Side hustle, multiple streams of income. These have been buzz words for quite some time, but in the wake of COVID-19 they have become even more popular. What exactly do they mean?
Multiple streams of income: Having recurring income from more than one source
Side Hustle: An additional income stream. This could be building a business or taking on extra work such as driving Uber.
With so many things already on their plate, should parents start a side hustle? What about teenagers? Or even the children?! The answer is YES! Ok, maybe not the babies, but they can help their parents or older siblings and earn a little pocket money. There’s no doubt that most people would have loved to have access to more income during the pandemic. The bright side is the pandemic has also given many an opportunity to create access to more income in the future. The process doesn’t have to happen overnight. Below are a few steps to help get started.
Step 1: Brainstorm An Idea
Is there something you’ve always wanted to do? Well then look no further. Now is the time! But what if you’re not sure? You like the idea of extra cash coming in, but you don’t know what to do. First, make a list of things you enjoy in general. Then make another list of things you always get compliments on. Next, create a third list of questions people normally ask you. You are already an expert in something, but you don’t know it yet. When you have all three lists look to see what catches your eye. Don’t worry if it doesn’t seem like you can make money from it. You can!
Step 2: Research
Now that you have an idea (or maybe two or three) Google it baby! Find out what your options are. Maybe it’s something as simple as you enjoy walking your dog. That can turn into a dog walking service. Maybe you always get compliments on your makeup. That can turn into a consulting service or a blog. Maybe you love scrolling through social media or Pinterest. There are entire positions dedicated to just that. Many businesses need someone to manage their social media marketing. It may require taking a short online course, but it is definitely a real possibility. You may already have a skill that you use in your current profession – there is a way to expand on it. For young ones, if you love apps look into coding. The possibilities are endless, but scour the web to see what could work for you.
Step 3: Make A Plan
Remember this doesn’t have to happen overnight. Once you’ve done your research break it down into small steps. Set a goal. You’ll be surprised how far you’ve reached in six months. In a future article, we’ll go over some tips to help you along. (First tip: Skill Share is an online learning platform with hundreds of high quality courses. The first two months are free so give it a try.)
Step 4: Take Action!
Even if it’s just small steps each week, keep moving in the right direction. Remember, you got this!
Until next time,
Crystal