I am a firm believer in the gospel of multiple streams of income. For a lot of us, our primary stream of income is paid employment, but sometimes you are in employment that does not pay you enough, or does not give you fulfillment or is not fully utilizing your gifts and talents. What are your options? You can either quit and look for something else that fulfills you more, or start a side gig where you utilize your latent talents and make money from it.
Now that sounds easy, but how can you start a side gig?
- Identify your skills, talents and gifts: What are your naturally good at? What do you enjoy doing and find yourself doing with little effort? This might be an indication of something you are naturally talented at. Identify your gifts and talents and write it down. Writing helps you put your thoughts in perspective and also expands them.
- Research what you can do to monetize it: It has been said that ‘there is nothing new under the sun’ so make Google your best pal, because there is no information you can’t find via Google right now. Research on how you can make money doing what you have discovered and you would be open to a world of possibilities.
- Come up with a plan that is authentic to you: when you have found out what is possible through research, come up with a plan that is adaptable to you. Your plan should not be an exact copy of what you have seen. You can learn and draw inspiration from others, but your plan should be authentic to you.
- Find out how much it would cost you to start: Every idea or vision has a cost and you have to count the cost. Find out how much it would cost you to start which is usually referred to as start-up cost. Then how much working capital or running cost you need to have before you begin to see the income. Also decide how you plan to raise the money to start. Since this is your side kick, I believe you can invest some of the income from your job to fund it. My advice is to put some of your money first before seeking for a loan or other people’s money.
- Develop milestones and set targets: Now that you have decided the idea, develop milestones and set weekly, monthly, quarterly and yearly milestones. These are things you plan to achieve as you go along in turning your talent into money.
- Start small and learn from your mistakes: Once you have done all the preliminary preparations, it is time to start! Don’t hesitate and spend too much time preparing and not enough time doing. The truth is you never know what the outcome would be until you start. However, I always advice you to start small, so that you can make mistakes on a small scale and quickly learn from them.
- Start scaling: Now that you have learnt what works and doesn’t, it is time to scale up what works and discard what does not work. At this time you have been able to gather enough data, and understand you revenue generating opportunities. This is the time you have more confidence or information to ask for other people’s money to invest in scaling it up. You never know; it might work so well that your side gig would become your main gig.
I am cheering you all the way as you launch your successful side gig!
Writer: Tale Alimi is a Business growth consultant & coach with an expertise in helping businesses grow their revenues. She is also committed to inspiring cosmopolitan African women to achieve their highest potential through her platform; thefivestarwoman.com. Check out her ultimate guide to starting the business of your dreams here
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