Today, many people find it difficult to depend solely on their salary to meet their personal and family needs. With the current cost of living, relying on only one source of income makes you feel like you’re not making any headway.
Aside from that, you may have debts to pay, and a percentage of what you earn is deducted to cater for those loans. For that reason, you’d want to bring in some extra income by starting an online side hustle.
Having a profitable side hustle can assure you of financial security and eliminate the constant fear of job loss. With a bit of creativity and commitment, you’re sure to have additional cash to supplement your current budget. That said, have a look at some of the tips to get started:
1. Choose A Suitable Online Hustle
For starters, there’s a long list of online side hustles and you need to pick one that suits your line of interest. Have time for self-reflection to establish your outstanding skills or even a hobby.
For instance, if you like reviewing products, you can spend your free time filling out online paid surveys. Luckily, it’s not difficult to get one since you only need to register and have a profile and portfolio on a reliable platform. Afterward, the operators contact you the moment they find a survey that suits your profile.
Here are some of the benefits of doing paid surveys as a side hustle:
- They’re entirely free to take part.
- You can work from the comfort of your home.
- They pay very well.
- You have a choice of selecting the type of surveys you prefer.
- Your opinions count since businesses take them into consideration.
2. Determine Your Start-up Capital
All online hustles have a start-up cost. Thus, it’s wise to draft your budget early enough to get ample time to build up enough savings.
That said, here’s a list of items and expenses to include in your budget:
- Data or reliable Wi-Fi for internet connection
- Accounting software for bookkeeping
- A smartphone and laptop
- Office equipment, if needed
- Advertising costs
- A payroll structure if you require workers to assist you with your hustle
To be safe, try to cut your costs to conserve your starting capital as you grow. For more insight, consider seeking advice from friends running similar gigs. Alternatively, you can get ideas by listening to podcasts, attending online events, and visiting reliable professional networking platforms such as LinkedIn.
2. Plan Your Schedule
Most workers are under pressure in their workplace and might find it challenging to manage a side gig. However, it’d not make sense to have a side hustle that you can’t make time for. Aside from your daily job routine, you have to keep in mind that you have other commitments to attend to.
For that reason, consider having a to-do list and allocate your non-working time to each task. Having such a healthy schedule helps you plan ahead of time and balance the workload. Nevertheless, you’ll prevent unnecessary burnout if you make time for self-care.
4. Know Your Trade
Understanding your market is your best chance of achieving customer satisfaction. People have different tastes and preferences, which is one of the primary things that drives them to settle for a particular item or service. Clearly, you can’t sell a commodity without first finding out your customers’ likes and dislikes.
For instance, suppose your online side hustle involves website development. Your potential clients typically have some features they want to be integrated into their online platforms. Be sure you know exactly what your client wants before you accept the job.
Besides, if you go ahead and fail to meet their specifications, this might cost you an important client. In addition, you’ll receive negative reviews, which is very bad for business. Therefore, make a point of learning more about your trade to improve your service.
On top of that, you should communicate constantly and make relevant inquiries to help you identify if something is missing and what needs improvement. This way, you can address your current shortcomings and establish a long-term relationship.
5. Set Practical Goals
Every business person must work hard to attain their daily or weekly objectives. Starting an online side hustle requires commitment for you to earn some extra money aside from your full-time job. Therefore, you should generate a reasonable amount of revenue to cater to your expenses and, at the same time, earn considerable profit.
For a start, don’t put too much pressure on yourself by targeting a figure so high that you can’t hit it. On the other hand, don’t aim at making a small profit because it may not be feasible in the long run. In other words, you should be smart in setting your goals.
Aside from the cash aspect, you also need to set goals regarding your work output. For instance, if you’re into proofreading, you can have a work goal of two articles a day. If you stick to your plan, you’ll make handsome profits with time.
7. Make Time For Training
Depending on the nature of the online hustle you intend to take, you may have to consider some formal training to acquire the requisite knowledge.
For instance, if you want to offer online bookkeeping services for clients, you must have a basic knowledge of using accounting software like QuickBooks. Therefore, you can consider enrolling in relevant courses if you’re dealing with such technical side hustle.
Remember, it isn’t mandatory to go for paid courses. Right now, there are dozens of free online tutorials you can take advantage of. This helps you get equipped with relevant skills, experience, and wide-ranging content about your particular industry.
But if your choice of side hustle is a bit complex and there are no free tutorials, make a point of attending a comprehensive online course to get the best training. With a good background and a willingness to grasp new content, you’ll undoubtedly experience quick results.
7. Decide Where To Work From
Online side hustle comes in two categories. You can opt for a passive income remote gig or choose one that offers an active income. The good thing about having a side gig that generates passive income is that it only requires a few hours of your time.
Most people do it for fun and generate some income out of it. On that note, if you prefer this, you shouldn’t be worked up about setting up a workstation. For instance, bloggers, YouTubers, and Instagram influencers can work from the comfort of their homes.
However, online jobs that generate active income are very demanding and might require you to hire a team of professional workers. For this reason, you’ll need to have an office setting to manage your operations effectively. They include:
- An E-commerce store
- Animation and video making
- Web designing
8. Market Yourself
Marketing is an essential aspect of the business world. If you can’t reach your target audience, you may not do any meaningful business. Since you’re dealing with online activities, you’d want to use online marketing to promote your gig. This way, customers can easily find you and consider your product or service.
Below is a breakdown of ways to market your online hustle:
- Create a website.
- Embark on search engine optimization (SEO) for readers to quickly find your site on search engine results pages.
- Post your product or service on popular social media channels.
- Develop a good portfolio.
- Request your current clients for reviews and referrals.
- Start a blog.
9. Differentiate Yourself
Competition is unavoidable in the business world. Indeed, you’re not the only provider of a product or service in the market. You’ll be positioning your online hustle against a pool of established competitors in the industry.
Nevertheless, most of these players will make a move to try to outmatch your performance. This is common as most existing businesses view entry into the market as a threat. On the other hand, customers always demand the best, and you’ll need to give them a reason to choose your services.
Therefore, to avoid such market frustrations, make a point of having a competitive advantage. Make sure you’re excellent at what you do to provide something unique and outstanding. Here’s an outline of some of the differentiating factors:
- Pricing Strategy: Charge reasonable prices depending on your market evaluation. Also, don’t reject low-priced contracts because they initially help you get experience.
- Remarkable Customer Service: Keep your customers coming back by fully satisfying their needs.
10. Prepare For A Challenging Opening Period
Successful businesses don’t take a month or two to build from scratch. The owners most likely invest their resources and time in laying a good foundation. In that regard, it’d be good to be emotionally prepared for such challenges initially.
An online hustle has its share of challenges, especially at the initial stages. Problems are meant to be solved, and like any other businessperson, you need to step up to the task and find a way out of it. You have no reason to quit the moment things take a rough turn.
However, it might take a while before you get your first contract or the right traffic for your channel. Consider consulting the experts in your field or using the internet to help you find the answers.
Furthermore, be patient enough and give your hustle a growth period for consistent long-term performance. This could potentially be your full-time job in the future.
An online side hustle could be the solution to your limited budget. This is a stepping stone to being your own boss, gaining additional experience, and achieving ultimate financial freedom.
Getting started on one shouldn’t be a complicated process. Make sure to take into consideration the above tips and others to have your online side gig up and running. Besides, make a point of selecting a side hustle that matches your interests and skills.
Hi! This is Ifama. I am a student and giving my services in SEO. I have a lot of experience in digital marketing. Travelling is my hobby and I love visiting different hilly areas and doing adventures.