Whether you have to have a side job to make ends meet or are doing the extra work to cushion your finances, you want your side job to be as lucrative as possible. From freelance graphic design to starting your own online store, there are plenty of ways to make your second job profitable.
Market Yourself
It’s hard to grow your personal business if you can’t bring in new customers. To make your side gig a success, you need to market yourself. There are a variety of ways to do this, including word of mouth and taking the initiative to reach out to businesses with information about your product or services. However, to make it as profitable as possible, you should think bigger.
Promotional items are a staple in marketing because they work. Giving out gear with your logo on it will help build awareness for your side business. Depending on your target market, you could design anything from personalized pens to custom Airpods.
Social media marketing is one of the best ways to build business in the digital age. Your clients are already there, so why not go directly to them. Plus, you can also place highly targeted ads on most social media channels to reach exactly who you want. Pick one or two platforms when you’re first getting started, you don’t want to spread yourself too thin.
Invest Your Money Wisely
Do you need a specific program or tools for your side job? Make sure you are making the most of your resources by shopping around affordable or free solutions first. If you are going to invest any of your own money in your side job, try to minimize your expenses, especially when you are first starting out. Keep in mind that any income that you put into your side hustle will need to be subtracted from your profits.
That being said, there are costs that you won’t be able to avoid if you want your business to be a success, like materials for your core product, a card machine to handle your card transactions, or a domain for your online store. Before you make any business-oriented purchases, make a list of must-have items you need to get started and try not to deviate from it. Later, you can make a plan to increase your budget toward business investments once your side gig is more established.
Be Strict with Your Schedule
Your time is money, so don’t waste it. To maximize the profitability of your business, you want the time cost to be offset by how much money your side job is bringing in. Otherwise, you might want to reconsider whether it’s actually worth your time. When you’re first starting out, it’s understandable that it may take a larger time investment, along with some trial and error, but it should taper off as you get it more established.
Once your side gig is part of your regular routine and you have some structure in place, set a schedule for yourself. This will help you make the most of your time investment and prevent your side gig from taking over all of your free time.
Set up a Good Office Space
If you’re really dedicated to your side gig, working at the local coffee shop may not be the most productive place. Instead, invest in creating an optimized workspace at home. To make the most work-conduce space in your home, consider getting a standing desk, making sure the room is well lit with natural lighting, and setting up any materials you might need where they’re easily accessible.
It can also be beneficial to add some greenery to boost your mood. Clear your home office of any distractions and clutter, this space should strictly activities that are related to your side business. If you share a home with roommates or your family, make sure your office space is somewhere private that you can focus.
If your side job isn’t bringing in the income you need just yet, try implementing these recommendations before throwing in the towel. Reigning in how you spend your time and money should be fairly easy but setting up your home office and marketing will take more effort so make these changes at your own pace.