Having multiple sources of income is always a smart strategy to take care of financial crunch in case of any employment adversities. Company restructuring, downsizing, change in management structure & terminations happens every now & then. To make your ends meet, you always look for some source of passion income so that money keeps coming in. With lot of money making opportunities available on the internet, it is more important to understand how you can leverage such opportunities without impacting your current job & main source of income. It is important for you to ask these questions yourself before considering a side hustle.
- Are you solving a customer problem? : Entrepreneurship is starting with a dream that entrepreneurs eagerly want to convert into reality. The main objective is to understand customer pain point & offer a product /service that makes their life simpler & easier. If done correctly, it can help you rake a few bucks. However, it is important to do a detailed market research, speak to potential clients & conduct a survey to determine your target market & strategy before you shell out your savings.
- Can you maintain: Working in a job already eats up 70% of your time. Can you spare more time on work to convert that dream into reality? It is pretty awesome to make your passion your career, but are you willing to spend your midnight on your dream project after slogging entire day at your workplace? Planning & setting goals for your business helps you ensure success within specified timelines. Just scroll down your Instagram feeds for 10 to 15 minutes. You will find numerous ventures trying to market & sell their product/service. Visit again in a few days & you will discover 80% of them have disappeared. If you are passionate to monetize your dream, even lack of sleep will not stop you.
- Hope it is not in conflict of interest to your current job: You are selling something which customer actually wants & you are making the product/service available at their fingertips. However, is your job ok with this? Are you in a conflict of interest with your present employment? If this is the case, you hard work goes for a toss until you are willing to quit your current job to pursue your dream or be prepared to shatter your dreams. Keep yourself updated by reviewing your company handbook. Obtain necessary approvals, in writing, to avoid any conflict.
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- Crafting high-quality career documents (résumé and cover letter) to highlight your unique value offerings.
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