IMMEDIATELY Select the Right Side Hustle For You (5 Tips)

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THINK

“The single most important distinction in life… is to distinguish between an opportunity to be ceased and a temptation to be resisted.”

– Rabbi Lord Jonathan Sacks

There are SO MANY ways to make money online. It’s never been easier to create a Side Hustle from scratch.

But which is the right one for you? 🤷🏻‍♂️

How do you know which one to pursue out of the myriad of choices?

If I offered you two doughnuts and asked you to pick one – Jam or Custard – you’d respond in one of three ways:

Jam please.
Custard, of course.
Why are you offering me doughnuts? You know I’m on a diet!

But if I offered you a doughnut from a selection of fifty, it would be much harder to decide.

WHY IS THAT?

The ‘paradox of choice’ refers to a counterintuitive idea that having too many options can lead to negative consequences like anxiety, decision fatigue, and dissatisfaction.

I see this all the time with Coaching clients when it comes to selecting a Side Hustle.

There are too many to pick from!

I can sense their exasperation at the overwhelming number of options.

But it doesn’t have to be that way…

In this week’s newsletter, I’ll share 5 Tips to cut through the noise and help you find the RIGHT Side Hustle.

1. Don’t Chase The Money

This is easier said than done, but when it comes to picking a Side Hustle, do so for more than just the money.

“But the only reason I’m interested in a Side Hustle is to make extra money! What other reasons would I have for doing it?!”

I get it, and that’s a great question…

Money is a big factor, but don’t let it be the only one.

There’s always someone out there who’ll enjoy doing that thing, which means they’ll try harder and keep going for longer. You won’t be able to compete with them.

Outside of money, there are 5 main reasons to consider a particular Side Hustle:

Learning: Gain new skills or improve existing ones. It might not lead to wealth in this Side Hustle, but it could serve you in another. I found that with Publishing books and using the skills I learned to build my own brand.
Passion: You love doing it. What other reason do you need?! It brings joy and fulfilment to your life. If you get here, you’re onto a winner. You get there by pursuing curiosities, which can transform into passions.
Networking: You might not enjoy or learn much from the work, but it might put you in the room with valuable connections. There’s a common phrase used in Property Investing circles, “Your Network is your Net Worth”. It’s not a direct correlation, but it’s roughly right.
Career Advancement: You might not give a toss about earning money with your Side Hustle if it provides valuable experience/knowledge that can be used in your primary career.
Personal Development: This is why I think everyone should start a Side Hustle. Pursuing something of interest and putting yourself out there can help to build confidence, skills, time management, resilience, creativity, etc.

If a Side Hustle strongly fulfils one of these options (excluding money), it could be enough to justify going for it.

If it ticks more than 3/5, you could be onto a winner. 🚀

2. Passion vs Talent

Should you select a Side Hustle that you’re passionate about or one that naturally sits within your knowledge and experience?

I believe this comes down to how badly you need the money to escape your job.

If you hate your job and want out yesterday, my advice is to seek an option that meets your talents, experience and knowledge.

What problems can you solve right now?

This often involves doing work similar to your day job, which is far less appetising (for some), but it’s the fastest way to start earning reasonable money independently within the next 1-6 months.

However, if you enjoy your job and you’re prepared to work at something for 1-3 years without earning a penny, you’re much better placed to pursue a passion.

Where are you on the continuum?

3. Independent Focus

“You can anything, but not everything.”

– David Allen

If there are five Side Hustle’s that tickle your fancy, you can attempt all of them… in time.

Just not together.

Rather than spreading yourself too thin and trying to start all five businesses simultaneously, commit to the ONE that you believe gives you the best likelihood of success and give it everything for at least six months.

If it doesn’t work out, you can start side hustle number two in month seven and give that six months.

Within 2.5 years, you would have had a chance to explore all five businesses, but having done them one at a time, you would have given them a better chance of success.

You’ll know what options are more enjoyable and aligned with your talents.

This forward planning allows your monkey brain to switch off and reduce FOMO whilst you focus on one option.

If you absolutely must try more than one Side Hustle, limit it to two and be realistic. Each subsequent option reduces the likelihood of success as your attention, focus and energy are divided.

4. The Highest Score

This method isn’t limited to picking a Side Hustle. You can use it to make decisions in any area of life.

I previously highlighted in ‘The EASIEST Side Hustle To Start’ Newsletter, the 5 factors to look for in a Side Hustle to increase your chances of success:

Little Start-Up Requirement
High Profit Margin
High Demand
Easy/Quick to Deliver
Reoccurring Revenue or Fun to Deliver

Try scoring your potential ideas for each factor out of 10 and add up the total score.

Start with the Side Hustle with the highest scoring and work down the list.

Feel free to adjust or add categories that are important to you.

5. Easy To Sell

It’s natural to start looking at Passive Income options, like online courses, because they’re highly scalable.

However, what many people overlook is the difficulty of selling them.

We don’t shy away from difficulty, but if there’s an easier path to success, why not take it?!

The ‘Monetisation Vehicle Framework’ highlights that the most passive option is also the most difficult to sell.

Try starting with the least scalable option, a ‘Done For You Service’ in which you do all the work for your customer.

If you can’t offer a DFY service in your industry, move on to ‘Done With You’, as it’s the second easiest option.

Listen to your customers’ problems, practice your methodology, gain confidence, get feedback, learn how to do things better, and get positive testimonials.

Once you start REPEATING YOURSELF or RUNNING OUT OF TIME to service your clients, consider ‘Done With many’ and ‘Do It Yourself’ delivery options to broaden your base.

If you already have an audience, I recommend starting with 3 and 4, but you can move on to 1 and 2 much sooner once you’ve listened to your audience and refined your process.

Summary

You’re not going to figure all of this out right away, and that’s OK.

As Rabbi Lord Jonathan Sacks so beautifully put it, work through the 5 Tips and see if you can “…distinguish between an opportunity to be ceased and a temptation to be resisted.”

Remember, less is more.

Even if you reduce it down to three ideas, you might be 18 months away from getting your answer.

Reflect and share this with someone.

ASK

“What other reasons, outside of money, are drawing you to a particular Side Hustle?”

“When scoring the Side Hustle ideas, which one comes out on top?”

Write down what comes to mind.

TRY

If you’re stuck on which Side Hustle to select, work through the 5 Tips and see if you can narrow your options down.

Don’t Chase The Money – Can you Learn, have fun, Network, advance your career or grow as a person doing it? Find at least 3/5 for the win!
Passion vs Talent – If you enjoy your job and you’re prepared to work for 1-3 years without earning a penny, you’re better placed to pursue a passion. If you need money in the next 6 months, stick to work you have experience and knowledge in.
Independent Focus – Commit to ONE Side Hustle, which gives you the best likelihood of success and give it everything for at least six months. You can work on Option 2 after that.
The Highest Score – Score your potential ideas out of 10 for each important factor I’ve suggested (or make your own), and go with the highest-scoring option.
Easy To Sell – Chase ease of sale over scaling. It seems counterintuitive, but it’s not. Once you understand your audience by working with them directly, you’re better placed to service them passively or in large groups.

If you’re still unsure which Side Hustle to pick, HIT REPLY and let me know what’s on your shortlist (and why), and I’ll let you know what I think for free.

I read and reply to every email, and remember, I’m rooting for you!

Remember: Little by little, a little becomes a lot.

Reply to this email and share how it went for you. Let me know if you’d prefer to remain anonymous.