Side Hustle Pschyology - Killa #027

Killa provides Insight on Questions to think about for Choosing and Starting a Side hustle.

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Killa IG: @officialakilla 
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Transcript

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Welcome back to another edition of the Millennial Gemz podcast. It is your host K I double L a AKA the God millennial. And today I wanted to talk to y'all about side hustles. The last time me and Sitchy, we did talk about, different side hustles to get into. But we didn't really get into any basics about side hustles or how you get started in a side hustle. So that's what I'm going to do with this episode here. But before we get into that, make sure y'all like and subscribe. And follow wherever it is, whether it's on Instagram or whatever podcast platform you're listening to, and leave a five star review, because it definitely helps push the podcast up the charts and so that way more people can, tap into it. So what is a side hustle? By my definition, I consider it a paid activity slash gig that's done outside of your regular day job. So we all give up eight hours of our day. Typically eight hours of our day to a job. And that's what you consider giving your time to someone else versus a side hustle. You're getting paid based off your efforts. Day jobs, you're getting paid based off your time side hustles. You're getting paid based off your effort. I don't know about y'all, I enjoy being paid for my efforts. I don't have to worry about clocking in following rules of Anybody or helping contribute to building someone else's dream. I'm not anti nine to five. I just prefer I rather make money based off my efforts than giving up my time now I know I still do have a 9 to 5, but, I'm working at the same time on a side hustle. I'm working on my own brand, my own business, so that way I can, Out of the nine to five life and, officially become a business owner, a full time business owner, and a full time entrepreneur. So that's the basic definition of a side hustle, a paid activity gig done outside of a regular day job. Some questions you should ask yourself before you even get started in a side hustle. The very first question I would ask is why. I think. Asking yourself why will help you find clarity in your reason for doing things. My why is always gonna be time freedom. Financial freedom, is cool. And that can also be your why as well. But, I'm not even really Caring to be like financially free. I just want to be able to make enough money to where, my bills are paid comfortably. I can go travel comfortably. Like I don't have to think about money because I know what's coming and I know what's going to be there. So time freedom. I just mainly want to have the time to spend with my family, my friends my lady my children. When I have children, I just want that time freedom and just to do the things that I want. So I would say that's the first question you ask. Why are you doing it? What are you doing it for? The next thing I would ask is what are your interests and your skill sets? What can you do? What is it? What is it that you like? So that's something I would consider when picking a side hustle because I mean you can go a route of just trying to learn Something new if you're you know, That type of person. However, it might just be a little easier if you consider, some things that, a skillset that you may already have, or some knowledge that you may have gained over the years that you're knowledgeable about, and maybe it's time that you can, start to dig a little deeper and find a way to monetize off your knowledge and skillsets. And then once you identify that, then you can get into asking, is it profitable? Is it scalable? Is there a demand for it? Because you don't want to sell a product or, provide a service that a lot of people are doing. And, it's something you can't grow because you haven't established a way to make, you haven't established, what makes you different from the rest of those brands. You want to make sure that, it's a profitable industry. It's an industry that you can scale from, maybe like a hundred K to seven figures, eight figures, nine figures, is it scalable? And then, obviously is there a demand? You want to make sure is there something missing that you can provide? If there's something missing that you don't see, and you can step in and provide that. You might have a goldmine of a product or service. The next question I would ask is, How many hours a week can you commit to this? Like I said earlier, Most of us are giving up 8 hours of our day to a job. So the other 16, 8 of those other hours, you spent sleeping, Or at least you should be spent sleeping, And then that leaves you with another 8. I think, realistically, you should be able to give yourself at least two to three hours to work on your business, the more time you can give yourself to working on your business, the faster you'll probably be able to start to grow it and, see results the more time you can put in, but even, if you can only commit maybe like an hour and a half, that's still something, but you want to ask yourself, like how many hours can you commit to this hustle? I think if you can commit to at least, two, three, maybe even four hours to it. You'll definitely start to see some traction. And then one or like the other, like last questions I would say is what do you need to get started and like, how much do you need to invest? Depending on your industry or, in the service or products, some, you may need some things up front. You may need to put some money up some industries, products or services, you might have to put down any capital. Some you may have to put in maybe a little bit of capital and then there's others that you have to put up a lot of capital upfront. That's just something else to consider when you're choosing your side hustle is. So after you've asked yourself those questions, I would get into once you've identified what your side hustle will be. The next thing you should start to do is research that market. You need to look into what's out there and see what are people doing? What's missing? How can you make yourself different from these other brands? If you want to become, if you want to be like the next, big lifestyle brand like a Nike or Adidas or Under Armour, you want to make sure that you find something that they're not doing that you can do, that they don't have. That's how you create a demand for yourself. Find what's not being done, what's missing, and tackle that lane. Set realistic goals. Goals, what does that mean? You're gonna have to take things really Slow and you have to give yourself some room to mess up I get that we all want to Make, obviously like a million dollars, but You're not gonna make a million dollars in a month. It's just not gonna happen when you're first starting out you just want to set, realistic goals like okay, maybe you want to sell 10 products a week. All right, cool that's a realistic goal or 10 products a month. That's a realistic goal. You can definitely sell 10 products a month depending on what it is, or maybe you want to have, maybe you have a personal training business and you want to, gain maybe two, three clients during the week. That's a realistic goal, so you just want to take baby steps with your goals. As you start to scale, then you know, you can, you obviously, you still want to think long term. But you also want to have short term goals that you can, check off You know every week or every month or so, but you always want to definitely be thinking long term as well Which kind of brings us into the next one, which is gonna be like your pricing strategy in your financial projections Like I said, when you want to have like short term goals about what you want to make, a week or make a month, your financial projections, obviously you're thinking long term. So now what do you want to make, in the course of one year, is it six figures? Is it seven figures? Is it eight figures? You want to make sure you just understand your numbers and then, obviously your pricing strategy, like, all right, how many, how much of this product do I need to sell in order to hit? What my monthly goal is how much of that do I need to sell a week? How many of these exact items do I need to sell to hit that understand your numbers know your numbers. It's so honestly when I first got started. I didn't know My numbers when I launched my first e shopify store with my first brand, I didn't know My numbers I was just Guessing I just threw a number out there that I wanted to make and I really didn't know what my numbers were so definitely, you know break down and know your numbers and then I would say one to like the last things or Yeah, I guess you can say last things but there's probably other things you can think of two other questions But I say these are like the main ones to ask or identify It's promotion You need a way to promote your product or service. So for instance, I have a free ebook that you guys can actually check out. I'll leave the link to it down in the description, but it's called how to elevate personally and professionally for millennials. Free ebook, 20 tips on how to improve your lifestyle from a personal manner and a professional aspect. And it's free. So make sure y'all click on that link in the bio to get that. But again. How am I doing that promotion? I'm doing it through my podcast. That's a good way to promotion. Most people will go on to social media and you'll, you'll do promote it on social media, promote it on YouTube, Facebook, and Facebook ads may even go to old school route with putting it on a flyer, or, there's many ways you can, promote and market your product. It's just, finding what's the best marketing tool for you. I'm choosing a podcast to promote it. So those are just questions to ask yourself before, getting into a side hustle. So why you want to start a side hustle, identifying what your interests are, understanding, is it scalable, profitable, and is there a demand for it, how many hours can you commit, what do you need to get started? How much do you need to invest? And then once you've identified what your side hustle is, research it, set realistic goals, know your numbers, and understand what you're going to do for promotion, how you're going to promote it. All right, guys, it's been another episode of the Millennial Gems podcast. Make sure y'all hit that follow button on whatever podcast platform you are listening to, and Make sure you leave a review. Like I said, it definitely helps the podcast get seen a little bit more and it moves it up the category. So make sure y'all definitely tap in with me. Peace.