Choosing the Right “Side Hustle”

Side Hustle. You hear it more and more. As companies downsize, limit benefits, and automate, the idea of loyalty extending to longevity is a thing of the past. Choosing the right side hustle is the bridge that keeps life rolling when you are between jobs. Some side hustles become so lucrative they turn into the main hustle. That’s why choosing the right side hustle is so important. You never know where it will take you.

Once you decide that you need a side hustle, the next step is deciding what to do to make money. Making the decision, is not as serious as choosing your full-time job, but it does require careful consideration. The good news about a side hustle, it that you don’t invest too much to start so it’s easy to get out if it’s not right for you.

If you’re going to use the business to support your MIB, then it’s even more important to make the right choice because, eventually, it should become a real money-maker. That brings me to the first and most important consideration.

Determine what your “side hustle” needs to do for you.

When your plan is to support yourself so you can spend time doing what you love, that means it has to be sustainable. For example, delivering food for Door Dash, or one of the other companies is an easy way to make money for groceries, to pay a few bills, or get some spending money. But for long-term goals to cover all of your expenses, those side-hustles will likely fall short.

You also have options like ride-sharing (Uber and Lyft). Both are excellent ways to earn money. However, you will need to consider the wear and tear on your vehicle. While, you will make extra money, ride sharing is not the best for long-term sustainability if you are looking for longevity to support your MIB.

There are excellent options in multi-level marketing, but be careful of organizations that have large payments to start. Also, look for ways to make money even if you don’t recruit people into the organization.

So, what should you consider second?

1. How much upfront money are they asking for?
2. How long does it take to make money?
3. Will you need to call people and talk them into coming to meetings?
4. Do you need a license, certificate, or certification?
5. How does your income grow?
6. Can you get residual income?
7. Do you like the people and the service/product?
8. Do you see yourself doing the business in 5, 10 years?
9. How is their training?
10. Do they have a good reputation?

Those questions are just a few to consider if you are starting a business with an established organization. But if you have your own idea for a business the questions are a little different.

1. Who are the people who you need to partner with?
2. What research do you need to make sure it’s a profitable idea?
3. How much up front money do you need?
4. How long will it take to start making money?
5. Where can this business take you in 5, 10 years?
6. What expenses will you have?
7. What supplies do you need?
8. What work space will you use?
9. Where will you find your customers?
10. Is your personality right for this business?

These are just a few questions to help you get started. The best research comes from asking people who are already successful what they wish they knew when they started. How do they make money?

If your goal is to make money so you can be free to enjoy other activities, don’t accept a side hustle that can’t get you to your goal. Consider how it will transition from a side-hustle to a sustainable income source.

Finally, it’s a side hustle. If there is a way to start without too much money, go ahead and try it. If it’s not right for you, it’s OK. Let it go and try something else.

Keep looking until you find the one that’s right for you.

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