Over the next several weeks I want to talk to you more about how to make money on the side. I run into countless people that complain that they just do not have enough money to meet their desires, yet they watch hours of TV per night (or engage in some other time draining activity). When I try to coach them on cutting expenses and earning more, I get the same excuses each time. Here are some of the more common hurdles to overcome, and how to work around them.
The biggest problem I run into is people claiming that they have no idea. They do not have a good business idea and therefore they shut down and do not even try. These people try to claim that they are not good at anything, and when I point out hobbies that they have, they claim nobody will pay them to do it. There are millions of ideas out there. And every one of them can be profitable if you just market it properly. Unfortunately, too many people think they need to have some unique idea or else it will never work. But how many mechanics do you know? How many carpenters? You do not need to be the only one; you just need to specify your niche. So how do you pick the idea that is right for you?
The first part of choosing what to do for your side hustle is to know yourself. Before you go any further, get out a pen and paper and make 3 columns. In the first column think about the things you like to do. Everyone has hobbies and interests, so list them all out. Do you like to read? Write? Garden? Build furniture? The possibilities are endless, and everyone spends their free time doing something.
In the next column over develop a list of the things you are good at, even if they are not your favorite activities. For instance, is your house spotlessly clean? Is your kitchen impeccably organized? Maybe you make your own clothes? Do you have a knack for fashion, music, or art? Alongside your hobbies and interests list, make a list of everything you are skilled at.
Now your third list is a list of all the things you do not like doing. This is the list of things that you are willing to pay to have someone else do. Do you hate washing your car? Mowing your lawn? Cleaning? Fixing your computer?
Now take a look at your lists. Your likes and don’t minds should far outweigh your dislikes. But those dislikes are opportunities that someone else has seen, and jumped on. They know you don’t like it (and there are millions of other people just like you), and they have made money doing the job you won’t.
Picking an idea
You should now have a plethora of ideas. Take the ones that interest you the most, and start to work out a business plan. It doesn’t have to be huge, and it doesn’t have to be intricate. Just weigh the pros and cons, and take a look at those who have made money doing it before you. Basically you need to look into this idea, and see if it is viable (which is something we will talk about more in the next few weeks).
Many people say they don’t have an idea of how to make money on the side. To that I call BS. Everyone has hobbies and everyone has skills. Sitting down and making a list of them all is the best way to get a visual of what you can do. After looking at that list you should start to realize that someone out there does not like doing, or cannot do, the things you have on your list. You can capitalize on their lack of desire.
What are your obstacles? What do you find holds you back?
Latest posts by Scott Sery (see all)
- Betterment Review: A Better Investment Method - December 19, 2016
- Should You Pay Your Child for Getting Good Grades? - August 1, 2016
- A Different Look at Socially Responsible Investing - March 8, 2016