The basics of a side hustle
If you're woking a 9 to 5 job, you should consider starting a side hustle in a short period, to create a revenue stream outside your day job. Regardless of how much your pay is, it's always practical to diversify your income stream.
A side hustle begins with an idea. To assess if you have a feasible idea or not, consider the following:
- A side hustle is a project which earns money, not a hobby. If your idea doesn't give you a clear way to get paid, abandon it.
- If your idea requires more than three years to get started, it might not be an optimal side hustle gig.
- If you feel excited about your idea and can envision your next steps, you have a potentially feasible idea.
What is a high potential idea?
However, not every business idea is worth your time. If you can separate high-potential ideas from less desirable ideas, you will save a lot of time and you can focus on a profitable hustle instead.
Undesirable ideas look like this:
- Difficult to describe or translate into actions
- Unsure how to bring the vision to life
- Vague, non-specific
- High cost and require a long time to produce
On the other hand, high-potential ideas have these features:
- Can envision the conversion of your idea into reality and can be described in detail
- Something that you can learn to do
- Solves a problem or need gap which improves lives and get paid for it
- Cost remains within profitable margins
- Can be (re)produced on a recurring basis
When exploring a side hustle, zero in on an idea with good potential and just get started!