It seems like everyone has a side hustle nowadays.
There’s no wonder why. Having a side hustle can enable you to save more money and even replace your day job at some point, if that’s what you want to do. However, there are also many people who start a side hustle and quickly give up.
It can take a thick skin to push yourself outside of your comfort zone and grow your business. If that’s what you want to do here are five tips for earning more money from your side hustle.
Focus on What You’re Best At
Conventional wisdom says don’t put all of your eggs in one basket. This can be really bad advice for a side hustler.
When you try to do it all instead of focusing on the areas that are bringing you the most profit you spread yourself too thin. To be successful in one area you have to give it your attention. Since specialists often make the most money, trying to be the jack of all trades isn’t going to do much for your profit.
Take for instance someone who blogs, freelance writes, and babysits. Blogging and writing are closely intertwined and bring in the most money for this person. However, feeling the need to diversify this side hustler adds babysitting in the mix. She’s now given up four hours per week of her free time to babysit for ten dollars an hour. If she would have concentrated on writing or blogging she would have made around $40 an hour.
This could go for any type of endeavor. When you spread yourself too thin you won’t have enough time or focus to really grow.
Make a Plan
Once you have identified the areas in which you excel it’s time to make a plan to grow your side hustle. You could make goals such as increasing your income, increasing the number of clients you have, or your hourly rate.
Make a big goal for the year and a target goal for each month. You should then break down that goal into weekly steps you can take.
Take Action Now
Goals are great to have but without action they’re nothing.
You need to take action on your plan now. You should have a yearly goal along with weekly and monthly goals that you need to reach. Don’t wait until tomorrow to start. Start now.
Pinpoint the most important task you can do each and every day to get you closer to your goals. Spend an hour or so a day doing nothing but those tasks.
Assess Your Actions & Learn From Your Failure
Once you’ve put your plan into motion you’ll quickly learn what’s working and what’s not working. For example, one of your goals was to get more clients. You have now spent time marketing yourself on social media, cold calling, and sending out emails of introduction.
You’ve spent an equal amount of time working on these three methods but one of them is producing far bar better results than the other two. So, should you continue to equally commit your time among three or instead focus on the area bringing you the most results?
If you want to grow your side hustles then you need to focus on results and stop wasting your time on things that have no benefit to you.
Don’t Give Up
Whether you’re just starting out or are trying to grow an already established side hustle it takes time. No one finds overnight success. It takes hard work and determination to grow your business.
Stay committed and continually assess your goals and progress. If you can keep your focus you’ll be able to successfully grow your side hustle.