Monday, 05 February 2024 04:49

How to start a lucrative side hustle in 3 steps

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Some people run lucrative six-figure side hustles from their backyards. Others, off their cellphones.
Launching one of your own can be pretty simple if you know where to start. That’s according to Kathy Kristof, whose blog has reviewed more than 500 different side gigs, and Cody Berman, who co-runs an online course called Gold City Ventures that teaches people how to start online businesses.
Both experts say you can start a side hustle and determine if it’ll be successful in three straightforward steps:
1. Figure out what you can monetize: Any side hustle starts with one question, says Kristof: How can you monetize “interests and skills [and] resources” you already have? Once you’ve decided which side hustle could make sense, figure out your probable time commitments.
2. Decide if you need a platform: Think about how much of your business you want to do alone, Kristof says. Building an audience from scratch is doable, and likely your most profitable option. It can also be challenging and time-intensive, which is why plenty of people choose to outsource some of that work. Dog-walking app Rover, for instance, is free to join and connects you to customers who are already looking for your services, but keeps a 20% cut of each dog walk. 
3. Give it a try: The most important part of starting a side hustle is getting going, says Berman. “I have so many friends who have been talking about starting a side hustle for two years, and they’re still in the planning phase,” he says. “You have to create that first product, even if it sucks. ... Go out and test it.”

Berman adds that, ultimately, "it comes down to the side hustler. I think you can be successful with more side hustles than you think ... I honestly think people [who succeed] don’t give up.”

 

CNBC

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