When it comes to setting yourself up for long-term stability and financial growth, the importance of having multiple streams of income cannot be denied. One of the easiest ways to secure that extra income is to turn your existing skills or hobbies into a side job and then charge for your services or products. Not sure how to monetize your talents? Here are a few ideas to get you started.
Take some time to reflect
Come up with a list of what it is that you’re good at, what you enjoy doing the most, and what you can provide that you think others would want to pay you for. This will help you to uncover the talents that you can most likely turn into a new income stream. For those starting out with little to no money to invest in a new business, consider focusing on selling a service and not a product. New products often require startup funds, which can be costly. The goal is to choose something that others would pay for but that cost you very little to create or complete.
Turn your talents into income by offering things that others would pay for but that cost you very little to create. Click To Tweet
Once you’ve identified a hobby or skill that you want to move forward with, start to research your competition. Think about how what you’re offering will be different and use those differences to your advantage when looking for new customers. You’ll also need to research the industry overall. There are many free online resources at your disposal, including webinars, blogs, and e-books. You can even subscribe to free podcasts for helpful information. Side Hustle Nation and I Will Teach You To Be Rich are two popular options.
Keep in mind that it’s easy to overwhelm yourself with information – so much so that you can’t figure out what to do next. To prevent that from happening, try to spend at least two hours a week implementing the information that you’ve gathered before seeking out more information.
You don’t have to start big in order to start. Click To Tweet
Start small and scale
You don’t have to start big in order to start. Popular communications expert Nikki Elledge Brown made thousands on her first course without even having a website. If you have a service-based hobby, consider offering your services to one to three people free of charge. That way, you can generate testimonials for your work and get feedback on what you can do better. Those testimonials will be a huge help in attracting other (paying) customers. Once you start making money, reinvest at least half of your earnings back into your business.
Make social media work for you
Marketing through social media is a free and effective way to get people to learn about you and your new business. When sharing information about your services, use hashtags to help tell your story and to draw viewers back to your social media pages. Use a combination of hashtags that are specific to your company and hashtags that are already popular and trending.
Set goals regularly
When setting an earnings goal, be sure to break it down into smaller, easier-to-handle pieces. For example, take the goal that you’ve set for the year and divide it into four parts to represent the four quarters of the year. So if your goal is to earn $10,000 in extra income for the year, that then becomes $2,500 per quarter. Next, outline what steps you need to take to get there, so that you know exactly where to focus your efforts.
Tell us – are you currently earning money from a skill or hobby? Share your success story below.
All data and information provided on this blog is for informational purposes only. The opinions, conclusions and other information expressed reflect the views of the author and does not necessarily reflect the views or positions of UniRush, LLC.