Did you know that 50% of millennials and 70% of Gen Zs currently have a side hustle? Many people of the younger generations consider a side hustle after being left with a lot of debt or simply because they want to save money for a house.
The COVID-19 pandemic contributed to these numbers, as it motivated lots of people to run a business on the side. Not to mention that more and more individuals are looking into ways to get some extra cash for an easier life, especially with inflation getting worse. And side hustles seem to be one of the best options.
But starting a side hustle might seem too challenging when you’re in urgent need of money and have a day job. You may have limited time on your hand, in which case it seems almost impossible to find a profitable side hustle fast.
Fortunately, you can have a second or even third income source even with limited time. We’re here to help, so this article will provide you with some guidance and practical tips for finding a profitable additional income source. Here is how you can choose the right side hustle if you are mindful of your time:
1. Determine the Amount of Time You Want to Invest
Before you even start your side hustle, it’s critical to think about the time you’re willing to sacrifice. Are you busy most of the day to the point where you struggle to enjoy a few free hours? Are you free during the evenings or at weekends?
Once you determine how much time you have on your hand, you can choose a side hustle that suits you.
2. Create a Proper Plan
A plan is mandatory if you want everything to go smoothly. It can help you focus on the most important aspects and find your target audience.
You can start this plan with an executive summary that will outline the types of problems your side hustle will take care of. What will your business do? Why could it be beneficial? Then, think about the type of customer you want to help and where you can find them.
It’s also essential to research your competition. This ensures you can stay ahead of the game and come up with ideas that help you stand out.
3. Set Realistic Goals
Another essential part of the process is setting realistic goals. What exactly are you trying to achieve with this side hustle project? A few of the most important questions to ask are:
- Again – how much time could you spend dealing with the business every week?
- How much money do you want to make every month?
- What specific non-monetary goals do you want to reach?
4. Find the Right Balance
It’s important to find a work-life balance for your own well-being. At the end of the day, having a job and a business on the side will cut into your time significantly. Spending as much time as possible dealing with your side hustle will help you make money, but it won’t necessarily make you happier.
Being unhappy can harm your productivity levels, which can be bad for business. Create a realistic schedule that gives you time to run your side business while being able to take a break and relax.
5. Prioritize High-Impact Tasks
If you want your side hustle to thrive, you need to focus on high-impact tasks. Luckily, there are management tools and apps that can help you track your tasks and prioritize the right ones.
You can focus on tasks based on their importance, urgency, and how they align with your goals. This way, it’ll be easier to reach your financial goals faster.
6. Hire Virtual Assistants or Freelancers
By freeing up some time for important responsibilities, you can prioritize the right tasks even with limited time. One way to do this is by outsourcing certain projects.
If you think a task can be handled by someone else, don’t hesitate to hire freelancers or virtual assistants. You don’t have to do everything by yourself. Outsourcing makes it easier to focus on more important activities that help you achieve financial growth.
7. Leverage Automation
Certain types of software can automate some of the processes to help you reduce your workload. This will enable you to focus on tasks that need your attention more to make your side business thrive faster.
Great Passive Income Examples That Don’t Steal a Lot of Time
If you’re looking for good passive income ideas that you can start with, we can give you a few suggestions. Here are some good options (that don’t require a lot of time) you should consider:
- Sell Stock Photos – If you’re a photographer, this type of project allows you to sell photos online and generate passive income from them. Many websites allow you to earn money quickly by selling high-quality content.
- Rent Out a Car – If you have a vehicle that you rarely use, you can rent it out for some passive income.
- Share Your Internet Bandwidth – There are some platforms that let you earn passive income in exchange for a chance to use your internet bandwidth. That’s mostly recommended if you have unlimited internet plans, though.
- Rent Out a Spare Room – When you have an extra room in your apartment, you can rent it out to people who need it to earn some extra money.
- Record Audiobooks – Join the world of audiobooks. You just need to learn how to narrate and how to edit. It’s an easy way to make some extra cash.
- Start Blogging – Anyone can open a blog nowadays. Blogs allow you to create sponsored posts, sell your products or products from other brands through affiliate links. You do have to invest some time in writing the content for the blog. Still, if it reaches Google’s top ranks, you’ll get regular visitors.
With a little bit of guidance, making a side hustle thrive with limited time can be a piece of cake. You can follow the tips in this article to reach your financial goals even if time is not on your side.