Ever heard people say dropshipping is a flop, or affiliate marketing is like climbing Mount Everest, and you need a mountain of cash to start a side hustle? Well, guess what? They’re dead wrong, and I’m here to spill the beans on why.
Starting a side hustle is like playing a video game. You first need to increase your character’s power by assimilating knowledge and developing valuable skills. Unlike Sims, you don’t start with a ready-made six-pack in real life. Nope, you gotta put in the effort. So, if you’re looking for a shortcut to success, sorry to burst your bubble – it just doesn’t exist.
But hold your horses! I’ve got your back with a super simple five-step plan that works for any side hustle you pick.
Get good at something
The first step is getting good enough at a valuable skill. A valuable skill? Anything you can learn that many people will pay you for down the road.
And here’s the trick – I said get good enough.
No need to waste years trying to be the Einstein of your field before making a dime.
Let’s get straight to it. Too many folks are heading to university in droves. Yes, knowledge is power, but unless you’re eyeing a job in a traditional field like law or medicine, paying for conventional education might not be necessary.
I’m all for learning a skill while raking in some cash.
My friend Alice felt the same way when she became a counselor – she thought she needed more qualifications before charging for her services, even though she was already fantastic at what she did. Now she’s actively getting paid. Imagine how many people she could have helped and the money she could have earned if she’d overcome that mental block sooner.
The same goes for you. People need your skills now, not in three years.
So it’s time to decide what skill you want to acquire. Ensure it has broad appeal. Most people don’t like to admit it, but they’re extremely time-rich, and they could spend it learning a new skill.
It’s fine if you don’t want more from life, but what I can’t stand is people complaining without taking action.
So, here are a few examples of useful skills you can learn in your free time: video creation, coding, negotiation, graphic design, writing, or even practical trades like carpentry, electrics, and plumbing.
The possibilities are endless.
Want to learn coding? Start building websites for friends. Interested in physical trades? Assist a handyman on the weekends. For video editing, offer your services to an influencer.
Stand out with your service
If you offer a normal service, for example, “I’ll film and edit your videos for a hundred dollars each,” then you’ll be lost in the crowd of competition.
You become one of many options, whether they’re looking for a video editor, a web coder, a graphic designer, or a salesperson. It all boils down to price. You’ll always be in a race to the bottom because there’s always someone willing to work for less.
That kid living at home, editing videos, will always undercut you. Ten dollars mean much more to him than to you.
The problem is being seen as a commodity. In other words, you’re just one of many options. The solution is offering a standout service, making customers see you as the only option. This lets you charge premium prices and build a more lucrative side hustle.
A standout service might look like this: “I’ll create an action plan for your social media strategy, direct a bespoke promotional video, help you with your on-camera delivery, and use my experience in your sector to gain new customers and fans that will rave about your services.”
Let’s break this down into three parts that you can replicate to make your own standout offer:
1. Niche Selection
Although your skills only have to be good enough, your client should see you as an expert in their particular niche.
People are more likely to pay for someone perceived as a specialist rather than a jack of all trades.
Before diving in, evaluate which niche has the highest earning potential and, secondly, what you enjoy the most. Ideally, it’s the same answer, but it doesn’t always work that way.
Money is important, but you won’t get far if you hate what you do.
It might be worth taking a perceived income cut for more enjoyment because, in the long run, your motivation should compensate for that loss.
2. Financial Incentive
To charge more, you need to make more money for your clients. Think about how your skills can make others wealthier. Sell this financial incentive, not the products themselves. No one cares about the video, website, or copywriting; they care about what these products will do for them.
Remember my counselor friend? By demonstrating how her social media expertise could attract new clients and boost their income, she transformed a basic counseling service into a high-value package. People don’t just pay for an hour of conversation; they pay for the new customers and increased revenue that conversation fosters.
3. Skill Stacking
The third part of a standout service is skill stacking. Take all the valuable skills you’ve picked up and fit them together like a jigsaw puzzle. In my example, it’s the social media skills I’m using to create their action plan, production skills to create the video itself, and directing skills to make sure their on-camera delivery hits the mark.
Think of it this way: each skill enhances your service, making it more valuable and appealing to clients. A carpenter who can also draft blueprints and design furniture? Clients will flock to such expertise. So, identify all your relevant skills and combine them to create a unique and powerful offering.
By implementing these three pillars – niche selection, financial incentive, and skill stacking – you transform your ordinary service into a standout package that commands premium prices and sets you apart from the competition.
Turn your service into a product
Once your service is turned into a product, you can sell it to loads of people. This lets you make way more money without jacking up your expenses.
Productized services help you grow your side hustle and serve more customers without going all out on each project. The product can be easily replicated with minimal adjustments.
To turn your service into a product, clearly outline what your customer gets and at what price. Now, you can sell this product again and again, giving customers a service with the predictability of a store-bought item.
There are endless possibilities with productized services, only limited by how creative you can get.
Take my buddy Jack, a personal trainer. He can only work with a few clients through one-on-one sessions, so he’s making more money by creating online courses. Yeah, he’s charging less for online access compared to personalized training, but he can sell these courses to way more people, making up the difference. And while these online courses are selling, he can still do in-person sessions.
You could offer fully done-for-you web design packages, content creation bundles, coaching courses, graphic design packages, and loads more. The key is selling the same service or work to many customers with minimal tweaks.
By productizing your service, you unlock the scalability potential of your side hustle. Imagine selling a pre-designed social media management package or an SEO optimization course to dozens of clients instead of offering custom services to each one – the difference in efficiency and income is vast.
Reinvest your profits
By now, your side hustle should be raking in healthy profits, leaving you with a crucial decision. Do you splurge on flashy clothes, vacations, and impressing others? Or do you reinvest the profits and delay gratification to become the person you’ve always wanted to be?
I assume you’re on board with the latter.
So, make sure you’re recycling your money by investing it in marketing, equipment, software, and the like. This helps you reach more people, boost your profits, and run your side hustle like a well-oiled machine.
But hold up – don’t throw all your cash back into the side hustle. Take some off the table to build your personal wealth.
Over the years, I’ve invested in the stock market to passively grow my wealth over the long term. I did this to ensure I’d retire a millionaire, as historically, investing in a diversified portfolio of index funds and ETFs yields an average annual growth of 8%. This isn’t guaranteed, but it’s the historical average. It’s not because I lacked confidence in scaling my businesses to millionaire status, but I wanted a safety net for myself and my family.
Remember, reinvesting and building personal wealth are not mutually exclusive. By striking a balance, you fuel the growth of your side hustle while securing your financial future.
Automate everything
This is the level where you unlock all the special moves and cheat codes, no longer bound by the same rules as everyone else. It’s true; the rich and powerful lead a completely different life from average Joes because they get this step in a way most people don’t.
Sure, at first, you might be strapped for cash unless you’ve got a boatload of funding. That means you’ll be doing everything solo at first. But here’s the kicker – doing it all yourself ain’t gonna cut it. So, start delegating responsibilities bit by bit to clear your plate – or better yet, snag your freedom.
Think strategically:
Outsource repetitive tasks
Free yourself from scheduling appointments, sending emails, or managing social media by hiring virtual assistants or using automation tools. Reclaim your time for high-impact activities.
Utilize software
Explore project management software, accounting tools, and marketing automation platforms to streamline workflows and reduce manual work. Technology is your friend.
Build a team
Once your side hustle scales, consider hiring freelancers or contractors for specific tasks like graphic design, content creation, or technical support. Don’t be a one-person show forever.
Remember, automation isn’t just about fancy gadgets and robots. It’s about building systems and leveraging resources to work smarter, not harder. As you automate more tasks, you gain valuable time and mental space to focus on strategic decisions, innovation, and scaling your operation.
Summing Up
Building a successful side hustle takes time, dedication, and continuous learning. Don’t get discouraged by setbacks or compare your progress to others.
Celebrate your wins, big and small, and keep refining your approach. Remember, mastering the side hustle game is a marathon, not a sprint.
By following these five steps – acquiring valuable skills, building a standout service, productizing your offering, reinvesting wisely, and implementing automation – you’ll transform your side hustle from a simple income stream to a powerful engine driving your future.
So, what are you waiting for? Start your journey today and unlock the potential for freedom, creativity, and financial success that lies hidden within your side hustle dream.
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