iQuanti: Nowadays, it’s not uncommon to have a side hustle to supplement your income or explore your passion. From candle making to dog walking to freelance writing, there are endless opportunities to make some extra cash. Whether you’re just getting started with your side hustle or you’ve been at it for a while, it’s always helpful to have a checklist of things to keep in mind.
Here are 10 things that will help you make the most of your side gig:
1. Make sure you’re marketing yourself well. Get the word out there about what you’re offering and why people should care. Be active on social media, connect with potential customers and clients, and make sure your website is up to date. Sometimes building a platform and getting customers takes time, so be patient and consistent with your marketing efforts.
2. Be timely. When running your own business, it’s easy to get bogged down in the details and lose track of time. Make sure you deliver your product or service on time and keep to your schedule. Especially if you’re in a niche field, customers talk to each other, and they’ll know if you’re reliable or not.
3. Keep your main hustle in mind. Your side hustle should complement and supplement your primary source of income. It shouldn’t take focus or time away from your full-time job, where you get the bulk of your income and your benefits — health insurance, dental, life insurance, and more. Do your best to keep a balance between the two.
4. Do your research. When you’re first starting out, it’s important to do your research and figure out what you’re getting yourself into. Learn about your industry, understand the market, and know your competition.
5. Get feedback. Once you’ve got a few projects under your belt, it’s important to get feedback from your clients or customers. This will help you improve your services and make sure you’re on the right track.
6. Keep track of your income and expenses. When you’re running a side hustle, it’s important to keep track of your income and expenses for tax purposes. This will help you stay organized and save time when filing.
7. Make sure you’re doing something you care about. It’s easy to get burned out when you’re working on something that doesn’t interest you. Make sure you’re passionate about what you’re doing or you might lose motivation.
8. Keep your passion alive. Along the same lines, remember that your side hustle is a passion project and you’re doing what you love. If you lose motivation, it can be helpful to remember why you’re doing this in the first place, change things up slightly or even take a short break.
9. Keep an eye on your profit margins. When you’re running a side hustle, it’s important to keep an eye on your profit margins and make sure you’re not losing money. You might be spending more money on things like travel, shipping or materials than you’re actually making. Knowing how much things cost and adjusting your prices accordingly will help you sustain your business in the long run.
10. Be prepared for bumps in the road. No business is perfect, and there will inevitably be some bumps along the way. The important thing is to stay positive and keep moving forward.
If you can keep these 10 things in mind, you may be well on your way to making the most of your side hustle.