HowtoLaunchAProfitableSideHustle

ByGrantSabatierAuthorofFinancialFreedom&CreatorofMillennialMoney

© 2018 Millennial Money LLC

Time

1 Since in the beginning you will be trading your time for money, you need to align your side hustle and income expectations with how many hours in the week you actually have.

How much time do you actually have?

4 It will likely take a lot of time to get your side hustle off the ground, but the time you invest today will compound and amplify, meaning you can set up your side hustle so you need to spend less time tomorrow.

Time invested today buys you more tomorrow

3 You can find time in the morning, evening, weekends, and the in-between moments. Even a 2 hours per day adds up to 700+ hours per year of side hustling time. Even a few hours a week will work.

When can you find the extra time?

2 The biggest excuse I hear is that I don’t have the time, but most people spend 20+ hours a week bingeing on Netflix. You can’t do everything, so cut back to the essentials and invest the rest of your time.

What are your priorities?

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Skills + Passion

1 It’s a lot easier to stick with a side hustle if you enjoy it. Make a list of all of your hobbies and passions. Can you make money with any of them? Start here.

What are your passions and hobbies?

4 Skills are future currency. It’s never been easier to learn so many things online for free. If you want to sell in-demand skills build them. All of the best graphic designers I know are self-taught. YouTube!!

What new skills can you learn and how?

3 You might be one of the people who can make money doing something you love – try it, there’s nothing more fulfilling. Example: If you like design and microbreweries, do design for breweries.

Do your passions and skills intersect?

2 Look at the skills you use in and outside of your full-time job. What can you sell? What will people buy? Think outside the box – maybe you’re a great gardener and you could sell those skills.

What skills do you have?

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Market Opportunity

& Competition

1 You want to create a side hustle where demand is growing or demand will be consistent. People will always need babysitters, lawns mowed, transportation, and food. They likely won’t need fidget spinners.

Is there demand and is it growing?

4 People buy from people so telling your story is essential. How can you connect with your potential customers in a way your competitors can’t. Often being small and local can give you an advantage. Be open.

Why would someone buy from you?

3 You can compete on price, value, differentiation, or all three. Come up with your unique offer and communicate it clearly. Don’t just be cheaper. Try to be better. Offer more, not always for less. Practice selling.

How can you compete?

2 You can learn a lot about the market and opportunity by closely analyzing your potential competitors. Look at their offering, pricing, and messaging. Do they look like they are growing?

Who are your competitors?

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Pricing& First Client

1 Focus on selling your first few clients. Over deliver so you can use them as references and testimonials. Ask for feedback so you can improve your offer and service. Ask for connections and referrals.

Your first few clients or sales are leverage

4 The higher the perception of the value of your offering the more you can charge. For example, if someone really needs it or thinks it will really help them they are likely willing to pay more money.

Real vs. Perceived Value

3 You can only charge so much less or more than your competitors to be credible. Clearly price your offer and make it clear why it’s unique. Don’t try to make as much money as possible early, build relationships first.

What are your competitors charging?

2 It’s never been easier to launch a website and share your story. Use video and be as open as possible. Remember that people connect with people. The better your story the easier it will be to sell.

Your Brand. Your story. Your website.

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The Passive Income

LifestyleBusiness

1 Ultimately the goal with side hustling is to make as much money for you time as you want and to fit your side hustle into your ideal lifestyle. The key is to increase the value or your offering and hire others.

More Money in Less Time

4 Nothing lasts forever. I see a lot of people making assumptions and taking big risks based on a side hustle that isn’t sustainable, or not taking enough risk! Think about how long it can last. Be realistic.

How long can it last?

3 Managing people is not easy and will require you to take on more risk. Bigger is not always better. Think hard about how large of a business you want and how it fits into your ideal lifestyle. This is important.

How big do you want to grow?

2 When you are limited to your own time you can only make so much money, but when you hire others you can leverage and monetize their time. It’s never been easier to hire contractors as more people are side hustling..

Can you hire someone?

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