This lesson, Take Inventory of Your Special Skills is part 2 of Side Hustle Secrets – a step-by-step guide that will help you to start and run a successful side hustle.
One more quick reminder…
If your goal for starting a side hustle is to begin earning tons of money tomorrow, then you’re not going to make it very far.
Most of us go to school most of our lives before heading out into the workforce, getting training and earning a real living.
Let’s set the right expectations here. You need to give yourself the time to grow your skills, that’ll help you become successful with your side hustle.
Take inventory of your special skills. You can perfect them without spending money on expensive courses, books or consulting.
You most likely have a wide range of skills and talents that you can put to use. However, because you have a limited amount of free time (assuming you work full-time at your day job), you must choose a profitable side hustle that will help you maximize your time.
But how do you do that?
To begin, you can make a list of your special skills and talents. You can start by listing your work experiences (paid or unpaid), followed by the skills you used to do those jobs. If you picked up any random skills along the way, make a note of them as well.
This procedure is necessary so that you can determine which opportunities are a good fit for you. You can then further assess the marketability and demand for your skills, as you are probably aware that not all skills are created equal.
#1: Know your skills level
General, low-level skills are unlikely to earn you much money right away. There will be lots of competition because there is a relatively low barrier to entry, which means that a lot of people can do these simple side jobs.
On the other hand, if you choose a side hustle that necessitates higher-level and more technical skills, you’ll likely face less competition. You’ll be able to earn more money per month than a low-skill side hustle depending on the demand for those skills.
The thing is, people with high level skills are very much in demand, which is why they can command higher-than-average prices for their services.
Do you have low level or high level skills?
Do you want to earn less or more money?
I bet you will choose to earn much more money from your side hustle.
After all, if you’ve only got some free hours each day to work on your side hustle, then you want to make the most of it.
Why work on a low-paying hustle when you can work on something that pays more an hour? Think about how much extra money you’ll be making for the same amount of time worked!
#2: Outsource Your Weaknesses
Do you believe in the old saying “time is money?”
If you do, you know that your time is better spent doing things you’re good at. You can then delegate the rest (i.e., the things you’re bad at) to people who are far better than you.
It may be perfectly fine to do everything in your side hustle business by yourself at first. However, as you grow, you should consider outsourcing those tasks that slow you down or that you don’t particularly enjoy.
#3: Make Good Use of Your Time
If you have money before starting your side hustle, it will be much easier to scale your business right away! This means you’ll be able to invest in the tools and resources you’ll need to be successful.
You can simply concentrate on what you do best and delegate the rest. You do not have to go through the process of starting a side business by yourself.
Unfortunately, not everyone will be so fortunate. Don’t worry if you are among the majority of people who do not have funds or a healthy savings account.
You can still succeed with your side hustle; it will just take a little longer because you will be starting from scratch. Do not compare your progress to that of others. You’ll end up pitying yourself, and your self-esteem and motivation will likely suffer as a result.
For example, if you choose blogging as a side hustle, you may need to do everything yourself at first. You will create all of the content, design your website, promote it on various social media channels, and so on.
Doing all of this will take you many hours, if not hundreds! But you’d do it anyway because you’re enthusiastic about blogging. You don’t mind doing the dirty work. Indeed, you value the learning experience.
When you finally succeed, hundreds or thousands of people will read your blog posts. If you properly monetize your site, you could earn a good living from your blog.
If you decide to outsource, you will be able to publish more articles on your website than if you continue to write on your own.
You’ll be able to expand your social media presence much more quickly. You’re essentially replicating yourself when you outsource, so you get more work done in less time!
The thing is, outsourcing a portion of your side hustle will result in financial gain. However, don’t take it negatively. Consider it an investment in your company. You must spend money in order to make money.