Keeping a Side Hustle Competitive While Keeping It “On the Side”

Everybody needs extra money in this modern-day, competitive world. Naturally, it seems that most of us are working to set up a home business of sorts in conjunction with our basic income. As a lifestyle choice, a side hustle has veritable pros and cons but we have to remember that it’s not something that can just make money for us without us putting the effort in. You are running a business, whichever way you look at it. With this in mind, you have to think about certain components of business acumen, notably, being competitive. What are the ways that you can keep a side hustle competitive but not over-invest in the project so much that it takes over your life?

You Need To Market Yourself

As obvious as it sounds, marketing is crucial. So many small businesses don’t market themselves as they should, so they are selling themselves short. It’s something that everybody does now- lean on social media to get the word out there- but when you are trying to compete with everybody you have got to go one step further. It’s worth investing some time in doing homework relating to marketing to separate yourself from the crowd. There are so many different components out there, from the best Search Engine Optimization (SEO) techniques to even the use of color psychology and its influence in getting people to purchase items, there is so much to choose from. Marketing becomes one of those tools that everybody knows they need to pay lip service to, but they seldom give it the time it demands.

Look At What Generates Revenue

The main thing you have to remember with a side hustle is that it is something we do on the side; we’ve got to straddle the balance between investing time and effort so it generates a profit but not doing so much that it swallows up all of our spare time. You need to ask yourself, what do you need and what do you have to set up in order to achieve this? Looking at what generates revenue for you is about boiling it down to that simple question. As such, do you need fancy software that costs an arm and a leg? Sure, in the future your side hustle may begin to take over your life, but in the meantime, you should think about purely working in the business because this is the only time you will make any money.

Stick To A Side Hustle Schedule

Because you are working on the side of your main job, it’s crucial to stick to a schedule. You need to decide how many hours you think you can spend every day. When your working day ends, this is when your side hustle workday starts. Sticking to a schedule means that you will commit but make sure you don’t work beyond your set time limit. You need to see the schedule as the equivalent of what you would do in your normal work. Because a side hustle is, as already mentioned, something that you shouldn’t over-invest in, keeping to a strict schedule means that you won’t go above and beyond. And when you start to look at it in terms of monetary value and an hourly rate, it could very well be pretty decent!

Only Spend Your Pennies On The Necessary Components

You shouldn’t over-invest your time but you shouldn’t over-invest your money as well. You may think that it’s important to do something like a financial forecast and then spend money in order to anticipate those changes. But it goes back to the age-old notion of supply and demand. If you purchase more supplies before you have the demand you are going to be out of pocket. It’s important to remember that you just spend money on efficiency in the present. If you think that you will work faster because you purchase a specific tool, if you don’t have enough custom to pay you enough to afford that tool, there is no point in purchasing it. There are so many fantastic free tools out there to get you up and running, whether it’s in relation to spreadsheets or voice dictation software, there’s a lot you can accomplish with little money.

Making sure that we keep our side hustle competitive can make us think that we have to put more into it than our neighbor. But when we start to invest too much it doesn’t help us reap the rewards. A side hustle can be lucrative but you must remember that it’s not the main income.

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12 thoughts

  1. These are some really useful tips, especially as I start growing my ‘side hustle’ in 2020!

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