The side hustle trend is captivating millions of workers globally, but how do you know if you’re … [+]
The side hustle trend is captivating millions of workers around the world. With its allure of promising career paths into new fields, the flattering prospects of unlimited passive income, and the opportunities it affords to steer off the beaten path of traditional corporate roles and explore one’s skills creatively, it certainly is a trend worth jumping on.
But not because something is trendy, does it mean that you are actually ready for it. Sometimes we jump onto new ideas and trends prematurely in our career journeys, and end up leading ourselves down a road of discouragement, stress, and unnecessary loss, doing ourselves more harm than good.
How do you know if you’re ready to venture into building your second job? Here are five easy indicators, or for a better word, a checklist, that demonstrates if you’re ready to start your side hustle, or if it’s best to wait until those factors are satisfied:
1. Genuine Passion
For any successful entrepreneur, whether working full-time or part-time in their business, one characteristic remains paramount: they possess a genuine excitement, energy, interest, and passion for their work and their subject matter. This is critical for two main reasons. First, running a side hustle can be difficult, especially when balancing with the demands of a full-time job. If it’s something you’re not genuinely enthused about, the persistence and determination you need to see your side hustle through, even in the hard times, will dwindle and seriously impact its success. Second, customers and stakeholders can easily tell when someone is passionate or not, and it will show in the quality of your work and result in less confident clients.
2. Market Gap
Have you spotted a genuine need for what you have to offer? Many times, we approach the idea of starting a side hustle in a backward way: we have the idea, then we see if it’s a need in the market. This leads to inevitable failure, as we’re pushing something that is not in demand.
Why not try the reverse? Discover the need, then find a solution that matches with your skill set. If there’s no need or gap in the market, or at the least, you haven’t taken time to explore and research to see if one even exists—then you’re acting prematurely.
3. Finances
Are you comfortable financially? While it is indeed possible to launch a side hustle when you have little to no money, it can be many times more stressful and significantly harder, and you may find yourself being overly “salesy” because you’re in dire need. Ideally, start when you are working a main job, so you can buffer yourself and your venture’s costs financially.
4. Time Commitment
Look over your time management (or lack of it) and see how you can improve your time management skills to allow you to fit your side hustle in snugly without compromising the responsibilities of your main job.
Assess your weekly schedule and book slots in your calendar which are realistic enough for you to squeeze in time to work on building your side business. Even an hour here or there (if that’s all the time you have) can be improved wisely to network, gain contacts, build your freelance profile on a freelance website, or even get your own website.
5. Skill Set and Mindset
The final factor you need to consider before venturing into launching your side hustle is twofold: your skill set and your mindset. Skill set is essential because you’ll need the technical skills to get the job done, and you need soft skills such as communication, interpersonal skills, active listening, and confidence to see your venture through. But skills are nothing without the right mindset.
You need an entrepreneurial mindset, where you think about the big picture, set goals strategically, and manage your time wisely so you can juggle your side hustle with the demands of personal life and your job. You also need the mindset of thinking creatively and not being afraid to take risks or look outside the box for solutions. This mindset, combined with hunger and tenacity, will set you up for success.
Skill set coupled with mindset are necessary for career and side hustle growth
Once you have these five ingredients, you will be able to set yourself up for a rewarding career—one that will not come without its share of disappointments, but one that nonetheless will enable you to live comfortably despite the cost of living, and ensures that your work is enjoyable and financially rewarding.
Source: 5 Signs You’re Ready To Launch A Side Hustle Idea In 2024
