If you read my last post on How to find your profitable side hustle idea you will have come up with several great possible side hustle ideas. Excellent! If you didn’t you might want to take a look to get the ball rolling.
So now you might be wondering … “which idea do I choose? ”
Or it’s maybe more like … “Which one will make me the most money?”
Unfortunately, there is no guarantee that a business idea will make money. So let’s just go over the first step of finding a profitable side hustle idea again.
You need to make sure that the potential business you are wanting to start is something that you GENUINELY love!
Never go into business just to make money.
Sounds a bit counterintuitive, right?
But if you don’t love what you’re doing and you are just in it to make money, it’s going to be exhausting and miserable. Starting a business is a LOT of work, so make sure that you love it first!
How do you know which idea to choose?
To figure out which idea would be best suited for a business for you to start, you need to run your side hustle ideas through a series of tests. For each side hustle idea, answer these 7 questions. If you answer NO to any of the questions, then cross that idea off your list because that means it failed the test.
Okay, let’s go!
- Are you willing to spend a lot of your time and energy on this side hustle idea for the next 2 years? It might not take 2 years to get your business off the ground, but then again, it might. It might even take MORE than 2 years. Do you love it enough to stick it out?
- Do you have the knowledge, ability and skills to create the product? If no, are you willing to train to get them? (This may need a decent amount of time and / or money, depending on what you need to learn still!) , will this be a good investment for you at this time?.
- Is there already a clearly defined market of people for your product who are willing to pay money for it? Knowing who your target market is makes it easier to find and make contact with them. Make sure that there is a clear want or need, or customer base first.
- Is this business idea something that aligns with your passions, skills and talents? Again, you will burn out very quickly if you don’t truly love the purpose of your business! Your idea should ideally incorporate your skills and talents.
- Is this business idea easy to startup? Do you already have the tools and materials? If no, are you willing to invest in the required tools to get the idea off the ground?
- Are you super excited about this business idea? Again if you aren’t that excited about it then don’t make it difficult on yourself.
- Will you love working with the target market that will buy your product? If you don’t like, or will get frustrated by, your target customer then this will show. Unless you can sell your product into another niche that you would enjoy working with, then it’s just not worth it.
Did any of your business ideas make it through all the tests? If so, congratulations!!! You are well on your way.
If you had more than one idea make it through, then just start by choosing only ONE idea to focus on.
If you are ready to move onto the next step make sure you download our Creative Online BusinessRoadmap to help steer you through each step that you need to take to get your business up and running.
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