I once took a gig sorting data for a company to make a bit of extra cash. Each morning, I’d wake up early, fire up my computer, and face a seemingly endless stream of numbers and words. The only part I enjoyed was the $13 per hour it brought in. For many, this is their idea of a side hustle: tedious tasks for others that pay just above minimum wage. However, side hustles can offer much more, especially when you create your own.
Why Unconventional Side Hustles Can Be Highly Lucrative
Many people are aware of the various side hustles available today. From walking dogs to teaching English online, the avenues to earn extra money are plentiful. But why venture into something outlandish? The reason lies in competition. Popular side gigs often have saturated markets, leading to wasted time and reduced earnings. According to a DollarSprout survey, over 70% of side hustlers reported making less than $200 per month. Opting for a unique and in-demand side hustle can help you break free from this grind and reach your financial goals faster.
Discovering Your Unique Side Hustle Opportunity
Sean Moriarty didn’t stumble upon selling dog stockings by accident. He capitalized on the opportunities around him by following three essential practices to build a successful extra income stream.
Understanding Your Motivation
Launching a side business differs from taking on gig economy jobs like driving for Uber or delivering with DoorDash, which allow for flexible start and stop times. With a side business, consistent effort is crucial, even during periods when you aren’t making money. To sustain this effort, having a motive beyond “making more money” is vital. Define why you want a side business and establish an income target.
For Moriarty, his motivation was the desire to travel. “I wanted to travel more than the paid days off I had,” he said. With the income from their side business, both he and his wife could afford to take unpaid leave without worrying. Their venture’s seasonal nature also gave them the flexibility to travel. Initially, Moriarty invested 20 to 30 hours setting things up. Now, he dedicates around 7 to 8 hours weekly during the holidays and just 5 hours monthly for website maintenance the rest of the year.
Assessing Available Resources
Recognizing your skills and the opportunities around you is crucial. Moriarty knew SEO, making an online store a natural fit. His past experience with clients who sold Christmas ornaments, lights, and trees provided additional insight. So, when a client connected him to some distributor websites, Moriarty used his background and skills to identify a sought-after product with limited competition.
“It started with researching the type of products I wanted to go after,” he explained. “That took the longest time. Then I found companies that sold wholesale in that category and established relationships with them.” After that, he set up his Shopify store and business was underway. Leveraging his expertise, Moriarty focused on search engine rankings as his primary marketing strategy. “Our organic positioning has been increasing,” he noted. “This is what I am good at, and it’s our biggest source of sales. I plan to continue focusing here, so next year should be even bigger for us.”
Remaining Consistent
While making money with a unique side business is rewarding, inconsistency can lead to financial losses. Moriarty emphasized the importance of dedicating sufficient time to your venture. “It’s not something you can just work on for a couple of hours a week,” he stated. “It is a business. You have to invest time to make money.” Though the initial setup was time-intensive, maintaining the business also requires a consistent time commitment. Moriarty spends most of the year building links to his site to boost search engine rankings and dedicates several weeks during the holidays to customer and supplier interactions.
When choosing a side hustle, consider your schedule and lifestyle. Identify any adjustments you can make to better accommodate your new venture.
Thinking Differently About Your Next Side Hustle
Don’t limit your perception of side hustles to what you see others doing. There are myriad ways to earn money from home, on the go, or via your phone. However, not all side hustles are equal, and what works for someone else might not resonate with you given your unique personality and lifestyle. Be creative when considering a side business. By understanding your motivation and recognizing the opportunities around you, you can create a profitable side hustle that supports your financial aspirations.
