Once you’ve determined what you think your side hustle should be, you need to validate it. Demonstrate that others will really pay you for what you offer them. Determine if there’s a “market need” for the product or services that you will offer.
So, how can you do that? Where can you find an audience on which to test out your idea? Some simple ideas include:
○ Ask your friends on social media if they would be interested in what you have to offer. ○ If you have an email list, send out a poll to them, asking who would be interested in what you’re going to offer. ○ Create a sign-up list where people can get more information. If numerous people sign up, it’s a sign that your idea has legs. ○ Offer to let people pre-purchase your offer. If a number of people purchase from you, you know that you’re onto something good.
Your goal is to avoid wasting time on ideas that won’t get any traction. If your polls, emails, and sign-up list aren’t getting much of a response, it may be time to move on to a different side hustle or adjust your approach to your offer.
Determine What Sets You Apart From Your Competitors
Unless you’re building something completely new and revolutionary, you’re going to be competing against others. If you’re going to succeed with your side hustle, you need to find a way to differentiate yourself from your competitors. Figure out how you’re going to stand out from the crowd.
How can you differentiate yourself from your competitors? There are numerous ways, including:
○ Better quality products or services ○ Better customer service ○ Faster delivery ○ Less expensive products or services ○ Aggressive sales tactics ○ Higher or lower profit margins ○ A noble cause you support with profits from your product
If you don’t find a way to differentiate yourself from your competitors, there’s no reason that customers should purchase from you. You absolutely must find a way to stand out in the crowd.
Define Your Goals
Defining clear goals will help you know what steps you need to take in order to turn your hustle into a reality. Consider laying out a set of goals that sequentially follow one another. For example, if you’re going to sell products on eBay, your first goal may be to create an eBay account. Your second goal may be to research the products that sell best on eBay, and so on.
When setting your goals, ensure that they are realistic. Your goal is to get traction, not reach your end goal right off the bat. Each goal should be realistic and achievable. If your goals aren’t realistic, you’ll again find yourself getting discouraged when you don’t meet those goals.
So, what are some small goals you can set that will give you traction on your hustle? These small goals should all contribute to your big, overall goal.
Do you need to…
○ Research your market? ○ Research the desires of your ideal customer? ○ Create a website? ○ Send out an email to your list, letting them know about your offer?
All 4 sections of this article are now posted. Click on these links to find each article: Part 1, Part 3, Part 4.