Are you tired of making less money that can barely cater to your expenses every single month? Do you feel like your financial growth is always capped in your 9 to 5 job? Do you desire to work in a different environment that can eventually help you become your own boss? The truth is, you will never pay all your bills if you only depend on one source of income. You need to start a side gig that can help you make extra money every month or even ten years from now.
A side gig is not just a business to help you make an extra couple of hundreds or thousand dollars. Still, it is also an excellent opportunity to help lay a platform for your future and a primary income source. Starting up a side hustle gives you more control over your life. You can diversify your income and build something in your name that can be associated with you.
Sources of Business Ideas
Sometimes, you may think that the next excellent side gig ideas can emerge out of nowhere. The truth is, if you are contemplating engaging in a start-up business, you need viable sources for some potential business ideas. Below are some sources that will help you establish a successful gig:
Personal Skills
More than 50% of new business ideas will not come from family or friends but your own experience. You have great potential stocked in you, and that can be the basis for your business. Maybe you have ever been in an environment where you thought things could have been done better; you can take advantage of that and use it as your business inspiration. Also, you can apply your skills, talent, and even knowledge and turn them into a side hustle.
Distribution Channels
Network with retailers and distributors since they are the closest people to the consumers as they interact with them every day. They deal with a wide range of products and services and have a profound understanding of the products or services needed by the consumer. This will help you to invest in the most lucrative sectors of the economy.
Books and Magazines
You can never go wrong if you apply business information contained in books and magazines. They provide important content such as the industry’s current trend, business practices, and the general business environment. With books and magazines, you can gather so much business knowledge that can help you develop a profitable side gig.
Other People
Before you start any business, it is paramount to consult the people you live with, such as friends and family members. Most of these people have vast experience and rich ideas, which you can use to generate and analyze your ideas for a successful gig.
The Internet
Starting a business in the 21st century has never been this simple as the web offers so much information at your fingertips. You can find any business information that you may require at the comfort of your house.
Organizations
Research organizations can play a significant role in helping you establish your business ideas. Numerous organizations, such as universities and government departments, are committed to advancing new technology and commercializing them. You can make an effort to visit such institutions as you will reap so much relevant information that you can apply to start up a side gig.
Steps to Follow to Establish a Successful Side Gig
So, you already know where you can source your business ideas, but you have no idea where to start. Below is a detailed guide of the steps to follow for you to build an exceptional side hustle today:
Determine What you Like
A side hustle should be something that you like doing. Remember, this is a job that you are doing outside your regular working hours. So much energy and motivation are needed to make the business stand out. Therefore, engage in something that you are passionate about to avoid losing interest and enthusiasm along the way.
Make your Financial Decisions Early
Side gigs should not cost you too much money, but they will require some start-up and running capital. Before you engage in that side hustle, you need to decide early enough to invest in that business. You may choose to spend more money on adverts than any other thing like branding, hosting, etc. However, whatever your growth and expansion plan is for your side business, you must have solid financial decisions before it happens.
Avoid Conflict of Interest
Since you are working on another full-time job, it is imperative to ensure that your side gig does not conflict with your day job. If, in any case, it does, you should put a halt to the whole business process and try something different. Engaging in a side hustle with a conflict of interest could lead to severe repercussions.
Allocate Time for your Side Gig
A side hustle is done outside your regular daily schedule, so make sure everything is working as per the plan. You need to set aside some time, probably two to three hours every day, for your side hustle. You can also spend a significant part of your weekends developing your side gig.
Do not Neglect your Day Job.
If you want to start a side hustle while still working on your time job, remember to concentrate fully on your day job. A side hustle is good since it gives you extra money, but you rely entirely on your day job to cater to your expenses. Do not try to work on both during the day.
Best Side Business Ideas
Below are some side hustles that you can do to make extra money:
Start an Affiliate Marketing Business
Starting an affiliate marketing business is one of your side hustles and makes enough money to settle some bills. Affiliate marketing entails marketing other people’s products or services via an affiliate network. Suppose people happen to buy what you are promoting. In that case, you earn a commission or a piece of the profit from it as an affiliate marketer.
You can also create and market the product or service and still earn an income from the idea. However, it would be best if you chose an appropriate brand to partner with. For instance, you are likely to earn less income if you become an affiliate marketer for e-commerce 7stores compared to when you dropship them yourself.
Start Freelance Writing
Some side hustles like freelance writing are extremely profitable since you can make money at the comfort of your house by trading your time. With freelancing writing, you can make predictions of your monthly income and plan it accordingly.
The good thing with freelance writing is that you can determine your pay depending on the value that you’ll bring. However, an overwhelming majority of freelance writers do tedious work at low income, resulting in fast burnout and eventually loss of interest. Learn more about freelance writing tips, develop your writing skills, and you will finally land a few top clients.
Begin a Dropshipping Business
Do you have an exemplary marketing background and would like to invest in a lucrative side hustle? Try Dropshipping business as it is one of the best side gigs you can do and even establish a career. With Dropshipping, you can sell products directly to the end-users without having to invest in the stock. This kind of business requires minimal start-up capital, thus minimizing risks.
With Dropshipping, the manufacturer does most of the work, including carrying the inventory and shipping products directly to the customers. You are only required to source the products from the suppliers, do marketing, receive customer orders and serve your customers.
Become Part of the Gig Economy
A side gig does not necessarily have to be a specific hustle. You can engage in various side gigs by working on things that you like. For instance, you can work on multiple freelance projects, brand t-shirts for a client at some time, you can help people develop websites, you can do consultancy, or any other project that can help you make an extra dollar. The type of side gig you engage in could be different, but if you love switching roles and working on a variety, this side hustle could become your best niche.
Become an Influencer
Not everyone can write articles, develop webs or even become a blogger. However, you can still make more money by creating your brand around yourself, depending on what you do. In the present world, there are many platforms that you can utilize to build your brand, for instance, Facebook, Instagram, YouTube, etc. For example, if you are a good baker, you can start a YouTube channel, showcase your work, and even do some baking training. By this, you can monetize your social media accounts in a short period by either getting sponsored posts or even selling a product or service on your website.
The above list is not exhaustive since other various side gigs you can undertake and still do a successful business.
Engage in a Part-Time Job
You will never lead your dream life if you continue depending on one source of income. The truth is, the money you get from your 9 to 5 job will only help you survive instead of thriving. So, take a risk and start that side hustle, develop your skills, your brand, and you will enjoy seeing your dreams come true.
