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9 July 2020 | 5 min read

These 5 Steps Will Help You Go From Hobby to Side-Hustle

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Do you find yourself sitting and dreaming about your next vacation or buying the ultra-expensive phone that might eat up your entire salary at once? Well, you are not alone. An increasing number of people are realizing the urgency to earn extra money to meet their needs, wants, and mostly dreams! The lack of funds, fear of failure, an overdose of responsibility topped off with self-doubt is the perfect recipe for the barrier between you and your dreams. The best way to feel secure is to jump on the bandwagon and join the side hustle army.

Whether you like your day job or not, some extra money that makes your pocket heavier than usual will never hurt. Besides, the current pandemic life makes it easier to unleash your inner entrepreneur. Instead of taking the plunge all at once, you can dip your toes in and test the water. Here is how to go from hobby to side hustle in 5 steps.

Make A List Of Your Hobbies And Passions

Make a list of hobbies

The first step is to make a list of your favourite things to do, something that you are passionate about, or those that interest you. Keep it short and only include the top contenders. Prioritize them in the order of your proficiency. Take this list and translate each hobby or talent into a viable product or service.

For example, if you are good at cooking or baking, you can start a business from home or teach online. Similarly, if you are good at writing or editing, you can potentially begin your blog or write for other people’s social media pages. There are innumerable possibilities in each field. It is never too late to tap into things that make you and happy turn them into side income sources.

Research Is The Best Accelerator

Research on side hustle

The second step is to research the market for your product or service. A quick market analysis will help you identify your place and define your customers. Ask yourself these questions: Who they are, where they are, and how you can reach them. Focus on your location, are you near your potential customers, or could you easily reach them? How difficult would it be to introduce your products and services to them? Is there a demand for your product or service? This will help you decide whether you want to join the freelance army or the business bus—even one after the other works.

Another critical element to keep in mind is the extra money you might need to fund your ambition. That is why we recommend you start a SIP plan so that you have some extra cash when you want to make more meaningful business goals. Why SIP, you ask- because by investing in SIP, you avoid the complex or even impossible duty of trying to figure out the exact best time to invest.

How to Apply for Mutual Funds

For digibank users

  • Using the digibank mobile app
  • Launch the app on your smartphone
  • Log in and tap “Mutual Funds” in the navigation menu
  • Follow instructions to complete verification
  • Start investing!

Using the digibank ibanking website

  • Log in and select “Mutual Funds” in the navigation menu
  • Follow instructions to complete verification
  • Start investing!

Find out more here

Development Drives You To Your Goal

Development towards goals

What if your talent is not enough to make you the bucks? You don’t need to give up on your idea. All you need to remember is that ‘You can never stop learning.’ Whether you want to add more value to your talent, instill professionalism, or brush up your basics, take up a course online on the topic that intrigues you the most. Tutorial videos are abundant for almost anything on various skill development platforms and everything else, and you have Youtube!

Go Social

Go on social media

In today’s digital world, if you are not on social media, you practically don’t exist! Once you’ve chosen your hobby and made a conscious effort to dedicate some time and resources to it, start testing for social proof. Take the time to build your social media profiles and online presence. You don’t have to be everywhere; choose your platforms wisely. Social media is a cheap and effective way to market your side gig.

Remember that a crucial part of building positive social proof is also making positive customer reviews. So, start getting genuine feedback about your product, service, or idea. This can be a fun experiment to work on!

Promote Yourself & Thought Leadership

Promote yourself

Start reaching out to significant events or shows in your industry that might need someone of your expertise. In the beginning, you might offer to work for them for free {no one said it was easy}. This will allow you to gain credibility for covering significant events, get in with industry people, and pay your dues. Once you have big names in your portfolio, it allows you to start commanding higher prices. It also gives you access to invaluable PR and the chance to align yourself with recognized, household names.

A great way to position yourself as an expert on a subject is to write about it and comment in online communities and forums that your target is reading. Ask and answer questions on sites like Quora, and share your work on Facebook groups or local meetups. Over time, the perceived value you receive in the market turns into real value for your side hustle.

If you’ve been thinking about a side hustle idea for weeks or months—perhaps even during this social distancing days, then it’s time to take action. Use the steps above to think about the long haul, identify your strengths, validate your side income ideas, set milestones for accountability, and build a sustainable flow of customers and income before you leap to become an entrepreneur.

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