One of our contributors Bill McGlade President of Epiq Creative Group, passed along this article that he wrote regarding the evaluation of different Side Hustles etc. We KNOW that the main challenge for people starting a side hustle is evaluating which one is right - this article helps give some good pointers to help navigate that process. Thanks Bill for these great nuggets!
Starting a side hustle is a great way to grow your wealth, earn passive income, and build your savings. But, before you hop on the second job bandwagon, it’s essential to discover the one that suits you best. Like with any occupation, finding the right one can be the difference between happy days and stressful ones.
You can choose from various income sources, from driving for ride-sharing apps to tutoring to selling stuff online. There are virtually countless opportunities for you. So, how do you find the ideal one for you? Read on to find out.
1. Know What You’re Good at and What You Love
The first step in finding the right side hustle is identifying your strengths. Remember, it doesn’t have to be related to what you do full-time.
Naturally, you’ll want to pick jobs you can perform seamlessly. Are you good at math, writing, or selling? Consider your top skills and make a list that you can choose from later.
However, don’t forget your passions too. Once you find an employment opportunity that gives you an unmatched sense of contentment, take it. You won’t only be happier but you’ll also be more motivated to succeed.
Ultimately, finding the balance between what you do well and what you love can be the game-changer you need to thrive.
2. Learn and Deepen That Skill
First, determine your strengths and passions. Next, ask yourself if you can hone skills you can acquire with your secondary occupation.
Here’s why: Once you boost your expertise, it’s yours to keep forever. You can use it for other opportunities that come knocking in the future. It can help you stand out in a sea of competition and gain higher bargaining power.
So, if you can choose between an additional income source that offers continuous learning versus one that does not, go for the first option. For instance, for most people, fulfilling e-commerce orders would be more beneficial than doing yard work. With so many digital marketing positions on the market today, enhancing your e-commerce skills will open many new doors for you.
3. Don’t Accept Any Job Offer Immediately
Receiving a job offer is one of the best feelings in the world! It means you’ve impressed employers enough with your knowledge, skillset, and experience. However, having an available opportunity doesn’t mean you should accept it immediately.
Once you receive an offer, do your research first. Before you commit your time, ask the difficult questions. Is the organization legitimate? Are you getting a fair offer compared to industry standards? Do you agree with the terms and conditions of your employment?
Ask your contact for some time to give your response; one or two days should be okay. If you’re satisfied with your research results, it's time to sign a contract.
4. Don’t Quit Your 9 – 5 Right Away
If your nine-to-five job overwhelms you, you’re not alone. In fact, recent job satisfaction statistics show only 45% of American workers are satisfied or extremely satisfied with what they do. Also, 21% look forward to shifting careers.
However, it’s not wise to quit your full-time job right away. If you don’t have savings, you still have learning opportunities, and you want to leave just because of a difficult boss, it’s not time to say goodbye just yet.
Not all part-time work offers medical, insurance, and retirement benefits. Leaving on a whim might affect your financial stability and strip you of corporate advantages. Before submitting your resignation letter, make sure your part-time work can sustain your lifestyle and pay all your bills.
5. Do a Cost-Benefit Analysis
If you’re tempted to accept a side hustle but are not sure if you should take it, develop a cost-benefit analysis to help you out. It’s a systematic process experts use to analyze the potential rewards and costs of a decision.
Ultimately, creating one should help you determine if your choice is financially feasible or not. For instance, you might find yourself short on rent or underperforming if you focus less on your full-time job and place all your efforts on your part-time work.
The process is a challenging one and requires assigning costs to various components. However, it will help you come up with an objective decision.
6. Do What Makes You Happy
Last but not the least, ask yourself if a side hustle will make you happy or not. It’s more important than anything you’ve read on this list. Sure, it’s helpful to identify your strengths, hone your skills, and weigh an opportunity’s pros and cons. However, your contentment far outranks any of these components.
If a few hundred dollars will cause you anxiety, stress, and exhaustion, it’s not worth it. Prioritize your happiness. After all, satisfied people are often more successful, have better relationships, and live longer lives.
Whatever part-time job you accept, make sure it helps you become your best self physically, emotionally, mentally, and spiritually.
Discover the Perfect Side Hustle for You
Getting a part-time job is one of the most convenient ways to increase your passive income. However, before signing a contract, make sure to choose the best hustle for you. Ending up with the wrong one can lead to unpleasant consequences, like burnout. When in doubt, go through this guide again to help you evaluate your options.
Ready to explore an exciting new world of opportunities? Get in touch with our specialists now through firstname.lastname@example.org or 203-548-7399 to find the perfect side hustle for you.
2. Believe in a Budget
5. Career Vision