One income stream isn’t enough for many people to make a comfortable living these days. Luckily, there are a myriad of ways for a working professional to make money on the side—so many, in fact, that it can be difficult to settle on just one.
If you need to start a second stream of income but are having trouble determining how you want to do it, answering a few crucial questions can help set you on the right track. Here, 10 members of Young Entrepreneur Council share some of the most important questions you can ask yourself to figure out the best side hustle for you.
Young Entrepreneur Council members discuss finding the best side hustle for you.
Photos courtesy of the individual members.
1. Can it become my full-time hustle?
Ask yourself, “Can my side hustle become my full-time hustle?” Some of the world’s most successful companies started as side hustles. Salesforce’s founder built the tool while holding down a full-time gig with Oracle—a job he only left when his company started becoming an Oracle competitor. If the goal of spending your spare time working is to become more independent, ensure there’s sufficient growth potential. – Mark Stallings, Casely, Inc.
2. Why do I want to do this?
To see a side hustle through, you need a big “why.” Otherwise, you’ll run out of steam midway, effectively wasting all that time and money. Ask yourself “why” you want to do this. Then, given your answer, ask again, “Why (is that important)?” Continue this process until you either no longer want to do it, or you’re so fired up about it that you can’t help but start working on it immediately. – Jonathan Sparks, Sparks Law
3. What can I see myself doing long term?
First of all, ask yourself what you can see yourself doing long term. Remember, you need to work at a side hustle at least a little bit every single day. If you can’t stand social media culture, for example, consider a different facet of online earning. Don’t assume you can bring your own discipline into any pursuit. It’s far more sustainable and easier on your sanity to pick one you truly enjoy. – Tyler Bray, TK Trailer Parts
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4. When do I want/need to start making money?
When choosing a side hustle, it’s important to determine when you want to start making money. This will factor into how much time you have to build on your talent. Certain skills take longer to master than others, so planning ahead is a good idea. – Stephanie Wells, Formidable Forms
5. How much time must I devote to it?
Side hustles take time. There is no such thing as truly passive income. The most important question to ask yourself is how much time you must devote to making your side hustle successful. Once you know your time constraints, you can choose a side hustle that’s right for you and aligns with your career path or meets your personal or professional goals. – Jared Weitz, United Capital Source Inc.
6. How will this impact the flow of my days?
With so many ways to start a side hustle today, the hardest part can be finding a good match for your preferred lifestyle. After starting multiple businesses, I’ve found the most important factor for success is how well the daily work meshes with the natural flow of my days. So, I think it’s wise to ask, “Will this side hustle contribute to the flow of my days or clash with it?” – Richard Fong, PageKits.com
7. Does this make the world a better place?
Ask yourself, “Does my side hustle make the world a better place?” If so, the likelihood of your side hustle being successful is stronger. Customers can sense that sincerity—the sincerity that you really want to help people—and will be more likely to be on board with your side hustle and find value in your products or services. – Blair Thomas, eMerchantBroker
8. What looks like work but feels like play to me?
A key question to ask is, “What looks like work to others but feels like play to me?” This is the question that you should ask when starting a side hustle. Ponder on what you are passionate about, what makes you happy and how you can serve a community or a niche by doing it. – Alfredo Atanacio, Uassist.ME
9. What can I offer that nobody else can?
Ask yourself, “What can I offer that can’t be offered by anybody else?” This is the first question you need to ask yourself. It helps you distinguish yourself from others, figure out if you need to upskill yourself and whether you’re looking in the right direction. You want to step outside of the box and offer something unique. So, use this question to define what you should do. – Blair Williams, MemberPress
10. Am I able to find joy in the hustle?
Ask yourself if you are able to find joy in the hustle, even in aspects of it that are administrative. If the side hustle does not bring you joy, you should consider something else. Getting a side hustle should supplement your happiness and fulfillment if your job does not. Realistically, the question you should ask is, “Can I make my day more fulfilling in either my work or my free time?” – Matthew Capala, Alphametic
