If you’ve always wanted more than one source of income, we now have a category dedicated to sharing side hustle or passive income topics. There are a number of articles already published discussing how to discover a side hustle, how to implement your idea and so on. So make sure you browse through previous articles because it’ll definitely be of benefit.
This article will share initial steps to take to go about making money from your side hustle because this is something we are passionate about. Currently, asides working my 9-5, I manage this blog which gives some source of income and run a wedding photography/ videography business with my husband: Allen Oba Studios.
I’m writing this article not because I think I’m an expert in discussing side hustling. As a matter of fact, I enjoy listening to this Side Hustle School and reading extensively on this topic.
Rather, this article is as a result of a couple of requests I’ve received in the past and I love to share information I have learned over time with my audience. Secondly, I believe that information should be shared and that’s what Zinny Factor is all about.
Am I where I intend to be yet? Most definitely not! I want to keep moving up the ladder of whatever I intend to do.
I’m sure we’ve all contemplated leaving the 9-5 life to try out some things we’d love to do personally. So many of us have also heard of how we should all become entrepreneurs. However, if you believe it’s not time to make such a huge life-changing decision, want to make additional income and want to take advantage of your talents/ passions, then this article is for you.
Otherwise, please leave this page and read other articles as we have those dedicated to entrepreneurs or employees.
To be clear, if you are looking for a quick way to ‘success‘, whatever that means, then this is not the article for you. This is for anyone willing to be patient to see their long-term dream grow gradually. Below are a few questions/ tips to keep in mind so that you can begin making some income from your side hustle.
Why do you want a side hustle?
Understand why you want a side hustle. Is it because you want an extra source of income or is it because your friends have side hustles? Do you have talents or hobbies you’ll love to utilize but still retain your full-time job?
Will it create value?
The world needs more of anything that creates value for a person’s life. It’s not about doing what another person is doing, after all, there is nothing new under the sun. Bringing a spin to what’s already in existence if you think that you can’t innovate something new is what can be considered. It’s about solving an issue or challenge you believe a certain group of people have.
Variety is the spice of life and that’s why there are a number of restaurants and we all have our different reasons for frequenting a particular one. There are a number of cleaning service companies, yet they all have clients. Have you ever wondered if there was competition among them?
Of course, there is but the value each of these companies create is different. Some focus on lower fees as a way to attract clients. Others are after high-end clients who believe that they’ll get what they pay for. And some focus on the number of cleaners that will get the job done thereby saving time while others market the ease of contacting them to hire a cleaning service!
So what’s the value you want to create no matter how saturated you think your chosen side hustle is? What is your competitive advantage?
Who is your ideal client?
To make some income from your side hustle, you should ask this question. You might love a particular social platform, but will your ideal client be there?
It’s not always going to be about posting content that regular people like. It’s equally about knowing if the content is going to convert to sales. At the end of the day, for you to say that you make an income from your side hustle, you should be able to count sales.
When you are able to answer this question, you’ll then try to discover ways to target your ideal client.
Is patience involved?
Now, this is a big one because some side hustles might take a while to build. Something like growing an online/ personal brand takes years in most cases. I’m yet to find a blogger or influencer who said they started making some money from their platform almost immediately. Please let me know of any if you do!
Businesses like selling food might not take too long to get profitable after all food is a necessity and as long as it’s tasty and you invest in marketing, you might begin to get customers. If you are starting out a side hustle that might take longer to pick up (especially anything online), learning to be patient is a top priority.
What most online personalities do as a result of this is offer products or services on their platforms as a way to make passive income or earn some for their time while they build their online presence for bigger opportunities.
So you’ll find that some bloggers begin to sell courses, ebooks/ books, offer services like coaching, digital/ influencer marketing, affiliate links, writing, speaking engagements and so on. You will have to figure out what you want your brand to be known for in the long run and keep working your way to hit your target.
Do you want it to be a long-term side hustle?
This is one question that is directed towards your end goal. Do you want your side hustle to eventually turn into something big? Do you plan to hire people eventually? Some individuals run side hustles while maintaining their full-time job and still employ people to help them.
If you are offering a service/ product that is in trend, how feasible will that product or service be in the long run? It might be all well and good at the initial stages but you may also want to consider why you want the side hustle. If it’s going to be a minor source of income while you work towards a lifelong service/ product then that’ll be a better idea as you’ll be creating something much more substantial while utilizing the trend.
Ask yourself this question: “What was in trend two years ago and why is it not in trend anymore?”
When I lived in Nigeria, there was a time when having a Nokia phone was the best thing you could do with your money. Today, very few people still own a Nokia phone and that’s because technology evolved. So even if you will be doing a side hustle that is currently trending, what are your plans to move with the change over time. This question is only useful if you have a long-term goal for your side hustle.
What are you offering?
Are you offering a product or a service? Do you have to convince someone to need your service? If you do, then that is something to research into. Why will you have to convince someone to need your service if it creates authentic value?
How can you go about making potential clients realize that they need your service or product without having to sell the idea to them? This goes back to the point about knowing your ideal client and marketing to them. You shouldn’t be marketing to just about anyone because ‘everyone’ might not be your market.
How do you go about pricing?
Once you’ve been able to discover your ideal market, you’ll then be able to determine your pricing and how you need to go about marketing. In upcoming posts, we’ll discuss how to go about pricing and marketing because these are important factors when it comes to growing your side hustle.
Subscribe to the blog to avoid missing out on this information. Share below, what did you find useful in this article? Do you have other tips to help make an income from your side hustle? We love it when we hear back from you so leave a comment below.