One of the best ways to become your own boss and build a second income-stream is to start a side hustle. This is usually not easy as it requires ruthless prioritization and creativity. Aspiring entrepreneurs with strong drive can look to a side hustle as a stepping stone toward financial freedom. Your side hustle can also be an opportunity for you to focus on what you are most passionate aboutcreate an avenue for flexibility and gives you extra income. Gone are the days when people rely on just one source of income especially if you earn too little to maintain your desired standard of living.
Here are a few ways one can start a side hustle in Nigeria;
- IDENTIFY YOUR SKILLS AND AREAS OF INTEREST: In order to get quick results, you must back your side hustle with relevant skills or experience. Ask yourself what you know how to do or what you can offer, side hustling is about identifying your existing skill then finding a gap in the market where your skill-set is needed. Monetize these skills by taking online classes or starting a YouTube channel, or you can scout for freelance opportunities or part-time jobs that won’t clash with your 9-5 job.
- CREATE A SERVICE: Do your research on popular side hustles or an entrepreneur that you admire and you will probably find out that they all started by rendering a service. Services are a great place to start and anyone who has access to a mobile phone or computer can do it from the comfort of their home. Maybe you are a genius in mathematics and you know of some students who need a tutor, you can start a tutoring class in mathematics. A side hustle is something you can do at your own time which means you don’t necessarily need to quit your job.
- SELL THINGS ONLINE: This is quite advantageous because it requires little or no capital and both your capital and profit can come from your customer’s payments. All you need is either a mobile phone or an internet-enabled computer to access various social media platforms. Set up social media pages across various platforms and create engaging and informative designs and content that aptly describes what you are selling, post pictures, and share videos of your products, and voila you have a side hustle.
- STAND OUT: Competition is an inevitable part of doing business, as they (Competitors) will try to outperform your product or service or convert as many of your Customers as they can to their patrons. To prevent this from happening, you need to secure value propositions with serious competitive advantages. Your competitive edge or advantage is anything that differentiates your business from that of your competitors and makes you stand out from the crowd. This can range from smart or low pricing, aggressive sales tactics, unmatched customer service, unique product features, or other factors that clearly sets your brand apart from the competition.
- GET FEEDBACK FROM POTENTIAL CUSTOMERS: Without feedback from your customers, you could expose your side hustle to the risk of failure. You may be planning to start a business that does not solve your customer’s problems. Without external feedback, you could likely execute the plan; invest considerable time, money, and effort only to lose all those valuable resources in the end. Be sure to validate whether your product or service will gain traction in the real world.
The best time to start a side hustle is when you have a full time job that covers your expenses. Think of your regular employment as hedging against the risks you’re taking as you test the viability of your side hustle.
A parting shot: Don’t forget to earn with the Payflow application and if you need