There are multiple reasons people take up a side hustle. This can either be for financial reasons or just for spending your time in a positive manner. Side hustles too include marketing strategies. The success in a side hustle changes over to a full-time high-paying business.
While there is a general perception of starting a side hustle to avoid the rat race, this is not the reason always. Every individual has a different approach to a side hustle. I personally believe in side hustle as a positive way to spend my free time.
Considering an economic environment, startups or full-time businesses should provide for your food, shelter, and other essential components. However, a side hustle does not necessarily provide all such things. You just get relaxation and complete peace of mind.
Following a passion is an important aspect of the side hustle. It is not essential to expect high incomes in order to consider your side hustle successful. When you have complete satisfaction with the overall performance of the side hustle, it is successful.
Measuring Success In A Side Hustle
Different people have different ways of measuring success in your side hustle. There are a few things that you should keep in mind. The primary of them is not to force yourself too much.
Side hustles however need to fulfill the reason you start for. Be it as a hobby, or just for spending time, make sure the side hustle works in a positive manner. There are situations when the pressure may become a bit too much to handle, but always ensure that it does not give you stress.
The biggest factor in measuring the success of a side hustle is by estimating the fun you are having. You are starting a side hustle for spending your free time positively. So it is essential to have fun in the process.
Taking risks in a side hustle is also possible. But do not let it become your second income source. There is a fine line of difference between risks and stability. However, I do not mean to say that you should not financially invest in a side hustle. There can be investments as well as risks, but they should not contribute to stress.
Understanding The Economic Environment Of A Side Hustle
Every action has an economic impact. Side hustles also require marketing strategies. In order to ensure the success of your side hustle, make sure to plan and work.
Although side hustle is a fun activity, do not directly compare yourself to someone else. Especially, the motive behind the side hustle is personal to different individuals. Therefore, just focus on the performance of your side hustle. It is essential for you to achieve your personal goal when it comes to a side hustle.
The moment you start talking more about finances than personal achievements, it becomes a full-time business or a start-up. Read my previous story on finances here to understand the functioning of a start-up. There can be a requirement for you to invest a certain amount of money to start your side hustle. But remember that it is your hobby and should not be accountable.
Marketing Strategies In A Side Hustle
When analyzing side hustles, implement the Japanese concept of Ikigai. Business strategies are different and cannot be directly used to analyze side hustles. Remember that you start a side hustle as a way to spend your extra time.
‘Iki’ means life and ‘gai’ means value. Therefore it is essential to know the value or worth of your life. A side hustle is like a mirror that shows your true self. Your performance does not matter, it is how you carry yourself through the process that matters the most.
There is a very strong Japanese belief that life expectancy increases when we work to our satisfaction. Although you may be in a very good position, if you do not use your free time in a positive manner, there are chances of high stress.
That is why finding a hobby is very important. And if that hobby provides you with additional income then there is nothing better than that. In case the side hustle generates income, it is important to ensure a steady growth approach.
Differentiating Side Hustle From Business
There should be a strong difference between business and side hustle. The basic key here is that the income from your main source should always be separate from the income from your side hustle.
Even if the incomes are little, it is essential to ensure that the accounts are separate. This will help in clearly understanding the proper income from different sources. Further, as your side hustles continue to grow, separate accounts will help you in understanding the risks you can take.
The success of side hustle also helps in the overall improvement of your earning quality. This not only increases your income but also provides you with new ventures to look out for as a source of income.
Just do not plainly use the same marketing strategies you use for your business for the side hustle as well. This will make the process boring. Try to conceptualize the process in a different economic environment. This will also improve your performance in your regular business as well.
Well, I would conclude by saying that every person wants a side hustle. I come from a family of business people. Starting a business was always in my mind since childhood. But for me to establish my name, Anek Bedi, as a person of extraordinary caliber, I need to do something out of the box.
Be it for earning an additional source of income, or just for utilizing free time. Success is not only actually measured in a ledger book. The success of a side hustle is pure joy and excitement.
A successful side hustle must provide individuals with abundant relaxation. Being the CEO of three different companies – VO logistics, Virtual Healthcare, and VO IT I have learned a lot of things regarding business and side hustle. Stay tuned as I continue to elaborate on this wonderful topic.
Can art be a form of a side hustle?
Art is one of the most followed types of side hustle currently. There are numerous artists who sell their artwork both online as well as in person. Exhibitions, yardsales, or coaching are methods to get you started.
When does a side hustle become a full-time business?
Although there is no such fixed duration, it completely depends on the individual. The point of realization is when the individual recognizes that the side hustle will be able to pay all expenses. That is the point of conversion.