The gig economy is steadily evolving, leading to increased competition and an onset of new challenges for side hustlers.
As technologies continue to advance, this marketplace growth is expected to continue exponentially.
Therefore, if you’re looking to jumpstart a side hustle in the New Year, it’s crucial to have the right strategies in place to stay afloat.
“Early side hustlers figured out the motto, created a process, and reached success,” says business expert Marcos Jacober, CEO of Life Hacks Wealth and founder of Airbtheboss. “This year is difficult because more people are jumping into the side hustle space without a game plan.”
Stuck on how to strategize? Here are 3 techniques for developing a profitable and sustainable side hustle:
Ditch the employee mindset, and start thinking like a business.
When shifting to the gig economy, many people make the mistake of maintaining an employee mentality.
Jacober suggests refraining from perceiving your venture as a side gig, and instead treating it as a new business opportunity.
That means less fixation on the work itself, and more emphasis on the big picture.
While employees often follow set guidelines and avoid rocking the boat, business owners take risks and switch up their systems when necessary.
A business mindset helps you stay strategic and efficient during the early stages of your planning process. This leads to less stalling, and more motivation to grow.
Recognize when it’s time to recruit.
Outsourcing can be scary at first, but you might want to consider pushing past that discomfort.
As competition continues to rise in the New Year, Jacober explains that it’s more critical than ever for side hustlers to avoid time-intensive or passive work.
“It’s important to find a job that leverages your abilities or resources, not your time,” says Jacober. “Ask yourself how your business can run on cruise control.”
To do this, start identifying your time-wasters. Determine areas where you can recruit assistance, so you can free up your time to focus on strategy.
Ultimately, side hustle success is about using your time effectively. By outsourcing day-to-day tasks, you can put all of your energy toward the bottom line.
Follow your passion, but make sure it’s sustainable.
Are you considering pursuing a passion project, such as creating artwork or writing a book? As fulfilling as these creative initiatives are, it’s often difficult to quickly scale them into a sustainable business.
Before getting stumped over how to make money, Jacober suggests first investing in a side hustle that can quickly generate revenue. This will provide the time and resources you need to invest in your passion project.
“Creativity can be channeled into finding unique money-making opportunities around you,” says Jacober.
If you’re passionate about becoming an author, start exploring freelance gigs first. Create a blog to gather an audience, and sign up for affiliate marketing programs.
It’s not about parting ways from your passion – it’s about adopting a money mindset to get your foot in the door.