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An extra R2 000 a month! That sounds like a good idea, and your side hustle is the thing that could put that extra cash in your pocket. We identified what makes a good side hustle, what you need to know before you start your side hustle, and how grit and determination will help you deal with the challenges you will face.
Research ideas - and accept that they might not all be feasible
If you have a brilliant idea, you need to check that your potential customers will be willing to part with their money for your service or product. If your research reveals your idea isn’t feasible or going to be profitable – let it go and start researching other ideas!
Pieter De Villiers, who qualified and practised as a vet, started a YouTube channel and works as a financial adviser, has three top tips to identify a lucrative side hustle. He says you need to think about:
- What am I passionate about and good at
- What do people come to me for, such as a product, service or advice
- How much will people be willing to pay, or give of their time, for that service/product or advice
“If you can find the sweet spot between these three, then you have identified a potentially lucrative side hustle that is in demand.”
Queen Magomani, who posts regularly about side hustles on YouTube, echoes this advice! Make sure you know if your product or service will be in demand. If you are selling, anything from food items, fashion accessories, skills such as graphic design or images online, research what people want and are buying!
Pieter says, you then need to immerse yourself in your idea. “Read as many blog articles, watch as many YouTube videos, and listen to as many podcasts as possible on the subject until you become the most knowledgeable person in the room on your side hustle.”
Don’t wait until everything is perfect to start your side hustle
Research is important, but at some point, you need to put your idea into action, appreciating that you and your side hustle are a work in progress. Without launching your side hustle, you will never know if it will be a success or if you need to start looking for other ideas.
It may take time to make money
Sometimes years! Be consistent, be authentic, be prepared to put in the work and be passionate. Some side hustles can show immediate rewards, other times you need to convince customers that you are offering value and a good service or product. Sometimes you just need to earn trust to build a customer base.
Your side hustle may not take off, and it may not last forever
There will be side hustle ups and downs. Not every brilliant business idea makes money, and not all potential customers part with their money when the time comes. Some business ideas will have a lifespan, such as selling items at events. When the event ends, your side hustle ends. And sometimes, a competitor enters the market who just offers a better and/or cheaper product or service!
Experience any one of these and you may start thinking or hearing about “failure,” because your side hustle is over. At this point, you need to banish the word failure and say: “So what, I tried, let me move onto the next thing, using my experience to make my new side hustle better.” Dwelling on what didn’t work takes time away from working out what does work and earning that extra R2k!
You have to spend time marketing your side hustle
The more people know about your idea, the more you can make! Network for new clients all the time, be active on social media so people know who you are and what your side hustle offers and consider spending some money on advertising – just a little! Never be shy about your ideas – always market them and yourself! Customers need to know you are brilliant and where to find you! You can read more about marketing your side hustle in this blog.
Beware of scams
Scammers will try to sell you dreams, says Pieter. Sadly, criminals know you want a little extra cash each month or at special times of the year such as December, and they offer side hustles that they say will earn you the big bucks you need.
Beware of:
- Making large upfront payments to “unlock an opportunity”
- Promises to make lots of money very quickly, with no skills, resources or time
- Opportunities that require skills you don’t have, such as teaching a language you are not already proficient in
- Online trading in any financial instrument such as equities or forex – this takes decades of experience and considerable skills, and money is most often made in small increments, and is often lost! You can read more about trading as a side hustle in this video.
Do your research, don’t part with your money too quickly, never part with money you cannot afford to lose, and don’t be rushed into decisions.
Are you ready for side hustle success?
Yes! You have ideas, determination, and you are ready to commit time. You are prepared to deal with the ups and downs, know that you need to follow good ideas and quit the ones that don't work out! You are ready for success. There are some fantastic side hustle opportunities and if you offer value, customers will come to hear you and/or buy your products!