The COVID-19 pandemic has been rocking the global economy for months now, and nobody knows for sure when it will end. But humans are very resilient creatures, which is why a lot of people are choosing to adapt to the “new normal” – social distancing and work-from-home initiatives.
Are you also interested in starting a side hustle that you can do while social distancing? We’ve got four important tips for anyone who’s planning to start their own side hustle from home!
The best way to start a business or a side hustle is to start with what you know. That’s because you already have the knowledge, and preferably the expertise, to pull it off. And this gives you an edge right from the beginning.
If your main talent is in writing, there’s no sense starting a side hustle for art commissions. If you’re a liberal arts graduate who has already forgotten the difference between precipitation and condensation, you probably shouldn’t be an online science teacher.
Basically, by starting with what you know rather than what you don’t, your transition from offline work to online work is not only more seamless, but also has higher chances of success.
You can’t launch a new side hustle without having a target market in mind. It’s not impossible, per se, but unless you’re fully confident that you’ve discovered something brand new and amazing, it’s more difficult to market in completely uncharted territory.
Instead, what you should do is to find a target market for your chosen niche and figure out what they want or need. For instance, due to social distancing regulations, people are less likely to go out during this time. That’s why delivery services are booming, and why apps like Zoom and Skype have also seen spikes in their daily active users.
Keep this in mind: the most successful businesses are the ones that have managed to answer people’s wants and needs.
Once you’ve got your target market down, review all your potential competitors for that market. Let’s say that you want to create a new app that will automatically find available items in stores. Maybe you want to do this because you want to help people find pharmacies that sell surgical face masks.
Before you create your app, take a look at the competition first. Are there any apps out there that can do the same thing? If there aren’t, then you’ve got yourself a winning idea. If there are, however, don’t give up just yet. Take a look at what makes them succeed as well as what they lack. This can help you refocus and improve your business idea.
What can make your product stand out? Are there any additional features that you can offer? Is your product more appealing? Is it more convenient? More useful? What do you think will make consumers choose your product over theirs? The answers to these questions can help you take your business to the next level.
As an aspiring entrepreneur, you should be open to all kinds of possibilities. Don’t write off an idea just because it doesn’t seem plausible enough at the start. Believe me, there are plenty of ideas out there that people have scrunch their noses at, only to find out later on how brilliant it actually was.
Here’s one example. What if I told you that you could have a business where people could destroy whatever items they like? It seems like such a ridiculous idea, doesn’t it? But that’s exactly the idea between businesses like The Smashing Place in Japan and Taksyapo in the Philippines. For a fee, guests are allowed to throw and smash whatever they want in the room, be it a plate, a mug, anything. Now, this idea may seem strange at first, but it turns out there was actually a market for it.
The whole world is battling a pandemic right now, and that’s probably why a lot of simple ideas out there have become great almost overnight. Did you know that the average usage of communication apps like Skype and Zoom rapidly has increased over the last few months due to all the lockdowns and restrictions? In fact, conference calls are now at their peak. Now, that’s a business idea you could capitalize on from the comforts of your own home.
So, you now have a business idea in mind. That’s great! You can now venture into the cutthroat world of business, where you have to stay on your toes the whole time lest you get lost in the sea of other business ideas out there.
Given that, you should always take baby steps first, especially if you’re exploring a new market. You always have time to grow later on, but you only have one chance to have a good start. Take it slow and easy. The best thing about starting a business or a side hustle from home is that you can take things at your own time. Use this to your advantage.
Remember, it’s never wise to go all in on anything, especially not when it comes to a new business venture!