Successful Side Hustles

Are you looking for an extra stream of income? How about a way to take your passion projects to the next level?

We’ve got just the recommendation for you. Introducing… side hustles!

On this week’s Tweet Chat, we’re bringing in the experts to share their savviest strategies for making the most out of side-gigs. From clearing common misconceptions to explaining potential risks to managing priorities, our panelists Matthew Owen @mowenranger, Bernie Fussenegger @B2the7, and Ross Quintana @Ross_Quintana have got your back! If you’re into side hustles—whether you’re just thinking about starting one, just starting one, or currently neck-deep in one—you’ve come to the right place. 

Missed the Tweet Chat? Here’s a recap:

Q1. Is it better to start a side-hustle selling a product or selling a service? 🤔 What are the pros & cons of service based vs product based side-hustles? What are the best tips to keep in mind for each to get your side-hustle up and running?

Matthew Owen: I would absolutely recommend selling a service for your side-hustle. Developing or acquiring a product costs money, and there's no reason to go out of pocket to startup. Above all remember the side-hustle is supposed to add money, not subtract it!

John Lim @bemovingforward: Go with your strengths and / expertise. Start there and reverse engineer whether to sell product or service. Also, collaborate or joint venture if need be. If expanding beyond you, have agreements and spell out everything.

Ross Quintana: When it comes to a side hustle it’s inputs vs outputs. What are your inputs (time, money, expertise), and what do you get for them (profits, growth) If you shrink the inputs you will be able to maintain and grow it.

Q2. The BIG question: What to do, what to do? Where did you get your inspiration for creating new streams of income? How do you pursue the right side-hustle for you? How do you find which profitable side project(s) would be a good fit?

Matthew Owen: Think about what you may have done in the past. Do you have skills that haven't been used in awhile? How much time do you realistically have available?  Is your primary income a flexible situation?

John Lim @bemovingforward: Start with learning. Part of this is exploring what’s out there and what’s possible. We now live in an age where the info is very accessible across multiple mediums. Look at the good and bad of each. See the cross-section with skills you have. Experiment.

Q3. What if there are already a lot of people doing a specific hustle? Would you consider this an indicator that your potential side-hustle is in fact in high demand, or just that you’d have high competition? What are the best tips to navigate this circumstance?

Amy Hampton @lonedaisymedia: It's counter-intuitive, but a crowded market can be a good indicator of need. The way that restaurants do better when they are located close to each other. Your job is to provide excellent products/service and see how you can differentiate yourself from the crowd.

Bernie Fusseneger: With many, you will have competition - find points in which your services or products stand apart and highlight those. Refine how and what you communicate to stand apart.

Matthew Owen: Just focus on what you do best and what you control. Make sure you deliver quality work. People will refer you enough business to sustain a side-hustle.  Don't overthink the situation. Get out there and sell your service!

Q4.  Any new venture comes with potential risks. How do you assess your risk tolerance?  What do you think are the top reasons a side hustle fails? What can you do if you start to encounter obstacles? What are the best resources to turn to for tips / advice?

Bernie Fussenegger: When looking at new ventures, I create a spreadsheet with details - costs, time requirements, competition, pros and cons to give me a good picture.

Matthew Owen: Ventures can fail for a lot of reasons, but the most likely one is spending more than you make.  This is a side-hustle, not a venture backed startup.  Be very efficient with your spending, and start small. Get your first customer. Go from there. 

Q5.  How do you create an audience of potential customers that could benefit from your services? What technology do you use to make your audience / customers aware of new offers / services? How can you use social media to generate business opportunities and/or income? 

Matthew Owen: Building a personal brand on the appropriate social media platforms is definitely a great first step in getting the word out about your new side-hustle.  You definitely want your network to be invested in your story, not just your service.

Jim Fuhs @FuhsionMktg: Depending on your audience, it could be local networking.

Create a website and use social media to educate people about what you are doing, ideally that will drive referrals to grow your business.

Just be careful about broadcasting only, be social on social media.

Amy Hampton @lonedaisymedia: Just like you would for any other business. Hustles are not special or strange in this way. All the usual marketing tactics can apply - elegant website, social media presence, connection with potential customers and glowing testimonials from past clients. 

Q6. They say patience is a virtue.  How long do you anticipate it should be before you start seeing profits? Are there any tips to speed this along? What should you consider tweaking if you’re not seeing profits in a certain time period?

Matthew Owen: I believe you should see profits almost immediately.  I'm not a fan of side-hustles that require time to start generating meaningful income.  It's too easy to get distracted if you don't get quick wins and positive feedback.

Bernie Fussenegger: For my main side-hustle, I have had profits from day one because it is my experiences that I’m selling. My only overhead is my computer and my time.

John Lim @bemovingforward: It really depends on the venture and in some cases the current market (eg real estate). Research how others fare in the same side hustle, not just to profit rates but failure rates. Find a mentor or community if need be.

Q7. Time management is key! How do you manage your time so you don’t neglect your main income & can balance it along with your side hustle(s)? When / how do you know when to shift your focus & pivot full time into your side-hustle?

Matthew Owen: I highly recommend creating a new and totally separate gmail account for your side-hustle.  Keep all communications, calendar, and files siloed in this account (for free!)  This is your home base for your focus, and you can shift gears with just a Chrome tab.

Ross Quintana: Learn how to growth hack all of the actions you take in your side hustle. Use tools, systems, and strategies to get the most output with the least input.

“Great things may come to those who wait, but only the things left by those who hustle.” - Abraham Lincoln

After tuning into this Tweet Chat, we could not agree more with Honest Abe. Once you know what you want, go after it.

Do what it takes to make those great things happen.

Hustle now, and hustle hard.

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