Why now is a great time to invest in a side hustle
In the wake of the great recession of 2008, millions of people lost their jobs and livelihoods across the globe. While this was undoubtedly devastating at the time, it created an entire generation of “accidental entrepreneurs”, who used their passion and skills to forge brand new career paths.
This is borne out by the numbers, with one study of entrepreneurs revealing that one-third of business owners never planned on starting their own company. Just 1% of this demographic subsequently regretted their decision, while 90% said that they were happier than they were as employed individuals.
Many of these ventures will have emerged from side hustles, which are additional jobs or endeavours that are undertaken in addition to a 9-5 role. But where do you start when attempting to launch a successful side hustle, and what are the best options for those looking to optimise their earning potential?
How to Get Started with a Side Hustle?
When it comes to launching a successful side hustle, the first step is to identify viable options and potential gaps in the market. After all, the goal of any side hustle is to generate some form of profit, otherwise it would be classed as a hobby or a pastime.
Ideally, you would also be able to identify potentially profitable ideas that also align with your passions, as this creates an added motivation and enables you to use existing knowledge and expertise.
Another key consideration is your existing commitments, particularly those pertaining to work and family.
Obviously, you’ll have predetermined working hours during the week, while those of you with children will also need to make time to care for them and carry out your everyday duties.
With this in mind, you’ll need to create a side hustle that you can manage comfortably and within your existing schedule, otherwise you’ll be unable to give it your full attention.
What are the Best Side Hustles?
In the current climate, there are a number of different side hustles that offer potential value to individuals.
One of the most universally popular options is forex or financial market trading, which has become increasingly accessible during the digital age and enables investors to build a potentially lucrative source of passive income.
Currency trading is particularly viable, as the forex market is highly leveraged and allows traders to speculate on price movements and profit even in a depreciating market.
There’s also a growing market for bespoke and homemade products, which are often sold and shared as gifts and can be sold for a price premium. It also makes it easy for aspiring entrepreneurs to stand out in a crowded marketplace, while leveraging their unique skills to achieve a profit.
For those of you who are tech savvy, you should also consider creating a blog or YouTube channel.
This also enables you to leverage specific skills, while certain sites and channels can be monetised through guest publications and paid advertising respectively.