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It’s 2022, and young people across Africa have made a shocking discovery! The only thing better than money is… more money! How else will you survive the constant inflation and save yourself from the clutches of adulthood? Hence, the need for a side hustle. To be honest, multiple streams of income are the only ways to help you make more.
If you are interested in making more money but are still weighing the pros and cons of becoming a sugar baby, you should consider a side hustle. Think of your side hustle as an anchor because the only thing better than the weight of one bag is two bags holding you down in the tumultuous world of meetings and office politics. In this article, I will improve your standard of living by sharing tips on finding and launching your side hustle because I believe that your money doesn’t jiggle, jiggle; it folds!
What is a side hustle?
A side hustle is another job separate from the full-time 9-5 job. Side hustles allow you to diversify your income, pursue your interests or acquire a new skill. Popular side hustles include content creation (social media influencers), tutoring, content writing, web designing, graphic designing and, photography.
Whether you are saving up for Japa plans or want to treat yourself to a nice vacation, a side hustle can help you hit your target quickly.
10 tips to help you find and launch the perfect side hustle
Finding the perfect hustle for you requires proper planning and research before you take the leap.
- Identify your reason
It is not enough to join the bandwagon because everyone you know is a self-acclaimed CEO; balancing a side hustle with your full-time job can be exhausting. You have to determine why you are interested in having a side hustle and let that fuel you on days when you want to quit –because those days will come.
- Evaluate your skills and interests
As you figure out the best side hustle for you, consider your skills, experience, and interests. You can explore things you are good at and enjoy that you can monetismonetizee or consider learning a new skill. If you enjoy writing, you can sign up as a freelancer on platforms such as Fiverr or Upwork, or if you enjoy baking, you can toe that path and get the word out.
Evaluating your skills is a great way to assess your readiness and rate your knowledge about ways to thrive.
- Do your research
What is the industry like? What are the tools you will need to thrive? How can you put yourself out there? These are essential questions to ask yourself. How are you meeting your potential clients, and what is the ideal platform? Are you selling your items on Instagram, creating and maintaining a, website or putting your services up on Twitter? Proper research helps you structure your business model and marketing channels.
- Determine your business setup
A business setup is a plan detailing what your business is about, the services or products you intend to offer an,d how you can grow. It will guide the decisions you take and those you forfeit. It also helps to identify your target audience, location and, ways to get them invested and engaged.
If your targeted audience is young adults aged 17- 20, but you are selling clothes out of your car like a bored civil servant, you probably won’t achieve your goal. Your business setup should consider your demographic for marketing, pricing etc,.
- Identify your unique selling point
You know what you want to do and how to get it done; next, identify your unique selling point (USP). You are not going to hustle in a bubble, so this is what sets you apart from others and edges out your competition. Your research will provide you with information about your competition to find ways to improve and get better. You can also do some preliminary study with a focus group to determine what you need to tweak. Your USP can range from lower prices to better quality or quantity, anything that will impress your targeted audience and help you build your business
- Prioritise your time
Your job will not fade into the background because you have a side hustle. Instead, the demand for your time will increase, so you need to set boundaries and prioritize your time. Schedule the time you need to commit to your side hustle and stick to it. Establishing and maintaining that delicate balance will prevent you from slacking off, overextending yourself and,monetize burning out.
- Estimate your working capital and your revenue and profit
Some businesses need some starting capital. You should figure out your budget and the running cost you will incur. Are you making a one-off payment by buying a laptop, or are there running costs such as rental space or a monthly internet subscription? These are vital things to consider for continuity.
Remember why you have a side hustle; if it’s to supplement your income, you should be making money from it. If your business opportunity is not profitable or requires more capital than your earning potential, you should find one that aligns with your goal of making more money.
- Set your business goals
Set achievable short- and long-term goals. Your short-term goals should be simple. For instance, find the perfect name, launch in three months, get your first customer, get ten customers in the first week and build up.
Your long-term goals should include the viability of your idea and sustainability for six months or a year or longer. When setting your goals, think about the big picture, particularly if this is something you see yourself pivoting to entirely in the future.
Setting up businesses takes time, and your side hustle is no different. Take the time to do your research, monetize your, idea and, launch. Set milestones to help keep you on track and get to work.
- Ask for feedback
After launching your idea, you should ask for feedback. You should evaluate how well you are doing if you learn a skill. If you distribute products, you can ask clients for feedback and room for improvement. Feedback will guide your processes and the quality of your work and give you insights to help you finetune your idea.
A side hustle gives you the chance to improve and meet the demand of your clients without worrying about your steady source of income or the threat of sleeping under the bridge.
- Level up
Grow, improve, get more clients and charge your worth. Don’t let them run your streets in the name of exposure. Know the value you provide and let that influence your pricing.
There are a lot of side hustles for young professionals, and it can seem daunting trying to find the right fit for you. From freelance content writing to baking goodies, whatever your idea, it should complement your commitment to your full-time role. It would be best if you also endeavored to get some rest, do not hustle your health away. Remember, problems no dey finish.
