In the eternal quest to increase income, fulfil our financial desires and achieve financial stability, it seems everyone has gone crazy over the side-hustle. With the average side hustle raking in £6600 on average extra after tax, and 1 in 4 people in the United Kingdom with a side hustle, it’s no wonder that maximising revenue streams is on the tip of everyone’s tongue.
For many of us that are freelance workers, modern workers, part-timers or on zero hours, side hustles can give us a bit more stability in turbulent times. Having an extra source of income when bouncing from job to job can come in handy when there are bills to pay and you’re short on cash from your last project or piece of work. Saving up for a mortgage, paying off credit-card debt, or even starting an investment portfolio – whatever goal you have, a side hustle can help you make significant headway with making your dreams a reality.
The question is then, how does one get involved with side-hustling? And more importantly, how do you monetise your side hustle to be worth doing at all?
Don’t worry – Portify has you covered. Here are our top tips on how to monetise a side hustle in 2020.
Top Tip number 1: Figure out what skills you have
The first step to building a profitable side hustle is to start with what you know. What are you really good at? If you’re a writer, explore the possibility of freelance work through sites like LinkedIn and Upwork. If you’re a strong photographer, consider either lending out your camera, or starting off building a clientele through friends and family. If you have really strong ecommerce skills, get rid of a bunch of your old clothes through ebay and etsy.
Start with what you know. It lowers the initial investment costs as you’re doing something you already have some skill in.
Top tip number 2: Use the snowball method and gain momentum
Now, it’s really tempting to go big and cast your net far and wide. Contrary to popular belief, we’d advise you to start off small and snowball your way to clients. The focus should be on building meaningful and consistent relationships, building a great customer or consumer experience, and get organic traffic with one thing at a time. Doing too much too soon will result in the entire foundation crumbling.
Identify a few clients or customers – this can include your friends and family (at first!) That makes it easier and more manageable — plus you have plenty of data points to help you scale. Secure a few projects and clients before you go big.
For example, if your side hustle is selling old clothes and belongings, don’t sell everything you have at once. Pick a few specific items. Test it and see if you can make a sale. Then see if you can make a couple. And then you can add to your inventory if this is successful — or, pick another product.
Top tip number 3: Be consistent
There’s no getting away from consistency folks! Whatever you focus your energy on tends to do better and prosper. Although you may be pressed for time, you still need to figure out a way to make your schedule work. It may be dedicating an hour or two per week to exploring your side hustle. For example, if you are a freelance copywriter working a full-time job, you may want to dedicate a few hours either before or after work, or on the weekend, to stay on top of your writing gigs.
You can stay on top of how much you are earning from your side hustle by downloading Portify and making use of our cash flow features here.
The road to financial freedom begins now.