With the increased ability to stay at home, it makes perfect sense that you utilize this time to do something you’ve always wanted to do — start a side business! While side hustles may seem overwhelming, they’re not. In truth, all you need to do is follow some simple guidelines from side hustle experts — that’s where we come in.
One of the most important aspects of starting a new business is picking an area to focus your business on…AKA a niche. Keep reading to uncover the three principal hows and whys of finding a niche that you need to know.
1. Pick One Niche
Picking one niche may seem obvious to you. But if you’re an overachiever, you may get to a point where you think “Well, I can offer more of my services to my customers…I have the time and I know how to do it.” We are here to tell you NOT to do that.
The more you expand your service offerings, the more spread out you will be. While this may work when you have just one customer taking up five hours a week, the moment you start to grow, this will become a huge issue for you and your time. Instead, focus on adding value to your customers through your ONE main service. Not only will you become an expert in that niche, but you will also be able to easily scale your business in the future.
2. Know & Love Your Niche
Can you imagine starting a marketing business with no marketing experience? Exactly.
When choosing a side gig or niche, don’t look to something completely foreign and new. If you really want to be successful, you’re going to spend a lot of hours focused on your new side hustle. Instead, pick an area that you’re familiar with and that you already enjoy. That way, not only will you be more motivated to spend time building your new business, you will love the process. Take ample time to really consider the industry and your skills. That way, if you’re ever feeling unsure about the niche you’ve chosen, you can go back to those core foundational points that made you originally choose your niche.
Even more, finding a niche in an area you’re familiar with will allow you to be an asset for your customers — which is the whole point, right? Knowing your niche will make your business more lucrative, faster, and loving your niche will make your business better and you happier.
RELATED READING: Ramping Up Your Side Hustle? Presentation is Key.
3. Don’t Flip Niches
We won’t lie to you: Starting a side hustle is challenging and requires a lot of work. It’s easy to feel like your hard work isn’t being rewarded. Success doesn’t happen overnight, and it will take time to build and monetize your business. But don’t let that discourage you in your niche.
If you were careful in choosing your niche, you’ll know that you chose the right industry amidst challenges in building your business. Even if you aren’t monetizing as fast as you’d like to, stick to the niche you’ve chosen. Flip-flopping between side gigs — what we call “shiny object syndrome” — will lead to failure in building a side business. It’s simple when you think about it — if every challenge leads you to change your niche, how will you ever be able to build and scale a successful business?
Instead, commit to your niche and dedicate enough effort to build your business. You’ll either need to be equal parts talented at building your business and delivering your product or hire someone who can do it for you. Remember, you’re both building a business on the backend and delivering your product or service to your customer.
There is a lot that goes into starting a side hustle and it can feel confusing at times. Luckily, we’re here to help you with our handy side hustle guide. Whether it be making SMART goals or managing your time and energy, we have the tips and tools you need to get your side business going.