The Rise of the Side Hustle | CoFounder – CoFounder Magazine

The side hustle has been born out of need. Many workers cannot feed a family on a single, full-time job. Due to increasing labor market tensions, it’s also harder than ever to secure more than one job.

You’re here to learn how to create your own opportunities—start a business, sell some of the stuff you’ve acquired over the last decade, or solve an everyday problem.

There are five steps to success with your side hustle. None are easy, but together they are effective.

Learn A Skill—that You Can Market For Money

If you want to make money, you need something that’s desirable—something people want enough to pay for it. Successful freelancers and entrepreneurs spend a lot of their time with one ear to the ground. They’re looking out for new trends, rather than waiting for the train to come into the station.

The trick here is: People have to want or need your solution—before they find you. We commonly act on impulses that have been brewing for days, weeks, or even years, when a solution to that one irritating aspect of life comes into our view.

If you find a need, develop a skill that can fill the void. Many businesses in the modern age struggle to break through the noise and connect with their customers. The resulting demand, for example, would be effective marketing. When businesses can stand out, they sell more products. When they sell more products because of you, it’s easy to show your value.

Refine Your Skill(s) Through Consistent Use—for Money

Once you’ve figured out what you want to do and you’ve acquired the basic knowledge to do it, it’s time to refine your skill. Products can generate side-hustle income as well, but skills-based offerings require little or no overhead and basically no inventory. Anyone looking to start a side hustle can do it with just a laptop or a smartphone, and even something as simple as designing logos, is always in demand.

Many freelancers fall into dangerous traps, however—relics from the previous generations of business that serve to hold them back.

“I don’t have enough years of experience!”

Many would-be entrepreneurs get scared because they expect higher barriers to entry than they’re actually facing. Sure, another consultant has been doing it for ten extra years, but are they up to date on the latest tech trends? Do your homework and see what the big kids on the block are doing. You’ll likely find a way into the market you want by doing so.

Pay Attention To Your Customers And Prospects

If your new sales tactic isn’t working, either adapt it or drop it. Customers may not tell you that you’ve hurt their feelings, lost their trust, or taken away their favourite thing about your business.

They still feel these things. Customers often speak with their wallet—if your regulars are missing, you might need to rethink your strategy. Talking to pre existing customers is an excellent way to get that information without having to dig for it.

Help People—but Don’t Throw Yourself Away To Do It

As an entrepreneur, you’re positioned to effect real change in the world around you. As a result, it’s socially responsible to help others find their way in the dark. Some individuals and businesses give too much in trying to do so in the short term. It’s fully possible that they could have generated more net change over time, but by throwing their assets to the wind, they’ve lost those opportunities.

You must strike a meaningful balance between what you and your business can give without undue stress or strain on your enterprises.

Learn Every Day—Upskilling Is The Heart Of The Side Hustle

Among the greatest and most consistent pieces of advice that the world’s successful entrepreneurs offer is:

“Learn something every day”

By reading a book about the skills you want to master, watching a how-to video on your lunch break, or otherwise learning about your passions and side hustles, you’re training your brain to key in on them even better than it already was. Creating that extra focus allows you to see new and exciting opportunities for creating, growing, scaling, or otherwise benefitting your side hustles.

Once you’ve found the time and focus to make progress, you’ll notice that things pick up a little more for each hour you invest. That’s the reward of the side hustle for many entrepreneurs. Some websites offer a safe place to sell your services, while others even offer escrow and on-site feedback, all of which help showcase your side-hustle and history of success.

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