How To Ensure You and Your Business Are A Good Fit
Are you looking to start a side hustle but you’re not sure what type of business you want to start? If so, you’re in the right place. Choosing the right side hustle for you is the first proactive step you can take towards starting a profitable business. Maybe you have an idea for a side hustle but you’re not sure it will make money. Or perhaps you don’t have anything you feel extremely passionate about except for making money. Whatever side of the spectrum you fall on, it is okay not to have your side hustle idea completely dialed in at first.
Choosing to start a side hustle is the most important part. Today there are more options than ever before for business ventures. This can seem overwhelming but also exciting! With so many options, you want to ensure that you’re choosing a side hustle that is right for you. This process can prevent frustration, business lag and profit lag if not done at the beginning. Here are some tips on choosing the right side hustle for you.
Why Choosing The Right Side Hustle Is Important
Before I begin, I have a bit of a disclaimer. I do not believe there is one side hustle that is perfect for someone and that is the idea they must find and pursue. We have many talents and there are possibly many, many business ideas right for us. This isn’t about finding the one perfect fit, but about finding the right fit.
Choosing the right side hustle for you means you are able to truly serve inside your business. You can show up more easily, your lifestyle isn’t flipped upside down and you are more of light for others. Very similarly to finding the right life partner. Choose a side hustle that brings you joy and gives you energy, despite the extra work. Only when we choose the right side hustle, does our business truly progress and bring is sustainable, reoccurring revenue.
01. determining your subject matter expertise
This is the most important question you have to answer. What are you a subject matter expert in? I am a firm believer that everyone is an expert at something. While deciding on what type of side hustle to choose, think about what you know best. Consider what family and friends ask for your advice or assistance on? What type of things are you known for? This will help you determine your side hustle path.
Choosing a side hustle around something that you are an expert in is beneficial for a few reasons. One is, it’s easier to build a business around something you know. You can also build credibility faster within your business. If you don’t consider yourself an expert in anything, switch your mindset to think about passions. What are you most passionate about and why? Oftentimes our expertise lies within your passions.
02. Choosing service or product based
When choosing a side hustle, the first thing to consider is whether you want to create a service or a product. This one decision can actually help a ton when choosing a side hustle right for you. Service-based businesses are those that require some type of expertise in order to provide their services, like freelance writing or photography. You are exchanging real-time services for cash. On the other hand, product-based businesses are ones where you’re selling a physical or digital product.
When thinking of your future side hustle, do you wish to provide some type of service? Or develop and sell some type of product? It is possible to have a mixture of the two. For example, Amy Schmidt Blog offers both digital products and 1:1 services such as Design My Day or Power Hour. However, my main revenue base is within products.
A tip for doing this is asking yourself extreme spectrum questions like these. Answer these questions and see if you can get closer to understanding what type of side hustle is right for you.
- Do I want to provide 1:1 services for people in person on a regular basis?
- Do I want to provide services virtually?
- Do I want to have a brick and mortar store where I sell products?
- Do I want to sell products virtually?
- Do I want to sell physical or digital products?
03. desired interaction level
Next when choosing a side hustle right for you, consider how much personal interaction you want within your business? Does the concept of meeting up with new clients each week in person (or virtually!) excite you? Or does your dream interaction level not leave the comfort of your inbox at most?
Identifying your desired interaction level is key for choosing the right side hustle for you. For example, if you want a very low interaction level, meaning you don’t care to interact with clients regularly, when an online business could be right for you, like a blog or drop-ship site! If you like the idea of having an online presence but know you want to heavily be involved with clients and projects, then consider a local business like a she-shed designer or apartment flipper!
When thinking of interaction level, also consider your side hustles branding. Do you wish to be the face of your business? Or would you prefer personal branding not be as important?
04. Looking at your business schedule
When choosing the right side hustle for you, consider what availability you have for your business. If you can only work from 4am-6am on weekdays, maybe a blog is perfect for you. If you have more time throughout the week or can work the weekends, see what businesses can operate within this schedule, like a fancy brunch food truck! Be sure to get a clear idea of when you’ll regularly be able to work on your side hustle before committing to a business idea.
Not sure if you can balance the hustle schedule? I am here to help! Compartmentalizing and mastering a side hustle schedule is what I’m a subject matter expert in! Check out my free routine & schedule templates for side hustlers here. Then explore my blog posts on mastering the hustle routine here.
05. consider cash available
When thinking about what side hustle is right for you, consider the estimated one-time and overhead expenses of that particular business. Determine your funds for both starting a side hustle and operating a side hustle until it’s generating regular income. If you’re looking for a side hustle with lower monthly overhead, consider business types like photography or an online business.
It’s not enough to just price your products or services accordingly when starting a side hustle. You want to proactively consider start-up costs and what you truly want to spend owning and maintaining a business.
ensuring it’s a great fit
Choosing the right side hustle for you is so important. If you’re investing your time and your money into a business for a better outcome, you want to be sure it’s a great fit. The wonderful thing about side hustles is that you have the freedom to truly create something you deeply desire! Save the must-do’s and not as fun stuff for the 9-5. Your side hustle gets to be tailored to you!
A few signs that your side hustle is a great fit are that you are excited to work on your business, your business fits into your lifestyle, your bank account isn’t drained for starting a business, you feel like you’re truly serving others and you can easily see how your business will grow.
If you’re considering a side hustle, consider these tips to help you decide on what type of business best fits your needs and lifestyle. And if you need some help deciding along the way, I have you covered! Here are 97 profitable ideas for your next side hustle! Download my free list and let the money-making mood strike!