You want to increase your income and be your own boss. Who doesn’t?
You just need the practical know-how to overcome your fears and start the journey.
The goal of this article is to empower you to take bold action.
So turn off the YouTube self-improvement videos and fire up Google Docs. Here’s how to choose the right side gig for you.
Step 1: List your hobbies.
Passions can make excellent side gigs. Why? Because they leverage skills you currently have, and are already commanding your attention and interest. Those are critical ingredients for success.
It doesn’t matter how niche or obscure your hobby might be. Write it down. In fact, the more oddball your interest, the more potential you may have to monetize it.
Step 2: Evaluate the market.
Simply put, can your skills solve a problem for people? If so, then you have a potential client base at your fingertips.
Those problems may not seem obvious at first. But you may be surprised by what people will pay for your service or product.
Not knowing how to play an instrument is a huge roadblock for music lovers.
Lacking time to decorate, clean, and organize is a persistent dilemma for type A personalities.
Social Media illiteracy is a massive headache for older people starting small businesses.
All of those problems are opportunities to boost your income, if you have the skills to solve them. It just takes some time and creativity to identify problems.
Step 3: Size up the competition.
But here’s the catch—there might be hundreds, or even thousands, of others seeking to solve the same problems as you. In fact, your competitors might already have a well-established grip on your target market.
However, if your skills or niche are highly specific, you could have a rare opportunity on your hands that no one is fulfilling, or that no one is fulfilling well. You could eventually scale your side gig income to replace your day job!
This leads to a critical principle for deciding which side gig is right for you…
Opportunity lies at the intersection of high demand and low supply.
The more people demand a service, and the fewer competitors already providing it, the greater your likelihood of success.
There’s just one factor left to consider…
Step 4: Weigh costs against rewards.
Starting a business requires a combination of time, effort, and money. No exceptions. The question is whether—and when—the rewards will outweigh the costs.
Starting a car manufacturing business? Good luck—you’ll require a huge amount of capital, and won’t see profits for years.
Refurbing curbside furniture with tools and skills your grandpa left you? Hats off—your startup costs are almost zero, beyond some time and energy.
- In summary, you want a side gig that…
- Aligns with your skills and passions
- Solves a problem for enough people
- Has few competitors
- Offers high rewards with low costs
Which side gig fits these parameters for you? Whatever it is, let’s chat about it. We can discuss what it would look like for you to start pursuing it today!