Identifying Profitable Side Hustle Opportunities
For a successful side hustle you need to have some serious passion to be able to stick with whatever your side hustle is. However, how do we make sure that passion equals eventual profit?
Assessing Your Skills, Interests, and Passions
First, you need to make a list of all your passions and see if any of them can be turned into good side hustles. For example, if you love making art and working with your hands, there are countless ways you can turn that into a business, as well as countless resources you can use.
Additionally, ask yourself what are you interested in? What do you want to know more about to grow in? Because even a successful side hustle can get very boring if you are simply doing the same thing every single day and not challenging yourself at all. You should pick a side hustle opportunity that leaves you with a lot of room to grow and improve your skills.
Not only will you constantly be learning new methods of the elements of your side hustle, but you can channel all of that extra knowledge into some serious passion for your business. As you learn more, you will be able to improve your products and services as well, and that will give you the ability to share more value with your customers. The more value you can provide for them, the happier they will be whenever they interact with your side hustle!
So don’t be afraid to write down some of your passions and then write three to five potential side hustles for each. It is okay if you have a very long list or a very short one, because now you need to step back and really chew on the list. Take a few days and just think on some of the side hustle ideas that you have. Are there any that might be a little easier than others to pull off? Does one excite you and give you more drive to complete it than the other? Is one idea really unique or does a market exist for some of these already?
Researching Lucrative Market Niches
Taking the time to mull over all of the ideas you have created can really help you figure out some of the better ideas that stand out or are more exciting than the rest. Once you have a collection of side hustle ideas that you might want to seriously pursue, you should attempt to do research on each one to see which one is the most profitable.
Of course, profit isn’t everything. Mainstream side hustles fail just as often as the non mainstream ones do, and some of the most unlikely ideas manage to become a massive profit machine. But you should still try to get an idea of how your ideas will fair in the real business world.
So do some research and try to see what ideas you have would make the most profit. Because it might be easier to set up a side hustle that other people are already doing, because that means you have a lot of potential mentors to pick from as well as a lot of resources to use. Plus, you can even attempt to figure out some of the biggest pitfalls and problems that those businesses suffered and then do your best to avoid them.
Evaluating the Viability of Your Ideas
Once you have some ideas that can turn a profit, you should also take a look at the mainstream side hustles in your field, the trend for the market, and what the people in your business niche really want. For example, if you want to have a side hustle making clay sculptures, it can be worthwhile to look at what people want out of their clay sculptures.
Do they want humanoid figures? Animal shapes? Big and massive sculptures or small ones that they can put on a bookshelf or side table? Are they focused on realistic sculptures or more abstract styles? Answer these questions and see if there is any way to turn the trends to your advantage. While you don’t want to bend to the will of the masses or spend hours and hours constantly working on projects that are mainstream and not what you really want to do, you should at least be aware of what the world wants out of a side hustle in your niche.
Taking what’s popular and mainstream now into consideration is going to give you more knowledge that you can use for your side hustle, and maybe once you get popular and noticed with your mainstream works of art, you can focus on creating what you really want.
At that point, you already have an audience who might just buy, share, and talk about everything you will put out there! While it can be hard to stomach doing some of the mainstream stuff for a side hustle that is supposed to be fun and filled with passion for you, you might as well try to have fun while doing it, because it is only going to get you closer to doing what you really want to do with your side hustle.
And if you do the mainstream stuff well enough, you will get an audience who loves your work enough to keep talking with you and they will be very receptive whenever you try something brand new.