Even those who have a full-time job they love still consider working for themselves to be the ultimate dream. If they could generate enough income from their own business to pay bills, minimize debts, and save enough for retirement, most people would quit their day jobs in a heartbeat.
While it is possible to freelance or work for yourself and make enough money to succeed, everything starts as a side job that with hard work and commitment could turn into something better. Learn how to start a lucrative side job to supplement your income and build the foundation for a successful business here!
1. What Are Your Skills
The first step towards adding some side job income to your main source of revenue is figuring out what skills you have that could possibly be monetized. Are you an artist who loves painting or creating small figurines? Are you a really talented researcher and writer? Do you make jewelry for fun? Any service or product that you could possibly share with others is a good place to start looking for a talent or hobby that could turn into a lucrative side job.
2. Do Some Research
Before diving into the deep end, do some research into the hobby or talent that you have. Explore the competition you’re up against in this industry and look into the actual demand for your product or service. Make sure you check into the right price point so that you can price yourself competitively. If there is no demand for your skill, you probably won’t be able to turn it into a lucrative side job. Consider other related services and products you could possibly expand towards to keep your dream alive.
3. Don’t Risk Your Full-Time Job
Even once you’ve discovered a talent that people want to pay for, you don’t want to risk your full-time job until you’re ready for a major transition. The market is constantly fluctuating and people’s interests are always changing. You don’t want to commit to making exclusively side job income until you’re sure you can make enough to reach all your long term goals.
4. Build Strong Relationships
While you might not want to tell everyone at your main job that you’re working a freelance gig or starting your own business, anyone you collaborate with in your side hustle would benefit from the information. Whether you need to inform them of a complicated schedule or you’re working with supervisors to fill a quota, telling them the amount of work you can handle as well as your money goals for the future helps you build an open, honest, and trusting relationship with them. Creating a lucrative side job sometimes hinges on this type of transparency.
5. Network
You may already have a solid network for your full-time job, so now it’s time to start developing the same sorts of relationships and connections for your lucrative side job. From attending industry events to joining an online community, you want to make the effort to meet people who can help you on your way. Even though you may be competing with some of them in the long run, most people are willing to help you learn more about your passion and transform it into a career that can provide enough money to buy a house or invest in your future.
6. Spread the Word
Once you have a strong foundation for your side job, you can make it a lot more fruitful by spreading the word about your products or services. Create social media accounts for your side business for an official way to communicate with customers and keep people informed of your offerings.
7. Set a Schedule
Part of what will make your side job lucrative is setting a dedicated schedule to follow. Many people get tired or sidetracked and end up giving up on the additional side job income they could be making. When you create a schedule, you’re setting up some form of accountability for yourself and ensuring that you have enough time throughout your days to create the product, communicate with customers, and resolve pressing business matters. Maybe you spend an hour each day working on your side job or maybe you only work on the weekends. Decide how much time you have to dedicate to your secondary work and stay committed.
8. Stick With It
Most small or side businesses experience swings in sales and success. Just because you’re going through a hard time right now, don’t give up your side hustle — this is why you kept your day job! Rely on the income from your main job to carry you through slow times with your freelance position. It could still turn into a lucrative side job given enough time.
9. Utilize an Online Platform
When it comes time to really push for success, you want to take advantage of every sales outlet at your disposal. You may not have enough money yet to pay for a domain name and eCommerce account, but you can still use your side job income to post your services and products on third party sales sites. Find the ones that are best suited to your industry and create a profile where people can contact you. Good sites to start with include Etsy, Facebook Marketplace, Amazon, and eBay.
10. Think Big
Just because you’re starting small doesn’t mean you don’t have a lot of potential. Create a business plan to take your lucrative side job and transform it into a successful venture for the future. Implementing this plan may take years, but it’s the best path to improving your life.
Financial Advice Here
At Cash Factory USA, we strive to provide you with more than just loan options — we also want to use our expertise to offer you basic financial advice to help you budget and save. Explore our blog now to learn more!