With a side hustle, you can supplement your paycheck while also developing the talents that don’t get a lot of play in your nine-to-five. Committing to a side hustle could be the kick in the butt you need to develop a skill that you’re passionate about. You will likely have to give up binge-watching Netflix and you will often be the last to get to the bar… and the first to leave. But the best way to get started is to quit talking and start doing. Here are the three steps to transform your hobby into a jobby.
List the Possibilities
Yeses, it’s time to make another list. You might have more than one hobby that gets your hustle juices flowing. To help decide which path to take, focus on the hobbies that fit the following criteria: you are really good at it, it’s a service or product that fills a void in the market, and you can realistically make money at it. You want your jobby contenders to meet those three criteria, but list everything that meets that criteria. Do you like dancing? Put it on the list. Talking on the phone? Put it on the list. Are you a beer connoisseur? Put it on the list. Don’t hold back! Start with the whole shebang because you’re going to narrow this list based on payoff potential.
Is it worth your time?
As you’re looking over your list of hobbies, ask yourself: how much time do you have for your side hustle? And can you realistically stick to a self-imposed schedule while also having a full-time hustle? Tackling your side hustle after a busy workday is going to require a lot of discipline. Look at the list of hobbies you made and now analyze the time you can devote to that hustle. Remember, your availability may be different for different hobbies, because some jobs you can do on your own at night, while others will be “client facing” and need to happen during traditional work hours or require transportation that will eat into your available time/week. Make sure that your side hustle is something you care enough about to take time away from doing other things.
What’s the ROI?
The ROI, or return on investment, is the measurement of how much money you get back from the money you put money down. So, as you look over your list of hobbies and the amount of time you can put in, also think about what your initial investment will be in order to kick-start your business. Will you need equipment? A training course? Money to establish your LLC or whatever entity you choose? The ROI has to be substantial, even if you’re shaving some money off of your investment to account for travel time, a new computer or whatever else you need to get your business going, there has to be a profit. If your initial investment is too high, cut it down! Always find ways to save.
I want you to make your list and go through these three steps. Decide how much time you have for your side hustle, what the start-up costs are for graphic design and carpentry, and how quickly you’d make that initial investment back. Remember, you are looking for the options with the lowest initial investment that can yield good money for the hours put in… and, maybe, could turn into a career.