ven with the right job, you may still need more than one source of income. But you don’t necessarily need more than one job.
That’s from for Chris Guillebeau, author of “Side Hustle: From Idea to Income In 27 Days.”
He defines a side hustle as a product or service you create that has the potential to earn income, preferably passive income “using the skills you already have and without spending a lot of money.”
Tips on how you can create additional income:
Build an idea arsenal. Develop the power of observation to spot potential side hustle ideas, Guillebeau says. Think about the questions you hear people ask over and over, or the skills that come naturally to you but are hard for others.
“It all starts with paying attention to problems you encounter,” he continues. “Don’t follow your passion; follow a problem.”
Embrace your gifts. When our talents come easy for us, we tend to diminish their value with a wave and an “oh that’s nothing.”
That’s from Elizabeth Crook, author of “The Achiever’s Guide to What’s Next. She’s also the CEO of Orchard Advisors, which helps businesses grow.
People in general “believe if something comes easily for us it couldn’t be valuable,” she adds.
But that’s wrong. And, “the longer you wait to leverage your innate talents and your singular experience, the more your potential can atrophy, inertia sets in and you can lose that drive not only for your career but also for life,” Crook says. “Joy is a hot commodity in the arena of success.”
Avoid tunnel vision. Once you’ve embarked on a new source of income, Guillebeau says, to keep it simple, tweak your business when necessary and don’t ignore a potential bird that lands in your hand: “you should do more of what’s working and less of what isn’t.”
Act. Guillebeau says some business books teach you to think about sustainability, stemming from the perspective that every project needs to be scalable and potentially last forever, but his side hustle perspective is different: “if you see an opportunity, don’t think too hard about it. Pick up that money!”
Be deal driven. As consumers we don’t buy ideas, Guillebeau says, we buy products and services.
“Start thinking about your idea in terms of an offer,” he advises. “An offer includes a promise, a pitch, and a price. How will your offer change someone’s life, why should they buy it now, and how much should it cost?”
Determine your talents. Which activities do you find energizing? Which do you find stimulating even when you are working hard at them?
This may be problem-solving with a CEO or writing an article, Crook says. “I have a colleague who is energized by finding just the right tool to organize information and processes. She loves bringing order to chaos.”
Crook says to go from making a list of what you know how to do, to finding within that list the talents that energize you. “So that when you move forward in your work, you can move toward those things that stimulate you.”
Evaluate your instincts. Successful entrepreneurs don’t simply or only rely on data or wait for proof that their idea will work, says Bernadette Jiwa, author of
“They learn to trust their gut and go,” she says. “It’s possible to harness the power of your intuition so you can recognize opportunities others miss and create the breakthrough idea the world is waiting for.”
Picture your customer. For smaller or side businesses, don’t worry so much about demographics or target markets, Guillebeau says.
“Somewhere out there, there’s a single individual in desperate need of your offer,” he says. “Who are they? What are their hopes, dreams and fears? By thinking about this person, you’ll learn to speak their language and provide the reassurance they need to make a purchase.”