How to Find a Niche for Your Side Hustle
Author: Jason Dookeran
Urban Dictionary says your side hustle is that job you do on the side that brings in extra income. Most of us locals refer to it as a private job or a PJ. In the last article in this series, we covered the basics of what a side hustle is and how to make a side hustle into a successful business idea. But a side hustle has to start somewhere. But how do you go about determining a profitable niche for your side hustle? Figuring out a niche isn’t difficult, but it will take a LOT of brainstorming.
- Step 1: Set a Goal – Why are you doing this business? Setting a goal allows you to plan around what you want to accomplish. It could be something as simple as, “Well, I need more money to spend, and I don’t get paid enough.” Without a goal, your side hustle won’t go anywhere.
- Step 2: Skills and Interests – Make a list of your skills and your interests. It doesn’t have to be a long list, but the more skills and interests you have, the better. Even if a skill or an interest seems a little strange, include it in the list. You can’t tell when it’ll come in handy. The
- Step 3: Research – Delve into those skills and interests and see where they intersect to make for a business idea.
- Step 4: Profitability – A lot of us locals don’t like thinking about money, but coming down to brass tacks, you’re not doing this for “please” and “thanks.” This enterprise is a business, and you have to treat it like one. Check out this resource on Caribbean SMEs.
- Step 5: Get Started – Hesitation is one of the worst problems that new entrepreneurs run into. Putting your foot down and getting started is the best gift you can give yourself.
The decision to start a business is yours to make, and this helpful checklist will help you get the planning part of the problem sorted out. Without a proper plan, you’re simply spinning top in mud. But what if you don’t know what kind of passions and interests make for a good side hustle? We’ll offer a few suggestions in our next article.
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