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A side gig, also known as a side hustle or side job, is an additional way of making money outside your primary job.
A side gig not only provides an opportunity to earn extra money but also allows you to explore your passion, which can be a breath of fresh air, especially when you don’t like the job you’re doing.
The process of turning your passion into a profitable side gig is one that requires a lot of hard work and dedication.
Here are few essential tips to keep in mind as you start on this journey.
1. Study Your Passion as a Business
It is of utmost importance to determine how you can make your passion and skills the most lucrative use. It is also vital for you to know that there is a difference between passion and skill.
Passion can be described as something you love doing; skills, on the other hand, are things you’re good at. For instance, you love painting on canvas, but you lack the skills to make paintings that people are attracted to and will be interested in buying.
To turn your passion into a profitable side gig, you need to ensure that the passion is something you are good at. For your passion, there’s also a need for you to focus on ideas that can make you money quickly.
In summary, ensure that your passion has the potential of becoming a viable business. To achieve this, there’s a need to ask yourself specific questions.
First, ask if there’s a market for your products and services; you can check online and get evidence of other people buying and selling the same product. Finally, ensure that they have the skills to demand a fair price for your products or services.
2. Discover Your Niche
The next important thing to do after knowing where your skills and passion align is to find your niche. “Your niche” can be defined as the specific audience you will sell or market your products to.
In your study, you’d have discovered that there are many other businesses similar to the one you’re planning, and as such, there’s a need to create a distinction for yourself, and one way to do this is to narrow down your audience.
Once you’ve discovered your niche, you then begin to target the audience through your website or selling platform to drive a connection and ultimately sell your products. Also, note that you won’t be stuck in the niche you start with; however, this niche will help you begin.
3. Be Prepared and Smart About Start-Up Cost
Generally, side gigs do not cost-intensive; however, you will need a few things to start. It is best to make a list of anticipated cost and convert into a budget.
4. Set Your Pricing
Setting or fixing a price is one of the hardest things to do. If you are selling a product, the product’s price is determined by how much it will cost to make the product and the amount of time spent in making it.
Then you will choose a markup price that will yield interest you’re comfortable with. On the other hand, if it is a service you’re selling, the amount of time used to complete the service will determine the price.
The key to having a profitable side gig is to ensure that you are earning what you are worth.
5. Effective Marketing
In marketing your side hustle, it is essential to know where your target audience lives and how best you can reach them. Knowing where your target audience lives could mean knowing the social platforms they use frequently.
You can also write out a rough plan of marketing avenues that are best for your side gig, and then you take action.
Overall, turning your passion into a profitable side gig requires two major things: A plan and dedication.
Success usually doesn’t happen overnight so before you begin to dream about the money your side gig can bring in, try to focus on the things that you can control such as commitment to your goals and the effort to learn more about your business.