Thinking About Starting a Side Hustle? - Deepstash

deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

deepstash

Beta

Thinking About Starting a Side Hustle?

Deepstash brings you key ideas from the most inspiring articles like this one:

Read more efficiently

Save what inspires you

Remember anything

https://www.success.com/thinking-about-starting-a-side-hustle/

success.com

Thinking About Starting a Side Hustle?
In 2009, Kimberly Palmer felt anxious about money. She worked a full-time job as a writer, but she'd just had a baby and worried what would happen if she lost her main stream of income. To ensure she'd have enough money for her daughter, Palmer decided to find a side hustle.

2

Key Ideas

Save all ideas

Tips On Running a Side Hustle

  • Before you plunge headfirst into a passion project, do your research.
  • Spend time online to see what others are doing
  • Keep initial costs low by using a free website builder and...

399 SAVES


Reasons To Start a Side Hustle

  • Earn extra spending money.
  • Liberate oneself from the 9-to-5.
  • Obtain financial security.
  • Get a deeper sense of satisfaction.

309 SAVES


SIMILAR ARTICLES & IDEAS:

Mentally Prepare

Think if you are willing to sacrifice your free time to struggle to establish a side hustle and if you can handle the consequences of it. 

If you are willing, develop a system of ...

Your Skills And Areas Of Interest

Acquire relevant skills, experience or industry knowledge necessary and ensure you have the passion and competence for what you are going to work on.

A good start is to monetize the skills you already have that are related to the side hustle you want to establish this. And if you lack key skills that relate to your interests or the side hustle you want to create, there's no better time than the present to learn them. 

Validate Your Side Hustle

Your side hustle idea may seem awesome and disruptive to you, but your potential customers will likely ignore it like most “brilliant ideas” or even not have a need for it. So, ensure you're not creating a solution to a problem that doesn't exist, as this is one of the top causes of startup failures.

You can do that with objective feedback from potential customers and asking them to join a waiting list, pre-purchase your solution or hire you as a service provider. 

7 more ideas

See Your Side Hustle as "Me Time"

When choosing your side hustle, pick something you want to do, be or achieve, and actively work toward it. Not only will you enjoy the sense of accomplishment that comes with progress...

Always Default To Action

Spend some time planning. Then spend a lot more time doing. If you're unsure, do something -- and then react appropriately.

It's easy to think and plan and evaluate yourself out of ever starting a side hustle. See starting a side business as the grand experiment it is. Never forget that the fun is in the doing -- not the thinking.

Only do What Generates Revenue

You may need to spend some time on admin and infrastructure. But you don't need fancy spreadsheets, comprehensive reports, a catchy brand or a mission statement.

Successful side-hustlers focus on selling and working. Anything else is time taken away from generating revenue.

7 more ideas

Cover The Basics Before Launching

Think about things like: securing social media handles, having a distilled brand message and design, a newsletter subscription, trademarking your name/logo, getting an EIN so you can writ...

Make a Schedule

The struggle to establish a side hustle includes converting previously nonwork time to dedicate to it. 

To lessen the impact, create a schedule considering your situation and tendencies, like your most productive time of the day and what activity would create less damage if sacrificed.

Find a Support System

Having people that you can vent to or ask for guidance is key to making any venture a success. Even if you choose to fly solo, surround yourself with people you can talk to, bounce ideas off of, and get genuine feedback from.

Scour your network for people in the same industry, reach out to mentors, and even ask close friends or co-workers for their honest opinions. 

Choosing The Best Idea

Keep your day job, and start a side hustle while you’re there. To do it, you need to create an asset that earns money for you. 

Spend your first week being observant, focusing ...

Develop And Launch

You’ve settled on your idea and transformed it into an offer. To convince your ideal customers to consume it, know your promises, pitch and prices, and have a short explanation of why your offer matters.

Aim to understand each action, deliverable, resource, and tool you need to launch and then follow through with it. Creating a schedule and sticking to it will help here.

Regroup And Refine

Decide whether to keep investing time in this project or head back to week two and try a different one instead. Knowing when to quit and when to keep going is key to making any side hustle successful.

Even if you decide to abandon the project and choose something else, the experience you’ve gained will help you be more successful with the next one.

The Passion Project

Various studies show that creative hobbies increase our happiness and well-being, and they can even make our work more productive.

Spending more time on something we are passionate about, un...

The Morning Routine

Creating a morning routine is a game-changer for your passion project.

With a clear, distraction-free mind, you can work on your passion for 30 to 60 minutes in the morning, maybe just one step of work, providing you with a great start of the day.

Time Allotment Myth

While we normally would allot a day or a weekend for our passion project, we end up not moving forward in spite of the time set aside.

If we can spare a few minutes to work on our passion project, in increments, we start to build something, with consistency.

3 more ideas

Affective forecasting

It refers to how we predict our future emotions and how certain life events will affect them.

We’re generally pretty bad at it—and that impacts our productivity, our goal setting, and ...

We're bad at predicting our feelings

The main barriers to accurate affective forecasting:

  • Impact Bias: Your tendency to overestimate the intensity and duration of future emotions. 
  • Projection Bias: However you feel in the present, you tend to project that onto the future. 
  • Focalism: When picturing an event in the future, you tend to focus only on that event, to the exclusion of everything else that may happen.

“Our ability to look into the future and think about what will make us most happy is the way that we get to a present that pleases us.”

“Our ability to look into the future and think about what will make us most happy is the way that we get to a present that pleases us.”

2 more ideas

Hobby to business: questions to ask

Hobby to business: questions to ask
  • Will I enjoy doing my hobby on a deadline?
  • Will I enjoy doing this with constant financial pressure to perform?
  • Is this hobby my outlet for relaxation? Bec...

Time is not money

Time is not money

Even if these two share some connections, time isn't money. Time is energy, money is a thing. And they each have power over our lives.

Money is infinite but time is...

Disrupting the time-money relationship

Investing and passive income disrupt the time-money relationship.

To make money without having to trade any of your time frees up your time to ultimately do things that are more important to you.

The best investing strategy

  • Make as much money as you can
  • Keep your expenses low
  • Invest the difference
  • The more you invest, the faster your money will compound and bring you more money
  • Sit back and earn money with no effort. You are no longer trading your time for money.

2 more ideas