How to Develop a Successful Side Hustle in 2020
Whether you are wanting to start your own business but are not quite ready to leave your 9-5 or if you simply need a way to make a bit of extra money, a side hustle can be an extremely rewarding and profitable option.
If you go about it the right way that is.
If you just jump in feet first without carrying out the necessary research and planning elements that are vital when starting a side hustle, you will find yourself stressed, out of pocket, and in a worse position than when you started.
That being said, on a more positive note, developing a side hustle can turn into one of the best decisions you have ever made. All you need to do is follow the below guide to developing a successful side hustle in 2020, and you will be up and running in no time.
Choose the right side hustle for you
It can be a good idea to ask yourself the following questions before starting a side business:
What is your ultimate goal for your side hustle?
How much time do you have to spend on your side hustle?
How much money do you want/need to make?
Once you have established the above, it is then time to decide what type of side hustle you are going to develop. You have two choices:
- A service business
- A knowledge business
A service business is arguably the best option if you want to see results fast; you just need to establish what you are good at, whether it be cooking, writing, crafting, bookkeeping or something else.
A knowledge business, on the other hand, involves you having expert knowledge in something that you can use to help others. This could include consulting work or writing an e-book, for example.
Differentiate your side hustle from your competitors
Unless you have come up with a completely original and unique idea that has never been done before (if you have, well done to you), you will need to ensure that your business stands out from its competitors.
Fortunately, there are several ways in which you can do this:
- Create an outstanding website. 79% of Americans now shop online, so if you want your side hustle to be a success, you need to ensure that your website is spot on. If you are not a web designer yourself, it can be a good idea to hire a digital marketing company to help you create a responsive and user-friendly website that will rank highly on the most popular search engines.
- Ensure your brand actively engages with customers. A simple way to achieve this is by personalizing your brand. This could be by telling your story on your website or by posting video content showcasing your new product or service. Alternatively, you could seek the advice of a business growth consultant who can help you with expanding your business exponentially.
Delegate where needed
You may be tempted to carry out all aspects of starting your side hustle yourself, however, and this is especially true for people who are wanting to actually develop a legitimate business and not just make a quick buck. If you are not an expert in a certain field, then there is nothing wrong with outsourcing.
Everyone has their weaknesses, whether that be accounting, design, or even basic admin tasks, and it is better to admit the areas that you need help with rather than storm ahead on your own and make costly mistakes.