5 Ways to Run a Profitable Side Hustle Now

  • Additional revenue streams. Depending on just your 9–5 salary is scary. We’ve seen the perils of depending on one revenue stream since the pandemic hit. Unemployment was catastrophically high — at one point between February to May, there were 20.5M unemployed Americans.
  • Financial stability. Stop living paycheck to paycheck and give yourself the flexibility to make your money work for you, not the other way around.
  • Be proactive. Change your mindset from a reactionary stance to being more proactive. You are ultimately in control of your life.
  • The average side hustler spends 11 hours per week on their secondary work and earns $12,609 per year — an average of about $25 per hour.
  • 76% percent of side hustlers love their hustle, but only half like their job.
  • At 50%, most side hustlers are just thinking about getting started.
  • The two most popular side hustles are blogging and freelance work.

You Are Ready and Committed

It can be easy to get stuck in the “idea cycle,” where you constantly think of different passion projects and potential businesses you want to start. However, getting out of this and actually taking the steps needed to get started may feel like an even larger hurdle.

  • It’s about vision, your goals, and having a roadmap.
  • Start out by writing down what your day will look like.
  • Decide how you will commit between 30 minutes and two hours a day to doing something you really enjoy.
  • Look at how you can push the joy you find in doing what you love into the energy you need to start a viable business idea.
  • Start planning your weeks ahead of time and then push to 30–60 days of planning. This will allow you to get a big-picture idea of where you’re going so you can develop the right roadmap.
  • I feel that I’ve attained work/life integration.
  • My earning potential isn’t capped. I can make as much or as little as I want. I know it’s up to me, just as it’s up to you to determine how much you make. You’re in control here.
  • I’m building my own dreams, not someone else’s.

Accountability Will Generate Growth

When it comes to your successes and failures, you have to hold yourself accountable the whole way through. It can be easy to get into a place where you’re depending on others to help make bigger connections and network for you or even help fund your business idea. However, if you start with what you have and map out what it’s going to take to actually grow, you’ll be better off.

Analyze the Market

No matter what kind of side hustle you want to start, you have to make sure that there are people out there who will pay for what you have to offer. Here are some questions you need to ask yourself when it comes to validating the demand for what you’re selling:

  • What problem are you solving?
  • How does your solution solve that problem?
  • Why would people pay for your solution over others?
  • How much are people willing to pay should they choose you?
  • Problem: It’s hard to buy a good bike in this town without being an “insider” cycling expert.
  • Solution: A snob-free shop where regular people can get top-notch gear and expert advice.
  • Value: High-quality bike gear for your family and commuting at reasonable prices, without the attitude.

Invest in Yourself and Be Patient

When starting out, it makes sense to be a bit shy with spending your money on advertising your products/services. However, you have to. It’s a part of the process to understand which messaging works best, where the heaviest demand is, and ultimately, how to make sales.

Execution Wins

Again, starting a side hustle from scratch with the intention of growing it into a full-time gig takes a considerable amount of time, effort, dedication, and discipline. To put things into perspective, 89% of small business owners work weekends, and 86% take home less than $100,000.

  • Get focused and refine your idea into something that’s actionable.
  • Know “who” you’re going to target and “how” you will reach them.
  • Develop a simple financial model to show how you will make money and how much money you’ll need to spend to kick-start your side hustle.
  • Launch a website that highlights your expertise. I would recommend using BlueHost or Kinsta to create a website easily.
  • Launch a blog and write at least five blog posts to give it life within this first month.
  • Make sure you install Google Analytics onto your website, so you can collect data on who’s visiting your website, from where, and the top-performing pages and content.
  • Research different ways to organically promote your side hustle.
  • Research different ways you can cost-effectively pay to promote your side hustle.
  • Start planning for the next month as well, especially around the content and executions you want to take charge of.

Over to You

When you take the next steps to start your own side hustle or business, you’re creating an opportunity for yourself. In other words, you’re not waiting around hoping that it’ll come to you or that someone else will hand it to you.

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Suttida

Suttida

Entrepreneur. Raising a business and babies. Avid blogger. Digital marketing enthusiast. Love to get shit done. Learn more: suttida.com