22seven gives you all the tools to budget and monitor your spending, but the cost of living is increasing all the time and sometimes your day job just doesn’t cut it. If you really want to fast-track your way to financial freedom, you might need to create a second source of income.
Yup, we’re talking about starting a side hustle.
Here are six things to consider:
1. Use the skills you already have
Whether it’s analysing data, planning events or training colleagues, take the time to list the skills that make you good at your normal job.
It’s important to incorporate existing abilities and knowledge into your side hustle idea because you don’t want to waste valuable time learning something completely new. You can always upskill yourself or develop existing skills, but to get your new business off the ground, start with what you already know.
2. Do something you actually enjoy
You’ll be spending your free time building your side hustle and you won’t be motivated if the new venture doesn’t bring you joy. Ask yourself if you’d be willing to do the work without being paid. That might be the reality early on and you’ll need to push through. The only way you’ll be able to do that is if you love what you’re doing.
3. Work out how much time you have available
Talking about free time, building a business is going to need some of that… Be realistic about how much time you can invest into your side hustle. Burning out will be detrimental to your new venture and your existing job. Be realistic, plan well and make some space for down time too.
4. Do your homework
As cool as it is to potentially earn money from a hobby, you need to make sure your side hustle is financially viable. Research what’s already out there in your chosen field and see how you can offer something better, different or new.
5. Is it scalable?
A scalable business is a business that can grow. You ultimately want to increase your income without necessarily increasing your effort. Consider the growth potential for the industry you’re in, and the potential number of clients you might be able to serve. Who knows, your side hustle might become your full-time hustle in the future!
6. Consider the costs
Starting a business doesn’t necessarily require a massive cash injection upfront. You might find that the only cost in the beginning is your time and effort. If your idea does require some financial input, be sure to draw up a budget so you can see the big picture and decide if it’s worth it.
Remember that every business starts with an idea. If your Spidey sense is telling you that your side hustle might turn into something awesome, then follow that thread! Even if you change course along the way, the planning exercise in itself will teach you skills that will serve you well in the future. Here’s to bigger and brighter things!
