by Elaine Slatter | Featured Contributor
Perhaps you have been thinking of becoming an entrepreneur for a while, but aren’t quite ready to take the plunge?You might be afraid it isn’t going to work and don’t want to ditch your steady income day job for the uncertainty of entrepreneurship. Starting a side hustle could be your answer.
A side hustle may become a full-time venture in the long term, but it could also remain a side hustle as an income supplement. There is no hard and fast rule. Whichever way you choose needs to be right for your unique situation, however, you will need to find some time to develop your side hustle. How many hours a week can you devote to a side hustle?
Sometimes you have to try different side hustles before you find the right fit. But that’s ok, too. In today’s work world, we will have many different roles before we retire. We are called “slashers”. That’s right, we have titles like Author/Speaker/Trainer/Teacher, we are not just one dimensional with titles such as Accountant!
What Kind of Side Hustle Could You Start?
One of the first things is to decide what product/service you could start while still working your existing job. The easiest way to list your transferable skills that could translate into an entrepreneurial adventure.
Current Day Job = Teacher
Transferable skills = speaking, designing programs, writing, presenting, creating
Entrepreneurial opportunities = certified coach, creating courses on your topic specialty, teaching others how to create courses/webinars, writing a novel, writing a ‘how to book’ such as ‘how to be a dynamic teacher’, teach via Udemy platform.
Current Day Job = Fitness instructor
Transferable skills = great at exercise activities, believes in a healthy lifestyle, trainer skills, communication skills, program organization.
Entrepreneurial opportunities = Create healthy food line of frozen products to go such as paleo foods with home delivery, launching a natural skincare product line, mobile personal trainer to executives, network marketer for products in related fields of health/nutrition/exercise.
Turning a hobby or interest into a side hustle is another alternative. For example you might be a math teacher but piano or art might be a hobby that could also translate into a side hustle.
If you cannot think of anything that really comes to the top of your mind, then hundreds of people have turned into Amazon sellers, making plenty of money with this side hustle. The easiest way is to become a reseller, called Retail Arbitrage. Basically, in retail arbitrage, you find a product in a retail store and re-sell it at a higher price on Amazon. It is surprising what items you might be able to find at a deep discount on a seasonal clearance that you can re-sell at a high profit.
The capital outlay, while you experiment, is very small and it is fairly simple to set up. The fees from Amazon are quite reasonable and there is an app you can get for your mobile phone that helps you find out if you have permission to sell a particular product. It also figures out at your retail purchase price whether you can make a profit selling on Amazon. So all the hard work has been done for you.
Success Tips for a Side Hustle
- Learn as much about your new product/service as you can before you launch
- It doesn’t have to be a perfect product/service
- You have to be able to make money
- Start small without a huge outlay of cash
- Dedicate a minimum of 16 hours a week to your side hustle
- Take action steps (baby ones) every week
- View failure as feedback, nothing more
- Try again and again
If you have tried a side hustle tell us all about it. Let us know if you are going to jump from a side hustle to being a full-time entrepreneur or just letting your new business stay as a side hustle. We would love to get your honest feedback to share on this platform.
Elaine Slatter is a Small Business Expert, founder of XL Consulting Group and author of the popular book, “Fabulous Fempreneurship”, a complete business guide for women. XL Consulting Group helps entrepreneurs with market planning, strategy, branding, web design and social media. She has over 30 years of executive business and marketing experience and is ready to help you rocket your business to success. Elaine is passionate about mentoring women to become successful women entrepreneurs. To find out more, visit XL Consulting Group or join the Fabulous Fempreneurship mastermind.