A side hustle, in simpler terms, is known to be a way of making some extra bucks outside of the regular job one’s earning from. The finest way of creating fortunes is through starting a side business of something you’re passionate about. 9 to 5 jobs won’t change your destiny but a good running startup can make you some real wealth, which may not just change your life, but the generations to come would also see their living standards improve.
There are some side hustles you can start today if you get out of that comfort zone just to make your life better. Some skills such as video editing can be learned from the web and freelanced on different platforms which may give one proper side hustle. There’s always something people direly need and you can fill that gap and provide solutions to their problems and earn. Over 67% of people have started a side hustle in the US in the past 3 years, aiming to break free from these chains of the misery of living their lives on debts, but ironically 9 out of 10 of those businesses fail to achieve big. This guide will show you how to start side hustles with low startup costs and make them a success.
In this article
Part 1: Identifying, manifesting, and interpreting
There are some good side businesses to start, but first, to fancy your chances of winning, you got to think and consider some key aspects before initiating. Below mentioned factors would help you in mastering your potential side hustle to start and would provide you with a roadmap.
1. Identifying your skillset and passion
Hustling for something you don’t personally like or don’t have any attachment or affiliation with is something that may not get you out of your cozy blanket on a winter morning. Choosing something you aspire to become or have a passion for is the way to go. Something you like doing, the process is what you would want to pursue to turn that passion of yours into a profession.
Whether it be making music, baking, or freelancing, anything you adore can become a reason for you to strive enthusiastically. Choosing something as a side hustle just because it's “high paying” won’t keep you motivated for much longer when you don’t see the results. Side hustle requires real hustle and there’s no shortcut to success, so keeping something you cherish or love doing is always an easy side business to start because motivation is not only derived through results but also from the process.
2. Reasons for stepping out of your comfort zone
Always keep in mind why are you starting a side business. You don’t want to spend your entire life being accountable to your manager or boss over small things. You got to step up in life and become your boss. You should never settle with something that’s bothering you or leading your life to become a misery. Be it your financial independence, repaying debts, or feeling insecure at your job, you got to keep those reasons in mind which will assist you in striving for glory.
3. Researching and analyzing the demand and market
After deciding on your niche, you got to research the trends of the market and how will you be creating your product’s demand. Are you solving a real problem or is it just a fictionally constructed issue? Producing something won’t earn you something, you also need to learn how to sell it and make room for it in the market.
You may decide to freelance your services to your potential clients online on platforms like Fiverr, Upwork, etc. A great way to kickstart your freelancing career can be, by providing video editing services. Content is produced every second and there’s a dire need for professional video editors to make ordinary videos amusing. It’s one of the most high-paying gigs to earn and many people find it one of the most interesting skills.
Part 2: Implementing and Strategizing
Once all the thought process is done and you have researched your side hustle thoroughly and you find out that your efforts would return lucrative, then you got to start your side business with differentiating factors that would make your goods or service or both a success.
1. Building a competitive edge
This is a crucial step. Starting a side business would become a lot more lucrative and returning if you nail this one right. Developing your products for the “smallest viable market” as stated by Seth Godin in his book, This is Marketing, is significant for your business to progress and flourish. Targeting the masses won’t guarantee you the revenues you aim for but catering to a smaller portion of such a larger market may get you some clients or customers.
In either case, you got to have a distinguished product from your competitors. You may edit a video for your client by freelancing on such platforms but many others there, your competitors, are doing the same. Adding a unique selling point (USP) to your gig such as unlimited revisions, in this case, may gain you potentially more clients than your competitors can pull. This would potentially help you a lot in the survival phase of your business.
2. Managing the required funds and cashflows to build products and brands
Businesses require some cash for daily expenditure. This is another factor you need to consider and think that how will you manage the liquidity of your firm. Apart from that, initial startup capital and finance would be required for the research and development (R&D). The owner needs to be efficient in taking care of the cash flow and should draft up a good business plan and a cashflow forecast before taking such a risk of investing money and devoting time and effort. The owner could use his or her savings, a short-term bank loan, or maybe use the existing resources present with one at the moment. Such side hustles with low startup costs, tend to be more lucrative and achieve breakeven earlier than businesses with heavy monetary investments, in the short run.
3. Goal setting and time management
The entrepreneur needs to have some objectives in his/her mind. This would eventually pave the way for the business to move in that certain direction. Surviving in the market should be the prior aim for one which later on can be changed towards profit maximization or growth, after the former is achieved, depending upon the stage of the business.
Managing time for your side hustle might be challenging but it isn’t impossible. You would be juggling with your job, some house chores, and eventually your side hustle. Some days would even arrive when you won’t have sufficient time to devote to your business. But the thing is, you have to be consistent! Even some focused minutes may take your business to new heights but for maintaining those levels, you would have to work persistently and minimize your luxury time for a great luxury time ahead!
4. Piece of advice
Since there’s a consistently growing demand for content and the masses consume content on different platforms, such as YouTube, etc. Learning to edit such digital content professionally can do wonders for you. Instead of you searching the web for trending skills to create a gig for freelancing on the web, here’s the top skill I’m suggesting to you to save your time! There is some amazing and easy-to-learn multiple software like Wondershare DemoCreator which would be helpful for your editing journey.
An essential demo-making tool that helps learners, educators, freelancers, and gamers to take idea-sharing to the next level.
Part 3: Era of digital content
Wondershare DemoCreator is a one-stop solution to all of your content generation hassles. It provides you with all that’s needed for a content creator. From flawless screen recording to video editing, it's all in one pack.
For freelancers providing editing services to clients, they can easily use Democreator’s video editor to edit simple videos and impress their clients.
1. How to Edit videos using WonderShare DemoCreator
Step 1Opening the Software
Open Wondershare Democreator Software on your PC and a basic interface of the application will open right in front of you.
Step 2Opening up the editor
After opening, click on “Video editor” and the editing interface would bring forth for you to create your magic. Here’s a screenshot of what the interface would look like and what it consists of:
Step 3Exploring the interface
The Video you want to edit can be imported onto the “media library” and can be dragged onto the timeline to edit where you can make several amendments to the video to make it stand out. The preview window will show you the visuals of the video being edited in the timeline. Properties window is supposed to be for making adjustments to the video such as resizing, etc.
2. Screen Recording and other features
Step 1Live Streaming or Gameplay recordings
As said above, it's a one-stop solution. It assists gaming YouTubers and professional gamers to record their gameplays smoothly and effectively with the highest quality available. The screenshot shows multiple options for recording for various uses:
Step 2Video production
Other than that, tutorial videos can be made for Youtube which would also provide you with a source of income if your channel is viewed by enough audience. Below attached screenshots demonstrate the interface where those videos can be produced or edited.
Step 3Meetings and Presentations
Business presentations can be tailored in DemoCreator along with effective online meetings as it supports several camera applications, for example, Snap camera etc. that enhance the webcam’s video quality and assist in effective communication with clients, etc. Snap camera can be downloaded from the web and can later be integrated
Step 4Recording of digital courses and online learning
Lastly, a mentor of an online course can use this tool to his advantage as it has real-time screen recording which makes the recording of digital courses extremely easy as it has modes for online meetings and going live on the internet.
Paving the way for an extra income source is a great idea in today’s competitive world. A small food cart of yours might make you the biggest fast food chain of tomorrow, or your online freelance editing services may make you the next filmmaker or producer, who knows? But you got to start today. Success ultimately isn’t in your hand but the process is! Just keep working hard and smart from your end and eventually, you’ll learn and earn! Remember, working hard as a video editor would most likely give you higher returns due to its massively growing demand. Wondershare Democreator would always come in handy if you chose to become a freelance editor, Youtuber, or content creator.