Three questions to ask yourself before turning your hobby into a side business
Side hustles (making extra money on the side) are becoming increasingly popular.
But how do you know if your idea is brilliant or a bust?
Speaking to Claire Hooper from ABC podcast The Pineapple Project, Emma Isaacs, CEO and founder of Business Chicks says there has "never a better time to jump into having a side hustle".
The best part is, your side hustle doesn’t have to involve setting up a new business. It can be as simple as listing your home on Airbnb, becoming an Uber driver or signing up with Air Tasker.
However, for those who think their idea is a gold mine, Emma Isaacs and the Australian Government Business website offer up some questions to ask yourself before you begin.
Questions to ask yourself before starting a side hustle
Does your product fill a gap in the market?
Have a think about who will buy your product or service. Do your homework and ask your friends and family what they think.
Do you have what it takes?
How motivated are you? And most importantly, how much time and money are you willing to spend getting your project off the ground? Start small and see where the process takes you.
Have you crunched the numbers?
Sit down and do the math. How much will it cost for you to get your side hustle off the ground? Add in marketing costs, such as business cards. Next, work out how long it will take for you to make your money back.
For more information on how to take control of your finances listen to the ABC’s new podcast, The Pineapple Project.
