(STL.News) – When you’re looking to build wealth and circulate more money within your
family, you’ll want to build multiple streams of income. One of the best ways to
start developing streams is through developing a few side hustles. In the
beginning, it’s best to focus on one major side hustle. Afterward, you can take
that side hustle and develop various income streams within it. A great example
is a blog. There are plenty of people who start blogs. Once they’ve developed a
certain amount of content, they’ll branch out to incorporate sponsored posts,
brand deals and affiliate marketing. Now, that one blog provides three income
streams. In order to successfully develop a strong side hustle, you’ll want to
consider a strategic approach.
Research is Paramount
It’s one thing to build a side hustle based on your passions. However, you’ll
have to look at things differently if you’d like to become profitable. This isn’t to
say that you can work on your passion. You just have to do a lot of research to
make sure you have a profitable endeavor you can build on. Take a look at the
niche you really want to start your side hustle in. Determine whether or not the
niche is over-saturated. If the market is over-saturated, consider ways you can
stand out of the crowd. Provide a different product or service that will stand out
in a unique way. When you can develop an innovative approach to your
business, this is where you’ll be able to meet a need and thrive.
Make sure that you’re in a space that helps you to focus on getting your work
done. Even if you live in a small apartment, you’ll still want to make sure you
have an organized space for your work. Consider your workflow and what it
takes to help you get your work done. If you need a desk, a bright lamp and a
comfortable chair, make the investments. When you set up your workplace
environment the right way, it’ll help you to become more focused when it’s time
to get work done. If you won’t be able to get a lot of work done at home, it’s a
great idea to consider a co-working space or an office. If your side hustle
involves preparing and cooking food to serve large amounts of people, you’ll
want to secure a commercial kitchen for legal purposes. You don’t want to pay a
lot of overhead fees if you don’t have to. However, weigh the pros and cons.
Whatever you need to do to create a space where you can focus on output, get
When you’re building a side hustle, this means you’re also juggling a full-time
job. A full-time job can be pretty taxing on its own. This means that after a long
day of work, it’s easy to come home and neglect the side hustle. You’ ll have to
find ways to work your side hustle into your schedule on a daily basis. Get
creative about the time you spend on your side hustle. Consider it your baby.
You wouldn’t leave a baby to fend for itself. You’d nurture and make sure the
baby is okay. The same concept applies to your side hustle. If you need to,
wake up an hour or two earlier to work before you go into your full-time job. If
you have a long commute, consider taking public transportation. Bring your
hot-spot and your laptop with you. While you’re taking the 45-minute ride to
work, you can focus on getting work done during that time. During your lunch
break, head over to a local coffee shop to work during your lunch break. These
are creative ways to get work done before 5 pm. If you know you’re going to be
too tired to work when you get home, prioritize your work for the first half of the
When you’re running your own side hustle, you are the one who calls the shots.
You decide what’s important to focus on. You don’t have someone standing
over your shoulder who dictates what you’re supposed to do at different times.
Unfortunately, many entrepreneurs struggle in this area. They lack the discipline
and foresight to work on the income-producing activities first. At the beginning
of the week, take inventory of everything you need to do within your side hustle.
Then, consider the work that will bring in money. Make a list of your income-
producing activities. Do those first. Once you cross those tasks off of your to-do
list, you’ll be able to work on administrative work and other priorities. When
you’re building a side hustle, the goal is to make money. Don’t get lost within the
realms of busy work that you miss the ability to increase your income.