Side hustles have become increasingly popular in the last decade. Studies show that around 40% of American adults have a side hustle. For many people, they provide a means of boosting earnings, but they can also offer opportunities to develop skills and indulge interests. If you’re exploring ideas, here are some tips to help you get started setting up a side hustle in your 50s or at any age.
Choose the right side hustle
Having a side hustle is all about adding to your income or boosting your retirement fund. There are multiple ways to do this, but some options may be more suitable than others. When choosing which avenue to pursue, consider your passions, talents, skills, and interests and figure out how you can monetize them. Perhaps you have a reputation for baking, or you’re the person everyone goes to if they need a pair of trousers altering or ideas for a garden revamp. Maybe you’re a brilliant singer but you’ve not had the time to perform before, or perhaps you’re a talented artist, photographer, or writer. You might be interested in selling items online or you might want to provide services linked to your job or your previous career if you have retired. Examples include consulting and freelance work or even getting paid to use social media.
Promote your new venture
Once you’ve decided what kind of side hustle you want to set up, promote your new venture. Create a website, print flyers, and design a logo. If you’re not experienced in this field, it’s a great idea to seek expert advice. You can hire pros from companies and agencies like Branding Design Pro or utilize your contact list. Provide useful information about the services or products you offer, add contact details and make sure there is a clear call to action. If you’ve got a website, you can upload photographs and images or examples of previous work. If you’ve printed flyers or brochures, include a brief description of what you’re offering, add your phone number, website URL, and email address and provide an incentive. Use social media to create a buzz and spread the word. Encourage people you know to share your website or social media handles and recommend your new business to others.
Some people set out with a goal to earn a bit of extra money and channel their creative or professional talents or interests, but others have grander plans for their side hustle. Whether you want to have a bit of fun and boost your bank balance, or you’re on a mission to make your new hustle a money-spinner or a full-time job, it’s wise to start small. Gauge the level of demand, budget diligently, and avoid committing too much time or money. You can increase spending and devote more time to the project if it starts to grow and you’re enjoying yourself.
Setting up a side hustle has become more common in recent years. For people in their 50s, 60s, or 70s, it’s a brilliant way to indulge interests and hobbies, make money, and showcase skills and talents. To achieve success, choose your side hustle wisely, start small and take steps to promote your venture and spread the word.