Many people are interested in having a side hustle, but far fewer are actually successful at it. What is he one sign that the side hustle is likely to be successful, and why is it a good sign of success?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generating billions of dollars in revenue each year and creating tens of thousands of jobs.Learn more about yec.co.
1. Create consistency
The side hustle that is more likely to succeed is the one that creates consistency. You won’t be successful overnight. You will fail over and over again until you reach your goal. The reason most side hustles don’t work is because people quit or don’t get the job done. If you’re willing to keep giving 100% no matter how many times you fail at something, you’ll eventually find a way to turn things around.
2. Based on your expertise
One strong indication that a side hustle can be successful is if it’s based in your area of expertise. Sharing what you’re good at not only gives you the chance to earn extra income, but it also increases your understanding of the subject. Teaching requires exploring all aspects of one’s craft, encouraging one to stay focused and continuously improve.
3. Have a clearly defined business plan
Your side hustle is more likely to work if you have a clear and well-defined business plan outlining your side hustle’s goals, strategy, target market, financial projections and operational details. This helps them stay focused, make informed decisions, and navigate challenges effectively. A well-structured plan shows that the subcontractor has thought their business thoroughly.
4. You are passionate about it
Is it a job or a passion project? Are you pursuing it for the money it brings? Or are you pursuing it because it’s fun? The success of any venture requires an investment of time, energy and dedication. If you don’t enjoy it, you can’t pursue it for long. Choose a side job that doesn’t seem like a hustle! Success and money will follow.
5. Can be automated at low cost
Side hustles that can be automated and run at low overheads are more likely to succeed. Side hustle can be a maximum of 5-10 hours per week, beyond which it falls into the category of part-time. Try to generate a positive return on investment with a sustainable income plan within 3-6 months before worrying about expanding your funds or making additional investments.
6. We provide unique solutions
If you can define a unique value proposition for your side hustle, you’ll find success to come from there. Look for ways for users to benefit from your product or service. Are you different from your competitors? Are you offering a unique solution to a user pain point? These are some questions that can help you identify your unique value proposition.
7. Increase customer engagement
The silver lining of a successful side hustle is consistent, increasing customer interest and engagement. Continuing customer engagement—sales, inquiries, and social media interactions—shows that your service resonates with people. It is an actionable indicator of market validation and critical to the survival and success of any business.
8. Connect your interests with growing trends
A side hustle can work well if it happens to encompass a growing trend that aligns with one of your interests. Starting a side hustle may sound tempting, but often people can’t put 100% into it. But when it aligns with your interests, the work becomes fun. So you’re more likely to work on it even after a busy day at work every day. That’s what guarantees success.
9. Market research completed
Some people take a side hustle without giving it much thought, and that’s one of the main reasons they don’t succeed. Market research is very important and provides relevant insights for making informed decisions. Therefore, before starting, it is necessary to carefully analyze available resources and consider various factors such as market demand and competition.
10. Scalable and long lasting
An important factor for a successful side business is ‘scalability and sustainability’. If a venture can grow without a significant increase in effort or resources, it is more likely to succeed. It’s also important that your side hustle addresses a long-term need, not a passing trend. This balance allows your side hustle to evolve over time, giving you a steady income and satisfaction.