Over 44 million American adults have a side hustle today, according to a survey released from the financial service company Bankrate.com.
A side gig can range from a part-time job with another company to a hobby you’d like to make money from.
The gig economy is not just driving for Uber or working part-time because you need to. A good side gig idea can be anything you have the skills and a passion for.
To get started consider whether you have the time and energy to devote to a side gig. A side gig could be anything from photography, making widgets or teaching others a skill. Doing the gig also has to be coupled with small business skills such as invoicing, marketing and pricing. To get started, generate ideas based on your current skills. After writing down your skills, you can then start to weigh the challenges and opportunities of each skill and then forecast their profitability.
Get started by selecting your best idea. To test your idea, look at other businesses in your industry to see if your side hustle is better than or different from what’s already being done. Consider who your customer is by considering who your business is serving and how your gig serves them.
You need to determine an estimated price for what you’re offering and prepare to implement your idea. To determine your price point, first figure out how much it will cost you to make the product and how much time it will take. From there, choose a markup price that will yield a profit you’re comfortable with. If you’re selling a service, consider how much time it will take for you to complete the service and determine a minimum hourly income that’s acceptable to you.
Next, decide on a payment system — like PayPal or invoices — that will be best for your business. Write down the process of how a customer can discover your product or service and purchase it. Be sure to consider any problems a customer might encounter when trying to do business with you and think of possible ways to solve them.
Finally-It’s time to launch your business.
Reach out to friends and supporters in your network and ask them to help spread the word about your new service or product. If you don’t have the time or resources to launch an official website yet, setting up a Facebook page can help spread the word. Implementing deals and promotions in the early phase of your business can encourage people to support you.
Depending on your chosen gig additional steps need consideration such a business license, how to collect and pay taxes and insurance needs. Find out more in my Blog, “Got a Side Gig? Important Steps for Success”
Alicia Betancourt is the University of Florida- Monroe County, Family and Community Development Agent for Extension Services in Monroe County. If you have any questions, please send an email to firstname.lastname@example.org