This article was originally published in the Winer 2023 issue of ICON/REFINED

For ambitious entrepreneurs, a side hustle is a strategic move. It’s an additional source of income, a way to explore your passions and test your entrepreneurial skills, and pave your path to financial freedom. But launching a side hustle is not just about making extra money; it’s also a journey of self-discovery, and personal and professional growth. Follow these nine steps to transform your passion and expertise into a successful venture.

Identify Your Skill Set

Your side hustle should be an extension of your interests and expertise. Start by identifying your passion or a skill you excel at. Choose something that excites you: maybe it’s photography, writing, crafting, or coaching. A side hustle can be a way to deploy strengths you may not use during your 9-5 job. 

Come up with a few different ways that your passion could take its form. For example, if you’re a nutrition enthusiast, consider offering personalized meal plans, leading information sessions, or creating social media content for individuals seeking to improve their health. Consider that your passion is the jumping off point, but how you’ll deliver services or products creates your side hustle.

Spread the Word

Before investing time and resources, validate your side hustle ideas. Sometimes, people keep it a secret only to find out it’s not lucrative after launching. Share what you are working on with potential customers or your support system. Look for gaps in the market that your side hustle can fill. Survey potential customers, gather feedback, and refine your concept accordingly. After this process, you may learn that some side hustle ideas are more challenging than others. 

For instance, if you plan to launch an online coaching service, reach out to your network to gauge interest and gather insights. Their input can help you shape your offering effectively. 

What Sets You Apart

A unique value proposition tells customers what’s superior about your business compared to others—in a competitive landscape, a strong value proposition sets you apart. Determining and strengthening yours begins with research. Get familiar with competitors in your field so you can differentiate your product or service. Your value proposition should resonate with your ideal customers and address their pain points. Scroll to the bottom of this article to find an exercise that’ll help you determine your unique value proposition.

Plan Every Nook and Cranny

A well-thought-out business plan is crucial for the success of your side hustle. If you’re not sure where to start, find a template online. A business plan will first help you outline your goals, target audience, revenue projections, and marketing strategies. Then, that information can be plugged in to define your pricing structure and budget for expenses. You also want to build in a buffer to save money for future growth or unexpected expenses. A clear plan will keep you on track and provide a roadmap for growth. It will change over time as you develop your business and learn from it.

Go to Market

Your potential customers won’t know about your side hustle if you don’t market it. The key is to focus on where your customers will most likely interact with your business. In today’s digital age, a solid online presence is necessary. Create a professional website or use e-commerce marketplaces to showcase your products or services. 

As far as social media is concerned, you don’t need to be on all of them, but be strategic about where you spend your time and money marketing your side hustle. For instance, if you’re an artist selling your artwork, consider setting up an online portfolio and sharing your creative process on social media to help you gain traction. 

Continual Learning

Continuous learning and skill development are vital for personal and business growth. Invest in courses and workshops that can enhance your knowledge related to your side hustle. This could mean expanding your understanding of the skill itself, or learning more about business practices to support it such as marketing, bookkeeping, or web design. Having a mentor or a consultant whom you can learn from will save you from possible mistakes along the way. The more you refine your expertise, the more value you can provide to your side hustle customers.

Connect to Collaborate

Networking can lead to new opportunities. Choose one or two organizations, groups, or events that relate to your side hustle, then attend them as regularly as possible. If you volunteer some of your time, you will create connections even faster. These connections can lead to collaborations, which broaden your audience and gain credibility.

If you’re a food blogger starting a catering service, collaborate with local food influencers or chefs to co-host events or create unique dining experiences. Their endorsement can significantly boost your side hustle’s visibility.

Time on Your Side

Balancing your side hustle with other commitments requires effective time management. Prioritize tasks, set achievable goals, and create a schedule accommodating your side hustle without overwhelming you. Remember to hold time in your calendar so your side hustle is supported. During busy seasons or unexpected boosts in business, you’re likely to feel pulled in many different directions. Anticipate and account for these times to avoid burnout—prioritizing your business is crucial for success, but it won’t happen without a plan (and a backup plan).

Measure and Adapt

Regularly assess the performance of your side hustle. What’s working and what’s not? Track key metrics such as revenue, customer feedback, and website analytics, then adapt your strategies accordingly. For instance, if you’re running an e-commerce store, analyze which products are top sellers and adjust your inventory. 

Talk to your customers and listen to their praise or criticisms—they may ignite your next big idea for your business.

Understand Your Unique Value Proposition

Grab your pen and paper and answer the following questions to create a compelling value proposition that’ll set your side hustle apart from the others. 

• What is my side hustle offering?
• What job does the customer hire my business to do?
• What companies and products compete with my side hustle to do this job for the customer?
• What sets my side hustle apart from competitors?