Which Side Hustle should I start?

There is so much information on the internet and social media about Side Hustles and ways that you can make $100 - $1000 per day...it is a maze and also there are some training courses which of course you need to invest in to be earning that kind of money if possible at all.

Before committing to the next best drop shipping, print on demand and other get rich schemes let's get back to basics. What I mean is let's look at some basics steps in determining what is the best Side Hustle for you. OK we are now going to go old school and take out a notebook and pen and figure out what may work for you.

1. Why do you want a Side Hustle? What is your reason for doing this is it because you need the money? Is it because you want to test a business idea? Are you looking to meet friends and other people and make some money? Is there a passion that you are looking to pursue long term which you would like to work in? Are you looking to build new skills and make some money along the way? There are many reasons but you need to start with WHY.

2. What is your time-frame to start? Is this a tomorrow thing or next year? Usually this will depend on why you are looking to do s Side Hustle. If you have the time you can develop content and sell that online, build on an online store with a brand, create art or invent something. Also consider any training that you may need to get before you start. Always be conservative and expect that it will take 30-50% longer to get things done in the beginning and get started.

3. How much spare time do you really have to invest in a Side Hustle? So out of the 24 hours a day how much time do you have:

- Sleep 6 hours

- Necessities (Eating, Washing, etc) 2 hours

- Work 9 hours

- Travel (assuming door to door) 2 hours

- Recreation and Family time 2 hours

At best there is 2 - 3 hours a day that you may be able to spend on a Side Hustle. These are estimates but you should be realistic about the time that you have. Most likely the majority of the Side Hustle will be done on weekends and holidays.

4. How much do you have to invest in a Side Hustle? How much do you really have to invest in a Side Hustle? So look at this way:

Start Up Costs:

Accountant advice and Set up

Insurance

Bank Fees

Stock (if selling something)

Equipment (if required)

Website

Advertising

Software (Accounting, CRM, Email etc)

Contractors (to help you)

Rental bond

Training

Other set up fees

Ongoing:

Stock

Bank Fees

Software

Accounting

Advertising

Rental

Running costs of equipment

Yes, it is possible to start a Side Hustle with less than $100 (there is plenty on content on YouTube on this) but also factor in ongoing costs and how you finance those. Worth getting a spreadsheet out and figuring out what sales you need to Breakeven and then working out how you will pay ongoing expenses, especially where there are delays in getting paid. Will you fund this with credit cards, savings or out of household budget.

5. Where will you do your Side Hustle? Will you operate this from your home, if so where? Or will you rent a space to work in? This will vary from business to business. Better to keep costs down in the beginning and not pay any extra rent for this. Also consider what insurances you may need and also special facilities such as extra access to power or space.

6. What is in your personal inventory? What is your passion? Is there a hobby that you would like to test out or a long term passion that you would like to get back to. Write down in your Side Hustle notebook the following:

+ What are your hobbies?

+ What are you good at?

+ What do others tell you that you are good at?

+ What things make you happy?

+ What are your best skills?

+ What training would you like to do?

+ What have you been successful at in the past?

+ What are the activities that you do where time just flows?

+ What skills do you family and friends have that can help you?

In the end you will have a list of the things that you want to do, what the constraints are, the risks, the costs and how much you need to invest in a Side Hustle. At the centre of it all look at Why you want to do this.

#sidehustle