Side Hustles: 3 Ways to Thrive in Today’s Gig Economy
It’s no secret: side hustles are the newest norm in business today. From student debt and low retirement benefits to fear of job loss, many people of all ages are turning to entrepreneurial endeavors for peace of mind and extra cash.
Forbes estimates that 57 million people earn money through the gig economy. Online platforms like Airbnb, Uber and Etsy make business start-up simple. However, what’s not simple is launching a business that yields dependable long-term revenue. According to the Washington Post, 85% of side-gig workers bring in less than $500 each month.
According to business expert, author and international speaker, Marcos Jacober, making your side hustle thrive will be even more challenging in 2019. I recently spoke with Marcos who serves as CEO of Life Hacks Wealth and is also the founder of Airbtheboss.
He provided insight on three ways to make your side hustle thrive this year.
1 – Be Nimble and Current.
Because the gig marketplace is evolving and expanding, the shift is changing the rules of the game, Jacober said. In order to make money from a side hustle in 2019, it’s essential to have new strategies in place – part of the approach stems from asking the right questions before starting any new endeavor. He said, “The question you should ask yourself is not, ‘How can I get more gigs?’ rather, ‘How can this business run on cruise control?’”
2 – Leverage Your Resources.
In 2019, a successful side hustle will require you to leverage your abilities or resources, not your time, Jacober explained. “This strategy will allow you to have several side hustles going on simultaneously, and it should not require more money,” he said. Some gig platforms are better suited for this approach than others. For example, when it comes to ride sharing, platforms such as Uber and Lyft require you to spend time in the car, while other platforms, like Turo, allow you to leverage your resources and rent your car out to other drivers.
3 – Provide Good Customer Service.
According to Jacober, a successful side hustler must also provide exceptional service and enhance the customer experience in every way possible, including follow-up and real-time experience management.
Jacober’s final piece of advice: “It’s crucial to realize that a side hustle can undoubtedly generate a lot of money, but it’s not a ‘get rich quick’ situation. Instead, it takes plenty of careful planning and preparation, and it also helps to get advice from the experts.”
“It’s important to realize: for a successful side hustle, you need to actually hustle,” he said. “Being careful doesn’t mean being slow. Take action, work hard, set goals and check them off your to-do list.”
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