Things are tough out there. When ends don’t meet people have turned to side hustles as a way to make ends meet. Some side hustles develop a life all of their own and turn into full-fledged businesses. Finding the right side hustle is a question that many have been faced with. Now there is of course no such thing as the right side hustle but there are a few things that you can look out for in a side hustle to see if the side hustle is a good match for you and if you are a good match for the side hustle.
Leverages existing expertise
It would be wonderful first of all to have a side hustle that leverages heavily on existing expertise. So whether the expertise comes from education, employment, hobbies, tacit knowledge or any other source it would be great to start a side hustle that leverages this. Side hustles by their very nature are not meant to be the main activity so the less demanding on you a side hustle is the better. If you are bringing existing expertise into the side hustle that is less time you have to sp[end on learning skills and more time you can dedicate to satisfying customers without significantly impacting your schedule.
Leverages existing resources
Skills and expertise are some of the resources that businesses depend on to be successful. Depending on the type of business your side hustle is it may also demand allocation of other resources. If you as a result of your regular job possessed equipment, certification, licencing or any other resource that you could use for your side hustle without prejudicing your employer you will find yourself in a favourable position. This isn’t just about resources from your employer, they could be resources you personally own like a car, computer, your home, your oven and so many more. Hotrecharge is a good example of a side hustle that leverages existing resources in the way of your phone. The idea simply is if you already have the resources it will significantly decrease your start-up costs.
Back end potential
Back end potential is probably one of the most important characteristics I would encourage you to look for in a side hustle. Actually even in a full-fledged business. The back end is what salespeople call the continuous patronage that customers show to businesses. Your back end has two elements; customers becoming repeat customers and selling greater quantities to existing customers/. Back ends are important because they cut away at one of the most dangerous yet unseen costs- the customer acquisition cost. Businesses that have bigger back end potential may still have customer acquisition costs but they are much less reliant on them for their viability. A business with no back end must continue to market and sell to new customers to maintain the performance of the previous month. A with back end potential markets and sells to new customers for growth.
Passion has become abused especially when we talk of work, business and side hustles. I will reiterate that while the things listed here are not essential in a side hustle they will certainly help you to find a side hustle that is agreeable to you. Where does passion come in? Frankly speaking, passion is the glue that holds things together when nothing else makes sense. I mean passion for the job, task or service you provide. There are many occasions where things will not make sense. It may be the time, the pressure, the customers or something else but you will come across times where your resolve will be questioned. In moments like this, passion will take over.
Just because there is a hustle in the name side hustle it doesn’t mean that it literally has to be a hustle. While not essential a side hustle where you can automate some or all of the processes involved in running the business would be great. We already talked about how it’s a side project and how well it works for you is time-sensitive. The more time it takes up the harder it will be to fit in. Look at drop shipping as an example of automation at a maximum. Any side hustle idea that allows you to automate should be worth your consideration.
If you can find a side hustle that ticks all of these boxes you are on your way to having the perfect side hustle.