Everyone loves a side hustle, right? The hobby that you love to do that’s earning you a few dollars on the side every month keeps your mind engaged into something that doesn’t involve work, and it makes you feel happy to know that you are spending time doing a thing you enjoy doing. It’s very clear in the market today that side hustles are a big deal; everyone and anyone who can make money from the comfort of their own home is doing exactly that.
We are moving into a world where things are tight. The economy is constantly on its last legs and the salaries aren’t rising at the same rate as inflation. People are living to a breadline, so a lot of people are taking those side hustles that they love so much, and they are turning them into a fully-fledged business run from home. This isn’t necessarily the dream for most people; some are happy with a hobby just being a hobby. Others have hobbies that have more value, and if you can turn something that you love to do into the thing that you rely on for money, wouldn’t you want to do that?
It’s important that you assess your scalability before you start moving into the territory of leaving your steady income in favour of a home based gig. You need to know that your side hustle has the potential to support you and your family – and you need to know that you can quit your job without quitting paying your bills, too. Working for yourself is already precarious, and you can’t do it without a solid plan in place. So, with all that in mind, let’s take a look at how you can get serious with your home based business.
Is it taking up much time?
If you spend a couple of hours every night on your hobby, then it’s very much still a hobby that you are doing for fun. However, if you find that you are spending time researching how to get a business address without a premises and you find yourself on PhysicalAddress.com during the 30 hours a week you put into it, then it could be more of a business idea for you. Fulfilling customer orders takes time and if you are spending that much time and effort to do it, then you’re looking at a real demand.
Is there a chance of a solid profit?
You cannot quit your solid job without something reliable to go to, which means it’s always better to build a financial model and understand if your hobby is really going to make some serious money before you actually go for it. It’s nice to have ideas about where it could go, but there is every chance that you could be using your imagination rather than actually be able to earn a lot. Giving yourself time in your current job also gives you capital to keep your business afloat, so don’t switch off just yet.
Can you grow it?
You want your business to grow beyond the home, and even if your idea relies on you to do all the work (let’s say you’re freelancing), eventually you can still grow your salary. It’s important to think about where you can grow your business, how you can diversify and whether you can fit your side hustle into the category of a business that can do both.
Do you know your customers?
If you are already earning a little cash from your side hustle, then you already know your general target market. You can learn to identify your demographic further with research and then tailor your marketing efforts toward them. Use social media and as many free marketing tactics as possible to enjoy reaching your business as far out as you can get it. You don’t have to wait to grow your business to right customers, especially if you already have an online store or small customer base that you are using.
There are many side hustle ideas that can’t go beyond the home, and if you only want to keep your business small, then this is a good thing! You need to work out what you want from your business, what you could get out of it for your future and make a solid plan to get there. It takes a lot of hard work and a little luck, but you can be on your way to earning from your hobby.