4 Effective Strategies for Starting a Side Hustle

October 13, 2021

When the pandemic started, people lost their jobs as companies closed due to the lack of revenue. The situation compelled many people to find other ways to earn an income. Some even set up businesses after they saw some opportunities during the health crisis.

The situation has improved since then as the labor market recovered together with the economy. In June, the job market saw an increase of around 850,000 positions for jobseekers. Despite the better situation, you may want to start a side hustle in case the economy dips again in the future.

For many people, a side hustle gives them a second source of income that they can use in case they lose their main jobs. But starting a side hustle requires more than just looking for a second job. Here are some tips to consider if you plan to start a side hustle.

Choose a Suitable Side Hustle

You should look for a side hustle that is suitable for you. This means you should be good with the side hustle and you enjoy doing it. The side hustle should also allow you to earn. While this may be challenging, it is not impossible. You can look for something that you can do better than others. You can even ask your family and friends what they think is your strongest skill. The skill may be something you learned from a previous job.

Once you identify the skill, check if you can earn money out of it. For instance, if you are a teacher, you can offer online tutoring classes. A mechanic can buy old cars, fix them, and sell them in the market. You can use the skills that you have to earn something on the side.

Have a Modest Start

Since you are still starting the side hustle, you should take it easy when it comes to spending. Unless the equipment you need is necessary for the side hustle, you should avoid spending too much. But if you need the equipment, you can opt to get the best in the market.

If you are planning to offer video and image editing services, you can look for the best gaming computer in the market. The technical specifications of the computers are suitable for the type of work you will do. It also allows you to play the latest games to take away the daily stress of life. From there, you can gradually acquire additional equipment as you earn more from your side hustle.

Focus on Your Goals

To increase your chances of succeeding, you should focus on your goals for your side hustle. For instance, if you aim to use the side hustle as your first step to build an emergency fund, you should use this as your motivation to make the side hustle succeed. In this situation, you should start your journey in the side hustle world with your end goal in mind.

Another goal you may have for the side hustle is to set up your own business in the future. In this situation, you should make sure to measure your progress and set milestones that you have to reach each point of your side hustle journey. Each time you reach a milestone, you draw nearer to your end goal of starting a business.

Set the Right Rate

One major challenge that you need to overcome while starting a side hustle is how to set the rate for your services. Some people are even hesitant to ask for payment for a service that they enjoy and find easy to perform. If you are in this situation, you should consider this as fulfilling something that the client cannot do on their own. You should make sure to set a suitable rate for the job.

You can either charge by the hour or per project. You can even charge per milestone to reduce the chances of completing the project without getting paid. If you are still oblivious about the fee to collect, you should research the market and see the fee other people collect for similar projects. This will give you a better idea of the fee for your services.

If you are new to the industry, you can charge lower than the fees collected by people who have been in the industry for a long time. This will allow you to get more clients since they may see that they can save money if they hire you. As you increase your client base, you can also increase your fees until you reach the same level as other people in your industry.

A side hustle allows you to each extra income, which is useful during a crisis. It also gives you a backup plan in case you lose your main job in the future.

Meta title: How to Start a Side Hustle during a Pandemic
meta desc: The pandemic highlighted the importance of a secondary source of income. Find out what you need to do so you can start a side hustle during a health crisis.


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