Ten simple tips to turn your ideas into income
What do you think of when you hear the phrase ‘side hustle’? Perhaps you think about selling lemonade to your friends as a child. Perhaps you think about the app idea you’ve always wanted to pursue. Perhaps you think about that super successful business you swear you came up with first.
Well, according to recent reports, 40% of British workers now have a ‘side hustle’, and with that figure expected to rise to over half of the adult population by 2030, ‘hustling’ is now more popular than ever. The study also found that almost half of ‘side hustlers’ were motivated by their desire to follow a passion or explore a new challenge, confirming the notion that a side hustle is not just a money making scheme, but an opportunity to spend time working on something you enjoy, something you’re passionate about, and something you can be proud of.
Whether it’s selling clothes on eBay, gardening, dog walking, blogging, car washing, tutoring, teaching, cleaning, YouTube, ecommerce, catering, party planning, crafting or baking, turning your talents into money has never been so varied and accessible. But how can you actually turn a great idea into a lucrative side hustle? Well, just like that, we’ve written you a handy guide to get you started.
Here are limber’s top ten tips for making a side hustle work for you:
1. Choose something you enjoy
Anyone can have a side hustle, but it’s important to find a balance between skill set and passions. Turning your talents into money should be fun, so find what works for you. Your side hustle is the perfect time to embrace your hidden talents, and enjoy making money.
2. Start simple
You might be surprised to hear that the secret to a successful side hustle, isn’t the ability to solve problems for the millions. Instead, focus on a single person’s’ needs. If your side hustle is building gazebos, don’t start with a website and an overly complex social media strategy, just find one person who wants a gazebo and build it for them at the most competitive price. While building it, do a time lapse, take photos and ask your friends to share your handy work. You’ll learn more in this process about how to drum up business than you will by starting with a website.
3. Be resourceful
Starting a side hustle can be daunting, but there’s a wealth of information out there to help you get going. From podcasts, to self help books, blogs – the internet is full of information and advice around how to turn your side hustle into a lucrative business, so get savvy (after reading this article), by doing some research. Some of our favourites include, the book ‘How to have a happy hustle’ by Bec Evans and the ‘Side hustle school’ podcast.
4. Be patient
You probably won’t make your first million in a week, and that’s okay. Have patience and stick with it. A positive mind set will go far, so stay motivated and don’t feel discouraged if it takes a while to turn a profit. The desire to make a profit can sometimes dull creativity, so try not to focus on it, and don’t be concerned if you initially have to give away your skills for free, we promise the long game will be worth it.
5. Create a schedule
Running a small business alongside everything else takes time and energy, so it’s important to plan your side hustle around you. Starting a side hustle means you can be your own boss, so make the most of it, and avoid setting yourself an unrealistic time scale. Online management tools like trello or Monday can help when planning out next steps and deadlines.
6. Invest small at first
This one probably goes without saying, but remember to only invest what you can afford. It’s great if you’re expecting the business to take off, but be cautious not to overspend while it’s still early days. Try to seperate your private money and your company’s money into different bank accounts, and don’t be afraid to consult a pro when figuring out finances. Proper accounting might not seem necessary at first, but it’s important to start as you mean to go on.
7. Team up
Starting a side hustle doesn’t have to be a solo project. Teaming up with friends or family allows you to share ideas and manage your workload. You could also use apps like meetup or bumblebizz, to meet like-minded freelancers and entrepreneurs in your area.
8. Seek advice and feedback
Advice and feedback are key to launching a successful business. Depending on what your side hustle is, initially you may want to trial it amongst your family and friends. This way, you can iron out any bumps in your product or service before launching it to the public.
9. Be creative
You’re in charge, so be creative with your side hustle. This is an opportunity to really put your stamp on something so don’t hold back. Often with a new business idea, the more unique, the better.
10. Be proactive
Stop thinking. Stop talking. Do it. There is no substitute for real experience and even if your first attempts fail, you will always be closer to your dream than if you never started. If you wait for everything to be perfect, you will never begin (we think we saw that on a bumper sticker once).
So, what are you waiting for? Get hustling.