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Whether you are looking to stabilize your personal finances, increase your income, or use your free time more efficiently, starting a side hustle can be an excellent project to start this year. Even better, thanks to today’s advances in technology, you can get started from the comfort of your home and enjoy full schedule flexibility.
However, if you have never managed a small business before, starting a successful side hustle may seem like a daunting task. Luckily, there are some tips and strategies that can make the project much easier and increase your chances of success. Let’s look at these below.
Leverage Your Existing Skill Set
When it comes down to starting a successful side hustle, some industries and niches are certainly more profitable than others. And, of course, you may decide to invest time and resources in learning the skills that will guarantee you a higher income.
However, in some cases, you may consider the benefits of tapping into your existing skill set. Doing so allows you to count on your experience when setting your hourly rates, and enables you to get started right away. Some ways to do so include offering consultancy services in your field of expertise or using your craft skills to sell your products online.
Take Advantage of Automation Tools
Keeping up with paperwork, accountancy, and compliance can drain precious time and resources, especially when you are just getting started. Fortunately, thanks to recent innovations, you can now leverage automation tools that can save you time and energy. For example, you may invest in contract automation from Ontra, automate your invoices, or use automated marketing tools.
Outsource Non-Core Tasks
If you are looking to achieve success as a home-based business, you’ll need to surround yourself with the right people. For example, consider reaching out to marketing and accounting specialists that can help you run these aspects of your business. If you are starting an eCommerce business, build relationships with suppliers, shipping companies, and warehousing service providers to ensure that you don’t have to do it all by yourself!
Plus, this strategy can help you improve your customer service, avoid unnecessary fees, and boost the efficiency of your branding efforts.
Calculate Expenses and Estimate How Much You’ll Earn
Before you dive headfirst into your side hustle, it is important to understand how much you’ll need to invest in your business and how much you are likely to earn from it. Although these figures may vary, statistics show that the average side hustle helps people earn around $483 a month. However, as your business grows and expands, you may be able to build your side hustle into a full-time job!
Consider Building a Passive Income Stream
Undeniably, starting a side business can help you earn money and boost your income. However, this may require a commitment of time, funds, and energy.
If you are looking for another way to stabilize your finances, you may consider tapping into the benefits of today’s sharing economy and building a passive income stream.
An excellent way to do so includes leveraging your existing assets. For example, you may consider renting your storage space or garage. Alternatively, you could use your car or vehicle for advertising. Even better, you could rent out your home – or part of it!
For example, hosts who list their homes on websites such as Airbnb can perceive an average income of $13,800!
Consider How Much Time You Are Ready To Dedicate to Your Side Hustle
Before setting up your at-home business, be clear on how much time you are ready to dedicate to it. If your schedule is already at full capacity, you may consider alternative income options such as investing in stocks or renting your home.
These alternatives can help you boost your income without requiring you to spend too much of your time or energy!
Invest in Yourself and Hone Your Skills
Although your current skills may be enough to get you started on your project, don’t underestimate the importance of investing in yourself and learning something new. Acquiring new skills can help you remain relevant and competitive in today’s fast-changing market, which can contribute to the overall success of your home-based business!
Making the Jump: Choose the Right Time To Leave Your Day Job!
Last but not least, timing is everything! If you have started your business with the goal of leaving your day job, make sure that you are choosing the right time to make this important step. Indeed, leaving your current career behind too early can cause you to deal with significant challenges, including income instability and uncertainty.
If you are unsure how to make the most of your project, consider partnering with a mentor or financial advisor to help you better understand your needs and goals.
