How to Pick a Side Hustle That Pays Off

I was reading Forbes Careers Newsletter the other day and this stat caught my eye: 62% of workers either already have a side hustle going or are planning to launch one. That's a lot of people out there hustling on the side, but it makes sense at a time when we can all use some extra cash and the job market is a bit shaky (on a good day).

Of course, having a side hustle and running a profitable business are two very different things. One supplements your income while you keep your day job. The other builds something substantial enough to replace that job entirely if you want it to. Here are four ways to make sure your side hustle lands in that second column:

1. Write down things you're good at that other people already pay someone else to do. That's your starting point. Make a list of skills you already have that solve real problems. Can you design websites? Fix plumbing problems? Write marketing copy? If your neighbor pays someone $200 to pressure wash their driveway and you own a pressure washer, write that down.

2. Create your ideal buyer persona. If you're a bookkeeper, don't market to "small businesses." Market to "contractors who are drowning in receipts and missing tax deductions." If you do social media management, go after "real estate agents who hate posting on Instagram but know they need to." Write down exactly who you're serving and what problem you're solving for them.

3. Write a one-sentence description of your new company. "I help contractors track expenses and file quarterly taxes so they don't get hit with penalties." That's it. Test it on five people this week. If they look confused, put some more work into it.

4. Block two hours this week to map out your first 30 days.

• Week one: Set up a simple website and tell 10 people what you're offering.

• Week two: Post about your service in three places your customers hang out.

• Week three: Offer your service to two people at a discounted rate for testimonials.

• Week four: Use those testimonials to pitch five more customers.

You already know you need more than what your day job pays. The real question is what you do about it. If you want help building a 30-day launch plan, I wrote about converting New Year's goals into an actual business plan that you can put into gear this week.

And if you’re ready to turn your side hustle into a thriving business, Your First Business Blueprint walks you through every step and Blueprints Beat Cocktail Napkins helps you write a bulletproof business plan. Both are available on Amazon.