Why 2019 Is The Year Of The Side Hustle
What is a Side Hustle?
A side hustle is where someone is trying to make money through something other than their full time job. In the past this was frowned upon by employers but more and more employers are realising that (providing that the side hustle does not present a conflict of interest) running a side hustle often increases the employees skillset and can bring benefits to the employer.
For the employee, many Side Hustles are simply a way for them to enjoy a better standard of living or pay for exotic holidays, however in some cases the Side Hustle can become a major business venture resulting in life changing profits.
How Do You Start A Side Hustle?
The first step is to think about what your inerests really are and what you can do that can make money doing something that you enjoy. Some psychologists suggest that you should think back to what your interests were when you were 14 or 15 as the interests you had then were yours, before being influenced by your peers or the world at large
When you decide what you're interested in then you need to identify how you can make money from it. Maybe you enjoy being outside - Walking Clubs such as Nordic walking are on the increase and present business opportunities. Maybe you like animals - you could start an online pet shop.
If you have a number of interests use Google Trends (search 'Google trends explore') to find out which one is increasing in popularity as that's often the one you'll want to pursue.
How Many People Are Doing This?
According to the Independent, 40% of UK Workers and according to CNN 44 Million Americans have a 'Side Hustle'.
Everyone knows someone who has made money online and the news is full of stories of how the internet is taking over from the high street. Many people are also wising up to the fact that Amazon's huge success is taking thousands of small merchants along with it.
The ease of SaaS systems like Sellr means that anyone can get started with an online store for minimum outlay.
Advice for Side Hustlers
Many businesses whether small or large are made or lost right at the start of the business process. If you're selling a product, then you need to make sure you can get the product at a lower cost than what you are selling it for. Ideally you want to make a 100% markup. Buy it for 20$/£ and Sell it for 40$/£. This sounds obvious but many businesses get underway without really checking this vital point.
A significant number of businesses are successful because they sell things that a some people would not be prepared to sell. I don't mean illegal items which you shouldn't even contemplate, but if you can find an item which has a limited supply and big demand then that is one of the easiest roads to riches.
You need to find customers. A website will not bring customers - you need to become an expert in sales and marketing whatever your business is. and drive people to your website or however you are selling. Relevant exhibitions and shows are good places to sell as you'll also get feedback from prospects and get to see what your competitors are offering.
Write articles for blogs and publications.
Tell all your friends about your business and get them to tell all their friends on social media.
Get as much exposure as you can for your business.
The key piece of advice though is to get started. With a system like Sellr you can opn a site for only 5£/$/month, it makes it really easy to test the market for your business ideas. If your first idea doesn't work out then try again with a different one, or try loads at the same time.
Running a Side Hustle takes time to get off the ground, so the last point is persistance. Most businesses make a high proportion of their sales from repeat customers, so you need to be in it for the long haul. But given time, effort and a sprinkling of luck - you just might be able to give up the day job and pursue your dreams!
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