Choosing a Side Hustle That’s Right for You

Starting a side hustle seems to be on everyone's mind these days. Well, not everyone, but almost 40% of people¹ work an additional job, have a side business, or freelance. Starting a side hustle can be a simple way to earn extra income according to social media. The reality is a side hustle takes a lot of time, energy, and sometimes even start-up costs. That doesn’t mean it isn’t worth it to launch a new venture to help you cover costs or hit financial goals, though. Finding ways to make money on the side can be the difference between barely making ends meet and enjoying a little bit of financial cushion and saving for the future. Before you start searching for ways to supplement your income, though, take a pause and consider your plan including digging into the reason behind your desire or need to earn extra money. Once you’ve determined that a side hustle is something you want to pursue, you can choose the gig that best suits your goals or enriches your day-to-day life.

Identify Why and Set Goals

Your motivation to generate extra income will directly impact your commitment to your new side hustle. That’s why it’s important to ask yourself why you’re looking for ways to earn more money. A budget can help you examine your finances and see areas that need to be cut down or removed altogether while also allowing you to see which areas of your finances could use a little help. Earning more money to help pay off debt or increase your savings can be great motivators, especially when working a second job gets a little tough to juggle along with your primary work. Not all people who choose to have a side hustle do so because of money, however. Surprisingly, some people take on extra work² to connect with people, socialize, and to express themselves creatively. Many of us are in our work from home era, and a desire for social connection is common among people who no longer trek into the office regularly. Of course, there are people who enjoy solitude, but for those of us who need to connect to feel fulfilled  a side hustle can be a great way to meet friends while making extra cash.

Get Creative

Whether you plan to monetize your talents and artistic endeavors or you’re just looking for a unique spin to the traditional side hustle, you are likely to have more fun if you get creative. This list³ of creative side jobs from Entrepreneur offers a few off the beaten path options for people looking for a way to earn extra money who aren’t interested in dog walking or delivery driving. Ranging from social media promotion to flipping domains,³ there are several options that could prove just as fun as they are lucrative. If you’re not sure what’s the best route for you start by asking yourself the following questions to get your creative juices flowing before settling on a new side hustle:

• How much money do you need to make? Depending on the amount of extra income you need monthly, you may need to opt for a job that pays an hourly rate vs starting your own gig. If consistent income is your goal, consider more traditional options like part time jobs or app driven⁴ earning options.
• Do you have a passion project that you would do for free? If you have the flexibility to build up your side income, or if you do not need the extra money as much as you simply want the extra money, following your heart may be an option. I’ve found artistic endeavors that I would do for free, but making money through those outlets is icing on the cake! Consider monetizing your creative pursuits if possible. Connect with creators in your area who are making money off your shared talents and ask for them to mentor you.

Build Your Network

Once you’ve landed on what you want to do, it’s time to dive into how you’re going build a supplemental income by doing it. If you choose a part-time, traditional job that offers a wage for time on the job, you won’t need to worry as much about building a network. However, if you choose to freelance, start your own business, or sell something that you’ve made you’ll need a network of advocates in your corner. The best way to get a small or micro business off the ground is through networking. Meet people who are likeminded and can champion your business to potential customers. Always make sure that you give as much as you take when networking to build a network that will last and thrive. You can join traditional networking groups tailored to your industry or to the industry that includes your ideal customer, or you can utilize social media. No matter the route, you’ll want to build a referral base,⁵ learn from other leaders in your industry, and connect with customers face-to-face as often as possible. Be brave! Networking can feel a little intimidating when you’re first getting started, but the good news is that most people who will be there feel the same. Find a friend, but don’t stand in the corner talking to just one person. Learn how to work a room and meet people as quickly as possible while remaining genuinely interested in what the other person is saying and offering. Building a reputation as a person who cares about their own success as well as the success of others will pay off in a big way over time.

If you’re facing a financial valley, you may need to catch up before you can forge a new path. Speedy Cash is available to help you with various loan options. Finding the option that is right for you and your situation and getting back on the road to success might be your next step in your financial journey. If so, we’re here to help.