Side Hustle 101 – How to Start

Side hustles seem to be all over social media and the internet these days. But what is a side hustle? And how do you go about starting one? All these questions and more will be answered in this post.

What is a side hustle?

Simply put, a side hustle is anything that brings in extra income for you and your family. It can be from a hobby, a second job, or even a website. Often times, people take their hobbies like sewing, woodworking, painting, or photography, and turn it into a profitable side business. Other times, people choose to join a multi-level marketing company, selling goods from a major company and building their “downline” in the process (think oils, shakes, cookware, etc…) Another very popular choice is rideshare apps, like Uber and Lyft, or DoorDash and InstaCart. Most importantly, it is a passion that generates some form of income, large or small.

How to start a side hustle?

The basics of starting some sort of side hustle requires an interest and a venue for generating income. To start, think about your favorite hobbies. For Stuart, he loves woodworking. A side hustle for him could be building custom furniture for those who are interested. For me, I love crafting with my friends. I started toying around with different custom items I could make with my die-cut machine, and calculating profit margins. I tried many different things and had a lot of fun crafting in the process. Ultimately, I settled on farmhouse-style home decor. Whatever it may be, it should be something you enjoy spending your free time doing. Do you love sewing? Making jewelry? Driving? Shopping? Pick one to focus on, and start there for a side hustle.

What is your income?

The final step in starting a side hustle is to calculate your “profit margins” – you want to ensure it will help make you money, not lose or cost you money. The basic calculation of a profit margin is Sales/Income – Expenses = Profit. For example, let’s say you decide to make and sell t-shirts. The t-shirts cost you $2 to purchase, plus $1.50 in materials. You decide to sell your shirts for $20 each. $20-$3.50=$16.50. Not including labor, your profit margin is $16.50 per shirt. This can be done with any side hustle, and it should be done regardless of what you decide to sell! This can ensure you are spending your time wisely, and not spending more money or time than you are making.

Have fun!

Most importantly, a side hustle should be something you enjoy doing. Many of you have probably heard the phrase, “find a job you love and you will never have to work a day in your life.” Although this may not be achievable for a regular 9-5/day job, it is certainly possible with a side hustle! It should always be something you enjoy doing, something that makes you happy. If you are spending your free time doing it, it’s important for you to enjoy what you’re doing!

What side hustles are you guys involved in? What are you thinking about starting? Let us know in the comments below!