I see you came here to know about side hustle and how to earn passive income, right? Ohh well, you are most welcome and you are in the right place. I do feel you and the urge of wanting to find a profitable side hustle that is a kind of risk free and will help you with the nowadays life expenses. Don’t worry, I will walk with you step by step till you decide which profitable side hustle is good for you.
Before we start how about we define what’s a side hustle just a quick reminder before we jump into the guide.
- 1 What is a side hustle?
- 2 Is side hustle a passive income source?
- 3 How to decide which side hustle is good for you?
- 4 Now the question is, how to know if this side hustle is profitable?
- 5 How can I make people know me and buy from me?
- 6 How long will it take to earn money?
- 7 How to price my work?
- 8 Tips before ending this:
- 9 To sum-up this topic now:
What is a side hustle?
A side hustle is a job on top of your full-time job to earn extra income. However, it should be something you are passionate about and love doing but also is profitable.
So, as an example; I’m an English teacher however I used to give crochet lessons which has nothing to do with my full-time job but I love crochet and I love teaching it.
However, this guide should help you decide on something you like to do but also profitable, because after all paying this time and effort should be fruitful, right?
Is side hustle a passive income source?
Not necessarily. Some side hustles need you to be active there, others are a one time work and throw it in the market to sell over and over passively while you sleep.
A craft teacher needs to be next to her student, which is an active side hustle. A graphic designer can sell templates passive after creating them once.
How to decide which side hustle is good for you?
You need to list down everything you know, can do and enjoy doing it.
After listing them, try to classify them into groups according to their relevance to each other.
Now, think if someone would tell you to choose one or more as a profession for the rest of your life. Which one did you feel your heart leaned to faster?
About the things you listed above, how good are you in practicing it?
You don’t need to be super professional as long as you know what you’re doing.
As long as you can update yourself with the latest updates about it, then you’re ready.
As an example, giving crochet classes was a trend when I started. There were women older than me who had more experience in giving the classes. However, being younger with fresher ideas and cooler choices of colors gave me credit and made me a teacher people turned to when they wanted to learn.
Starting a side hustle can come in 3 starts. Start for free, start with a small budget, start with a high budget.
And the profit has nothing to do with the budget you start with.
Let me give you an example:
Someone can sell social media templates after creating them on a free platform. (that’s starting for free)
Someone else can sell cookies or home baked desserts, which starts with a low cost “as low as buying the ingredients.”
A third person sells stationery “stickers, cards, Washi tapes, pin badges …etc” which starts with a high cost.
All three make good amounts of money however, some is passive, some is active, and it depends on your passion.
So when starting your side hustle, know exactly how much you will invest before deciding on it.
All side hustles need time, regardless of what type they are. Knowing how much time can you offer for your side hustle is totally up to you?
It all comes to what you decide for after listing your priorities.
Another example about my crochet classes:
My elder daughter used to have maths classes 2 days/week when I had to take her myself to the class.
So I shouldn’t give crochet classes in those 2 days.
Also, being a teacher coming back home late, having lunch and helping my kids with my housework takes time, which means I can give classes after 5:30 pm or so.
Here I know my priorities and how to decide when and how long my side hustle should take.
Now the question is, how to know if this side hustle is profitable?
Study the market:
One of the biggest mistakes when choosing a profitable side hustle, people tend to take a step back because other people are doing the same.
You should know if people are doing the same and they are earning money, that means they cut it short for you and you know it will work.
Believe in yourself and there are people who want YOU, your method, your charisma, your taste, they don’t want the others.
If people are searching for or about the thing you want to pick as a side hustle, that means people want it and will pay for it.
Check related keywords on google search or hashtags on Instagram, or products suggestions on Pinterest.
Sometimes even in Facebook groups you see people asking for someone who can do this or that.
Go on Fiverr and see what people are offering and how many did buy.
Cost vs. Profit:
To know if this side hustle is profitable, know the cost you paid and how much you’re earning back.
Let’s say you want to bake cookies and sell them.
Ingredients to bake 2 dozens = $5
The box= $2
You can print card at home or extra ribbons from the dollar store in stacks
Baking and preparation time = 1-1 ½ hours
Selling price is $25
In this calculation you are charging $9 per 30 minutes.
You can prepare ahead of time cookies and freeze them for when you receive orders.
You can buy boxes and decorations in stacks.
This is a tiny example. And from there, start calculating.
How can I make people know me and buy from me?
When you want to start a profitable side hustle, know that you need an audience. You can grow the audience by having a social media account or free website “like the one from wix” and advertising for your work.
Join FB groups and show them what you got. Don’t tell them to buy, help people with it or answer people’s questions.
Let’s say someone said: “I want to take photos of my products but for free” you can say “I always make sure when I take photos of my products (which are food based) I do this or that” so indirectly you told people you sell cookies or food.
Also use hashtags on social media, Pinterest allows pinning products.
You can even use photos of your products in meme generators and create memes about your products to grab people’s attention.
How long will it take to earn money?
Well, it all depends on the side hustle and how good you are in advertising. There aren’t guarantees or insurance about the time or income.
Someone can post on Instagram 3 times a day with the right hashtags and reply to other people’s posts and gets known fast, others can post once every few days with not so appealing photos and don’t use hashtags and can take forever.
So It all comes to your effort.
How to price my work?
It depends on the work.
Is it a physical product based? Then you should calculate the costs of the items used + (time x hourly rate) + taxes + extra 10-15%
If it is virtual, like selling digital products or virtual assistance, then price it according to the time you spent or the time you saved others.
Tips before ending this:
Don’t make your prices low to get clients. Who wants your work will pay whatever you ask.
Don’t wait too long to start, start scared and grow with time.
Don’t seek perfection as it doesn’t exist and to be honest sometimes the simple things are more beautiful than the complex.
To sum-up this topic now:
Knowing the difference between side hustle and passive income gives you an idea of what to do.
To choose the right profitable side hustle for you you should measure your:
Knowledge about it.
Time to spare for it.
The budget you’re starting it with.
The passion to stick to it.
You can know if the side hustle is profitable by:
Studying the market.
Using search engines.
Going on social media.
Calculating the cost vs.profit.
Your hard work and persona are the key elements to get people to know you and thats when you start earning money.
Knowing which side hustle you are picking, gives you a slight idea of how much to charge.
Now tell me, what’s your fear that is holding you from starting your side hustle?
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