Inventory Skills and Talents
Say you have skills and talents that you can utilize, but may have limited free time (assuming you work full time at your day job). Therefore, you need to select a profitable side hustle that will help maximize your available time. How do you do that?
For starters, take an inventory of your unique skills and talents by writing down all your work experiences (paid or not), and include every skill required to do the job. If you picked up any random skills along the way, be sure to include those as well. This process is important to identify which opportunities will be a good fit for you.
Once you have comprised your list, you can then further analyze the marketability and demand of your skills to determine the most profitable side hustle to pursue.
Low-Level vs. High-Level Skills
General and low-level skills may not generate as much income; the relatively lower entry barrier creates higher competition for the easier side jobs. Conversely, choosing a side hustle requiring higher-level and more technical skills means a smaller job pool and therefore less competition.
Those with in-demand skills can command higher-than-average prices for their services. You only have a certain amount of time to devote towards your side hustle, therefore it is essential to use that time wisely. It makes sense to work on something that pays $30-$100 an hour versus $10 an hour. You will be making more money for the same amount of time worked!
Money vs. Satisfaction
Everyone has different goals. Some want a side hustle to supplement their income, or they just want to do something they truly enjoy, the extra cash being the icing on the cake. Others may be looking to eventually replace their day job and become their own boss. You must know your skills and strengths so you can put them to good use and make some good money in the process!
It is wise to do what you really want to do. When you’re passionate about something, it will be easier for you to find ways to make it flourish. In the end, the success of your side hustle will depend on your commitment. It is difficult to commit to something you don’t enjoy, no matter how talented or skilled you may be.
If you believe in what you’re doing and you’re happy doing it, then it doesn’t feel so much like work. Choose the side hustle that feels right for you. Trust your instincts and follow your passion.