Published Thursday, March 26, 2020
Members: want to watch the video replay of the "Get Your Side Hustle On" session? Find it in the member's Facebook group!
Recently MatchBOX facilitated a discussion on ways to find work-from-home side hustles to pad your income. Here are a few takeaways from the session:
If you have dreams of starting a side hustle using your own skills, amazing! Maybe you've got some great photography skills, know how to write copy like a pro, or create amazing custom art pieces... and you're ready to make a little money from it.
Starting your own small side hustle can be great: there's more potential profit than if you worked hourly for someone else and you have greater control over all the aspects of how you grow and develop your business.
But just know that you'll probably be working hard for a while before you start seeing results. (Read: money in your account.) If you're starting a side hustle because you need cash now, know this is more of a mid- to long-term answer to a (potentially) immediate problem.
While it can be tempting to have a brilliant idea and immediately want to build a website, print business cards, and spend some cash to upgrade your equipment... wait.
Side hustles should make you money, not lose it, so be mindful to start very lean and avoid debt at the beginning.
On that note...
We all have that brilliant stroke of genius at some point in our life - the best idea for a business we've ever had! But we challenge you to find three paying customers before you dedicate your free time to your new business.
Customer validation and market research is key to ensure you're staying out with a strong business idea (and our MBXax virtual cohort for new or pivoting entrepreneurs can help you do that!).
We're not saying your artisanal, hand-crafted ice cream for dog isn't a great idea... it's just important to know there's a market for it before you dive in. Find a few paying customers to validate your idea.
Etsy for creatives. Fiverr for digital services.
While these platforms can help you reach larger audiences, there are some pretty significant drawbacks like:
A) Most of these sites are now pay-to-pay (AKA you're going to have to pay for advertising in order to show up in people's feeds) and
B) Profits will slowly get eaten up by
A few cents or percents here and there doesn't seem like much until every penny counts at the start of your side hustle. Consider going without if possible.
Your side hustle should make your life better, not take over every free minute of your life without return. And while money isn't everything, it's certainly a helpful indicator. Set specific times when you'll work on your side hustle and compare that to your hourly rate.
For example, if you're starting a niche website to earn affiliate revenue and you spend 40 hours on it per month and you make $200 your first month, your hourly rate is $5. Knowing this, you can decide whether to cut time or increase revenue to raise that rate to something workable.
Of course, at the start your hourly rate will likely be minuscule - and that's OK! But knowing will help you evaluate whether the return is worth continuing the effort!
Good luck moving forward with your side hustle!