5 Secrets of Successful Side-Hustlers

via MoneyNing:

Everyone needs a side-hustle today – it’s the only way to guarantee any semblance of financial security in an economy where jobs can disappear without warning. The even bigger benefit, though, has less to do with your bank account and more to do with your happiness level: Launching a side-business might be the most professionally satisfying thing that you ever do.

That’s because unlike most day jobs, it’s all about you: What can you create? What do you have to offer the world? How can you help people? When people buy what you are offering and, even better, tell you how much they love it, it’s incredibly validating – and empowering.

If you’re thinking about launching your own side-hustle – or already have one going – consider these five secrets of success, based on my interviews with over 100 side-hustlers:



1. Know what motivates you.

A surprisingly large number of side-hustlers got their start as a result of a major event in their lives. The two most common were lay-offs and new babies. Having your motivating factor seared clearly in your mind will be helpful whenever things get tough, because of a slow sales week or late nights playing catch up. If you know you’re doing it because you never want to rely on a single paycheck again, or because you want to know that you can always provide for your family, then it will be easier to find the energy to keep going.

2. Leverage your existing skills.

Chances are that you are already really good at something. Maybe it’s party planning, or connecting with people online, or designing websites. It might even be something you do in your day job. Take some time to reflect on your greatest skills, interests, and passions, because that will lead you to the best entrepreneurial pursuit for you. The main categories to consider are: creating products, providing a service, running a business, helping others, doing physical work, and performing.

3. Master your money.

You might be launching a side-business to improve your own financial outlook, but it’s important to first make sure you’re on top of your money management. Side-hustlers often pay down debt, shore up savings, and reduce expenses before launching their business, because doing so gives them more flexibility to invest in start-up costs or scale back their primary earnings as they devote more time to their budding side-business.

4. Learn to pitch yourself.

Getting word out about business is often the most challenging aspect of building a new venture, but it’s an essential aspect of entrepreneurship. Come up with an easy way of explaining exactly how your product or service helps other people, because that is what will convince them to make a purchase.

5. Connect with other side-hustlers.

Running a side-business is hard, and joining communities of people doing the same thing, in your own field, offers much-needed encouragement, support, and even extra publicity. Start by reading up on the bloggers and entrepreneurs in your own niche field, whether it’s creative entrepreneurship, woodworking, or millennial career coaching. Leave comments and help wherever you can. You’ll probably pick up on tips and strategies that will help you get ahead, too.

I hope this year brings you much success, and satisfaction, with your own side-hustle!

This was guest post by Kimberly Palmer, an author of the new book, “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life,” and senior money editor for U.S. News & World Report, where she writes the popular Alpha Consumer blog. In addition, she is the creator of Palmer’s Planners, her own line of digital financial guides and money organizers for major life events and goals. You can connect with her at bykimberlypalmer.com, where you can also download worksheets to help you build your own side-hustle.

This article originally appeared on MoneyNing.com. Let us know what you think (or read what others thought) here.

Related posts:

1. 9 Ways to Start Earning Extra Money on the Side


2. 5 Tips for a Successful Kickstarter Campaign


3. Side Hustle, Self Employed, Entrepreneurship

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Passion and Reality

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Passion can be a really tricky thing.

For some people, a lifelong passion is something they discover at a young age. I know talented musicians, writers, and scientists who knew what they wanted to be from early childhood.

For others, passions are fleeting. They’ll discover something they’re passionate about, but then in a few years, they burn through that passion like the K Foundation burnt through a million quid.

For still others, they never find that passion at all. They work at a job, but it doesn’t excite them to their core, and they doubt they’ll ever find that passion.

For a long time, I was a huge believer in following your passions. I believed that a day was empty if you had a passion in your belly and you didn’t do anything to chase that passion. I still feel that way, in fact.

The problem is that passion alone isn’t enough to ensure financial security or success. Passion is often a vital ingredient in that recipe, but it doesn’t necessarily have to be present, either.

Instead, I’ve come around to the idea that success at anything comes primarily from hard work, though passion can be a powerful fuel for that hard work.

If you stay up all night writing a vital report or polishing a vital presentation, it’s your hard work that’s going to make that report or that presentation successful, not your passion. However, your passion might have been the reason that you were able to stay up all night and focus on what you needed to do.

My advice for someone who has found a passion is simple. You should study that passion and hone that passion, but you should also expect that you’re going to have to work hard and you should also learn the skills needed to channel that passion into something successful.

My advice for someone who has never found a lasting passion is also simple. The most valuable thing you can do in life is to build a great work ethic along with the skills needed to work well in any position you wind up in.

What do these two statements have in common?

Everyone needs some work ethic. Whether or not you have a passion fueling you or not, the person who can focus in deep on a project and carry it through is going to come out on top, no matter what. The ability to buckle down and get a job done is worth a lot, and as you become more accomplished and can fill up a resume with the things you’ve built or helped to build, the better off you’ll be, passion or not.

Everyone needs a strong selection of transferable skills. Communication skills. Information management skills. Time management skills. These are the tools you’ll need to succeed no matter where you’re at in life and regardless of whether you have a passion for something or not.

A final tip: you’re likely to find that your passion, even if paired up with work ethic and transferable skills, isn’t enough to take you to the top. I’m passionate about basketball and I’m also quite tall, but I’m fully aware that I don’t belong anywhere near basketball players that are actually skilled. There’s also an issue of natural talent because, like it or not, we’re not all born with the same innate abilities.

If you find yourself in that position, my advice is to spend your spare time finding angles where you can still follow your passion, whether it’s in an indirect fashion by using your other skills or in a direct but amateur fashion, and focus on your career as what you do to support your passion and apply your work ethic there.

A passion is a wonderful thing. It’s something you should never, ever let go of, and it can sometimes be a fuel to push you further than you imagined. However, passion alone isn’t a ticket to your dreams. You need more.

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