8 Steps on How to Turn Your Skills into a Lucrative Side Hustle

Your skills are those qualities that makes you unique and differentiates us all from each other of which it can be used as a side hustle and monetized if properly identified and managed.

These are those stuffs you can do even without being taught how to do them. They are those basic activities you enjoy doing even if you are not being paid for them.

The truth is that even if you have managed to find a full-time job you truly enjoy, it’s tempting to imagine another life you could live outside your work because though there are many benefits attached to having a full-time job, let’s say (a salary, health insurance, unlimited coffee and the occasional dozen break room doughnuts), the lure of self-employment is always there.

The independence, freedom, and ability to make your own hours each week, is all very appealing and everyone wants freedom.

Am sure everyone also wants to earn some extra cash from their skills in order to experience that inner feeling of satisfaction and fulfillment that it brings….That’s why someone can proudly say things like “I made this myself or I achieved this myself” to his/her friends with so much pride.

Although being self-employed lifestyle seems delightful, there is also no doubt that for many of us the idea of breaking out and venturing into the world of freelancing full-time, is too intimidating.

It’s impractical and risky, especially when you are surrounded with so much responsibilities but that doesn’t mean you can’t pursue your passions on the side because you can actually combine both your full-time job and your side-hustle, it’s all about proper time management.

Today, we are going to be looking at some personal tips and tricks for earning a lucrative income with your skills as a side hustle, without losing your mind (or your job, for that matter).

1. Generate Ideas Based on your Current Skills

This is the first phase to get started with as you need to first outline those skills you have, understand which among them you enjoy doing even without getting paid for it, find out if the people around you require someone with such skills like yours and may be willing to pay to get the services your skills can offer them by asking people currently doing what you intend to start doing because chances are, you know someone who works in the same field you’re interested in working in,

Therefore find out from how lucrative your interest are to the public and if you don’t know anyone working in the field you’re interested in, the Internet is your friend.

After writing down your skills, you can then start to build an arsenal of ideas for things you’d like to do which takes us to the next step…….

2. Select your Best Idea

Select your best idea out of the list made and it must be the skill you know that you can comfortably and selflessly handle by deciding which skills you want to monetize after all.

For many of us, the question of, “what do you do?” is becoming more and more complicated as most creative-types find themselves straddling several different worlds at once because they posses a lot.

When deciding which of your skills you’d like to go with, think about it in simple terms of supply and demand.

Some skills are inherently more lucrative than others but you have to also understand that just because something won’t make you a lot of money doesn’t mean it isn’t lucrative, though, and it doesn’t mean it won’t make you a lot of money one day.

Therefore, you have to be very smart when making this decision and stick to whatever choice you made at the end of it all.

Read Also: How Lack of Working Capital Hurts your Business

8 Steps on How to Turn Your Skills into a Lucrative Side Hustle

3. Prepare to Implement your Side Hustle Idea

Now you need to sit down and finalize your price points. For example, If you’re selling a product, first figure out how much it will cost you to make the product and how much time it will take. From there, choose a markup price that will yield a profit you’re comfortable with.

If you’re selling a service, then you need to consider how much time it will take for you to complete the service and determine a minimum hourly income that’s acceptable to you.

Next, decide on a payment system that will be best for your business. Write down the process of how a customer can discover your product or service and purchase it.

Be sure to also consider any problems a customer might encounter when trying to do business with you and think of possible ways to solve them.

4. Launch your Side Hustle

Now it’s time for the launch and am sure you are as excited as I am…Smiles!

But this is certainly not the time for excitement, rather a time to start work…you must channel your inner strength and promote your business at every chance you get by reaching out to friends and supporters in your network and ask them to help spread the word about your new service or product.

You can also consider implementing deals and promotions in the early phase of your business to encourage people to support you and also use your social network channels to share your products and services with friends and loved ones.

5. Be Sure Not to Risk Your Full-Time Job

If your full-time job consists of doing work that’s similar to the work you’d like to do on the side (for example, if you’re a full-time magazine editor looking to pick up some freelancing writing gigs), it’s worth rereading your employee contract or quickly checking with your supervisor because Many creative jobs these days come with pretty strict non-compete clauses.

While you’ll be making some decent additional income soon, it’s not worth risking your full-time salary quite yet. Better safe than sorry pending while you are still growing your business to gain more grounds at least!

Read Also: 10 Smart Ways to Advertise your Business

8 Steps on How to Turn Your Skills into a Lucrative Side Hustle

6. Adhere to Proper Time Management

You must be selective with your projects and your time in order not to allow your side hustle clash with your full-time job while you still need it and finding the work you enjoy will make you more productive and creative during both your full-time work hours and off the clock, as well..

That said, because you have a full-time job, your time is very precious and how you manage your time also matters so much.

If you are looking into a few side jobs, make sure it’s work you enjoy doing, or at the very least, won’t hate doing.

7. Form Good Relationship with your Business Members

Forming a good, honest work relationship with your workers, customers, helpers or anyone at all related to your business will help everything run much more smoothly even in your absence.

There’s a way to clue your people into your lifestyle without oversharing or annoying them because they’re humans too and also have a part to play towards the success of your business which is why I highly suggest creating a spirit of complete honesty and happiness with the folks for whom you work with.

8. Set a Schedule and Stick to It

“Time Management” is the most challenging aspect of picking up side hustle work alongside a full-time job because if you don’t manage your timing well, you may end up losing one of them while you still need them both and that’s the reason why creating a schedule and sticking to that schedule you created is very necessary.

The truth is that if you don’t create a schedule and stick to it, you’re setting yourself up for failure. Divide your full-time work week up by hours, and don’t neglect things like sleep, social life, and self-care then decide how much time you can reasonably dedicate to your side hustle projects, and pick up assignments from there.

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Related: 8 Time Management Tips you need to be Successful

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