So you want to start a side hustle…
Have you ever said that? Whether it’s for building wealth, paying off debt, or simply making ends meet, earning income on the side offer an opportunity to boost your wealth. This week, we unpack the lessons we’ve learned running Equity Mates, and talk about the various side hustles our community have explored to achieve their financial goals.
But before you get started, here’s 3 things we think you should consider:
Identify Your Goals and Motivation: Take some time to clarify your goals and motivations. Ask yourself why you want to pursue a side gig. Are you looking to pay off debt, save for a specific financial goal, or simply earn extra spending money? Understanding your motivations will help you stay focused and committed to your side hustle.
Assess Your Skills and Interests: Think about what skills and interests you possess, or ask a friend what they think. Your side hustle is more likely to succeed and bring you satisfaction if it aligns with your talents and passions. For example, if you have a flair for graphic design, freelancing in that field could be a natural fit. Choosing a side hustle that resonates with you can make the journey enjoyable and sustainable.
Time Management and Balance: One of the most critical aspects of a side hustle is managing your time effectively. Evaluate how much time you can realistically dedicate to your side gig without compromising your primary job, family, and personal life. Finding the right balance is crucial to avoid burnout and maintain a healthy work-life equilibrium.
Starting a side hustle is a commitment that requires careful planning and consideration. Not everyone needs to pursue a full-fledged side hustle. The key is to find the right balance that suits your lifestyle and financial goals, and it’s okay if you don’t have the time or energy to commit to a side hustle.
Remember, the most high-impact way to boost your income is often to focus on your career. Negotiating a raise or finding a higher-paying job can have a more significant financial impact than many side hustles.
8 sidehustle ideas to get started with…
Looking to boost your income and explore side hustle opportunities? You’re in the right place! In this section, we’ll delve into various options to consider before diving into the world of side hustles. Whether you’re freelancing your creative skills, enjoying pet care activities, providing childcare services, or exploring the world of e-commerce, we’ve got you covered.
- Freelancing: Think about the skills you have. If you can do video editing, audio editing, graphic design, or any other creative field, there’s platforms to connect you with clients. You can even just go online and see what other things are being offered. Plus, you become your own boss and set your rates. Try: Upwork and Fivver.
- Pet Care: Love animals? Dog walking, dog washing, and even house sitting for pets are popular options. You get paid while enjoying the company of furry friends. Have a look at Pawshake.
- Babysitting and Childcare: Offering your time and childcare skills can be another source of income. Many parents look for reliable caregivers and if you have experience, and love children (and a blue card), that could be an option.
- Etsy: This platform is perfect for crafters and artisans. If you can make handmade goods or crafts, you can set up a shop on Etsy and sell your products without having built an audience first.
- Dropshipping: We’re not as sold on this one after Bryce’s $100 challenge efforts. Dropshipping involves setting up an online store and selling products without stocking inventory. You purchase the product from a third party only when you make a sale, reducing upfront costs. But have a look at Bryce’s page just in case.
- Digital Products: In the digital age, creating and selling digital products such as eBooks, online courses, or printables can be a great option. If you have a social platform, or write an ebook on the skill you’re talented at.
- Ridesharing and Car Rental: Platforms like Uber allow you to become a rideshare driver, while renting out your unused car or parking space can also generate extra income. Have a look at Car Next Door.
- Airtasker: This app connects people who need services with those who can provide them. You can take on tasks ranging from household chores to handyman work.
Remember that success often comes with dedication and a dash of creativity. Whether you choose to leverage your existing skills, create digital products, or explore the sharing economy, getting started is the hardest part! Keep an eye on your passions, harness your talents, and your side hustle will thrive.
Remember, if you’ve any questions, let us know at ask@equitymates.com.
Happy investing!
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