20% of work.
4. Automate recurring tasks –
There are many such tasks which you can automate. Automating as many of your business operations as you can will enable you to continue working on your side business. Because you have a day job, and a large portion of the whole day, you will be preoccupied with your office work during 9-to-5 job.
At this age of AI, almost every area of a business can be partially automated. From scheduling all your social media posts in one location to automating the posting process, there are so many tracking tools and analytics applications you can make use of. There are other accounting services too that enable the automation of accounting procedures such as periodic bills, time monitoring, and cost reporting. You just need to find the suitable application as per your side business requirements to automate your recurring tasks. There are tools in sales and marketing too which automate duties like managing contacts, automating follow-ups, and converting emails into sales.
5. Be organized –
- Always plan your move beforehand.
- Be very clear about what you want to achieve.
- Chalk out a strategy to achieve your goal.
- Set targets.
- Take one step at a time.
- Never waste your time.
- Prioritize your tasks.
- Set time-based goals even for the smallest tasks.
6. Do not quit your day job until you have a proper strategy –
Not everyone who does a side hustle to make money wants to quit their 9 to 5 job; you may very well want to keep your day job. Make sure you have enough money saved, if you decide to leave later. You can earn money in many ways, such as through sponsorships and digital products. But before transitioning to full-time entrepreneurship, and quitting your job, you need to save up enough money to cover your living and business needs for at least six to twelve months.
Consider asking these questions to yourself before leaving your job:
- “What will be the sources of my income?”
- “Will my sources of income be sustainable for a long time? Or will they only last a short while?
- “How much money I have saved? How much savings do I need to be able to leave my job?
And if you don’t have any plans to leave your day job now, just delve into the opportunity to start the business and learn how to handle it while you still have a regular income. And you might change your mind if your side business succeeds. When your side business generates more income than your primary work, you might reconsider whether you want to quit your day job or not.
So here is our little contribution for women entrepreneurs who wants to learn the secrets of successful side hustle to make money. Anything can be achieved with discipline. Be dedicated towards your passion. No matter if you fall. Be courageous, rise again. Remember and learn from your mistakes. Do not repeat them. Do not give up till you reach success. Remember, the sky is the limit.