II. Take Inventory of Your Special Skills and Talents
You’ve probably got a lot of skills and talents that you can put to good use. But since you’ve got a limited number of free time (provided you work full time at your day job), then you need to choose a profitable side hustle that will help maximize your time.
How do you do that?
Well, for starters, you can take an inventory of your individual skills and talents. You can start by writing down your work experiences (paid or not), and then write the skills you used to do those jobs. If you picked up any random skills along the way, write them down as well.
This process is essential so you can identify which opportunities are going to be a good fit for you. You can then further analyze the marketability and demand of your skills because as you probably know, not all abilities are created equal.
Low-level vs. high-level skills
General and low-level skills probably aren’t going to get you an extra thousand bucks right away. You’ll have a ton of competition since there is a relatively lower barrier to entry, meaning a lot of people can do these easy side jobs.
On the other hand, if you choose a side hustle which requires higher-level and more technical skills, then chances are, you’ll have less competition. Depending on the demand for those skills, you’ll be able to bring in more extra cash each month than a low-skill side hustle.
For instance, let’s say you’re pretty skilled at babysitting, copywriting and designing websites. Which of these side hustles do you think are going to be most profitable?
With babysitting, you don’t really need special skills. If you love babies and you’ve got away with them, then you can easily become a babysitter. With this logic, anyone looking for a babysitter can theoretically find one quickly, provided, of course, they pay competitive rates.
When it comes to writing and web design, not everyone has these skills. This means that the pool of good copywriters or web designers is going to be much smaller than the pool of possible babysitters. The thing is, good copywriters and web designers are very much in demand, which is why they can command higher-than-average prices for their services.
Going by the example above, which side hustle are you going to choose? Do you want to become a babysitter, a copywriter or a web designer?
I bet most of you will choose either a copywriting or web designing side hustle. After all, if you’ve only got 20 free hours each week to work on your side hustle, then you want to make the most of it. Why work on a low-paying hustle (say $10/hour) when you can work on something that pays $30-$100 an hour? Think about how much extra money you’ll be making for the same amount of time worked!
Money vs. satisfaction
If you’re looking to quit your day job eventually, then having a good paying side hustle is a must. This is why you must know your skills and your strengths, so you can put it to good use and make some good money in the process!
You think you’re a pretty capable writer and/or web designer, but you don’t want to spend all your free time getting stressed out about client work. You already have enough of that at your day job, so you just want to do a side hustle where you can chill out. Well, that’s your call.
To be honest, there’s no right or wrong answer here. We all have different goals. For some of you, you want a side hustle that can provide you with extra cash. For others, you want something that will eventually replace your day job. And for some, you want to do something you really enjoy and still make a few dollars out of it.
If you find babysitting more fulfilling as a side hustle than copywriting or web design, then that’s perfectly alright. If that’s your passion, then follow what your heart says. There’s no point working on a side hustle you’re going to dislike or hate eventually!
It’s better to do what you really want to do. When you’re passionate about something, it’s easier for you to find ways to make it grow. Who knows, maybe you can turn your babysitting side hustle into something bigger!
For instance, you can probably use babysitting as a foot in the door to more significant opportunities later on. You can offer your writing and web designing services to the kids’ parents. So, you’ll be hitting two birds with one stone!
In the end, the success of your side hustle will depend on your commitment. You’ll find it hard to commit to something you don’t enjoy, no matter how talented or skilled you may be.
If you believe in what you’re doing and you’re happy doing it, then good for you. Stick with a side hustle that feels right for you. Listen to what your heart is saying. Otherwise, you’re going to regret it later on.