6 Tips to Help You Choose the Right Side Hustle
Whether it’s to help make ends meet, save money for something special or pay down debt, it seems more people than ever are picking up a side hustle. In fact, nearly 4 in 10 Americans have one. And when you break it down to just millennials, the number jumps to nearly 6 in 10. But the key to making it work for you is selecting the right one. So how do you do that? These tips will help you choose the right side hustle:
Choose Something You Enjoy Doing
Because a side hustle is something you do in addition to your regular job, it has to be something you enjoy (or don’t mind doing, at the very least). If you’re cutting into your downtime by working extra hours, make sure it lines up with your interests and passions, as well as your financial goals. Some popular side hustles include online sales, home repair, landscaping and child care.
Don’t Jeopardize Your Full-time Job
Before you start a side hustle, be sure it doesn’t violate any of your current employer’s rules for moonlighting. Most employers are fine with people working second jobs that don’t directly compete with their business, but you want to check to make sure.
Make Sure You Have Strong Skills
A side hustle isn’t simply a hobby. If you’re going to charge for a product or service, it needs to live up to a professional level of quality. Choose something you know you’re good at, so you can build a strong reputation through positive customer feedback.
Charge Enough to Make it Worth Your Time
Again, because you’re doing a side hustle on your own time, you’ll want to make it worth your while. Research the going rate for your product or service in your area and price accordingly. You may want to charge a bit less when you’re just starting out, then increase prices as you gain a following of repeat customers.
Find Something with Flexibility
Overloading yourself with dates and deadlines can quickly cause burnout. If your primary job is deadline-driven, choose something with more flexibility. You’ll be more likely to stick with it if it doesn’t significantly increase your stress level.
Use it as a Trial Run for a Full-time Business
Many entrepreneurs start their permanent businesses through a side hustle. It’s a lower-risk way to take your business idea for a spin, while still earning a regular income. But, it’s also fine if you have no ambitions for your side hustle beyond making some extra cash. That’s the beauty of it! You can tailor a side hustle to meet your time, skills and financial needs.