10 Questions to Ask Before Starting a Side Gig

Posted on February 27, 2023  •  5 minutes  • 878 words

For many people these days, one income stream isn’t enough to make a comfortable living, or sometimes even just to make ends meet! Fortunately there are a plethora of ways to boost your income via side hustles - so many in fact it can be difficult to pick one. But before diving into a new venture, it’s important to ask yourself a few key questions to ensure that your side hustle will be worth your time, effort, and resources.

1. Why do I want to start a side hustle?

Understanding your motivation for starting a side hustle is crucial to determining the best approach for you. Are you looking for extra income to pay off debt or save for a big purchase? Do you want to pursue a passion project? Are you hoping to eventually transition to full-time self-employment? Knowing your “why” will help you stay focused and motivated.

2. How much time can I realistically devote to a side hustle?

Consider your current schedule and obligations to determine how much time you can realistically commit to a side hustle. Be honest with yourself about your availability and energy levels - taking on too much can quickly lead to burnout.

3. What skills and strengths can I leverage in my side hustle?

Think about your existing skills, experiences, and passions - which ones can you leverage to create a profitable side hustle? For example, if you enjoy writing and have experience in marketing, freelance writing or content creation could be a good fit.

4. What resources do I need to start and maintain a side hustle?

Some side hustles require minimal resources, while others require significant investment upfront. Determine what resources you’ll need to start and maintain your chosen side hustle, such as a website, equipment, or supplies. Make a list of the costs and determine if it’s financially feasible.

5. Who is my target audience and how will I reach them?

Understand your target audience and where they can be found online or in person. Determine the most effective ways to reach and engage with them, whether it’s through social media, advertising, or networking events.

6. Who are my competitors and what sets me apart?

Research your competitors and their offerings to determine how you can differentiate yourself in the market. Identify your unique selling proposition (USP) and leverage it to stand out and attract customers.

7. What are my short- and long-term goals for my side hustle?

Determine what you hope to achieve in the short-term and long-term with your side hustle. Do you want to earn a certain amount of money each month, or do you have a specific income goal in mind? Are you hoping to eventually turn your side hustle into a full-time business? Set specific goals and develop a plan to achieve them.

8. How will I balance my side hustle with my main job and other commitments?

Creating a balance between your main job, side hustle, and other commitments is crucial for avoiding burnout and maintaining productivity. Develop a schedule and prioritize tasks to ensure that you’re able to manage your time effectively.

9. What are the potential risks and challenges associated with my side hustle?

Consider the potential risks and challenges associated with your chosen side hustle. Will there be legal or regulatory issues to navigate? Are there market or industry risks that could impact your success? Knowing and preparing for these risks will help you navigate them more effectively.

10. When will I know it’s time to scale up or pivot my side hustle?

Monitor your progress and determine when it’s time to scale up or pivot your side hustle. For example, if you’re consistently hitting your income goals, it may be time to expand your offerings or hire additional help. Or if you’re finding that your side hustle is not as profitable as you had hoped, it may be time to pivot and try something different. Consider the following questions to help you determine when it’s time to scale up or pivot your side hustle:

• Am I consistently meeting my income goals?
• Have I reached a plateau in terms of growth or earnings?
• Are there opportunities to expand my offerings or reach new markets?
• Am I struggling to keep up with demand for my services or products?
• Is my side hustle becoming too time-consuming or taking away from my other responsibilities?
• Are there any external factors that could impact the success of my side hustle, such as competition or changes in the market?
• Have I received feedback from customers that could indicate a need to pivot or make changes to my offerings?
• Am I passionate about the work I’m doing or am I feeling burnt out?
• Are there any new skills or knowledge I need to acquire in order to scale up or pivot effectively?
• Do I have the resources and support I need to make a change?

By asking yourself these questions and regularly assessing the performance of your side hustle, you can make informed decisions about when it’s time to take your business to the next level or shift your focus to a new opportunity.

Remember, starting a side hustle is a journey, and it’s important to stay flexible and open to change along the way.