There’s a recession looming. As such, it’s a great time to look to monetise some of the activities that you’re doing as hobbies. This will help you to generate a little bit more money, and it’ll also diversify your income stream such that you’re not vulnerable to sudden shocks.
Let’s look at the side hustle, and how you might look to develop your own.
Find a Niche
You need to be able to set yourself apart from the crowd. Figure out what it is that you can do that no one else can. You’ll want to play to your own strengths, but also to the demand that’s out there. If you’ve got a passion for painting, and you love wild animals as subjects, then it might be a good idea to shift toward painting pets – if you should determine that there are lots of pet owners out there who’d like to hang a portrait of their dog on the living room wall.
What might not be such a good strategy is over-generalize. Pick a subject, and then focus, and build a reputation for doing one thing well.
Investing in Equipment
If you’re going to take a hobby more seriously, then it makes sense to invest accordingly in the right tools. This will allow you to work more quickly and to a higher standard. It’s better to spend big on premium-quality tools than to have to keep replacing inferior-quality ones. For example, if you’re streaming your favourite video games on the side, then you might take yourself up to a professional level with the help of the right hardware.
You should also look to protect the skills and talents you’ve developed, with the help of personal protective equipment. This means wearing a hard hat, goggles and the right kind of earplugs when you’re working on a construction site. But it’s also appropriate in less obviously dangerous environments. Artists need to protect their skin when working with materials such as resin or glue.
Marketing
You won’t be able to make any money from your side hustle if your would-be customers aren’t aware that you exist, or that you’re offering a product or service that they might benefit from. Consequently, it’s a good idea to take marketing seriously right from the off. Look into how you might spread the word digitally, but don’t neglect physical channels – especially if your business is a local one.
The Legal Side
You don’t want to set yourself back by running into legal difficulty. This applies especially if you’re entering into a heavily regulated industry. Make sure that you’re on the right side of the law by getting appropriate expertise on board in advance. This might mean an accountant to make sure that you’re registered with the relevant authorities, or a lawyer to examine your offering.
