In just a few short years, the number of UK citizens who reported income from self-employment has gone from the thousands to the millions — 4.66 million to be exact!1 The internet has made side hustles accessible to many and given millions the opportunity to pad their central form of income. However, there may come a time when you need just a little more cushion to cover your costs. Whether it be the bills lingering from the holiday season or unexpected expenses, here are a few simple ways to do exactly that.
Boost Your Rates
If you’ve been charging the same amount of money for six months to a year, it’s time to increase your rates. Not only is this a good way to make more money from your side hustle, it’s only fair to you as a business owner. During that time, you’ve likely learned more, honed your skills and perhaps even worked with a big-time client that boosts your social credibility. Raising your rates makes sense from both an income and value standpoint.
While it can be scary to raise your rates — What if I can’t get more clients because they don’t want to pay that much? — know that anyone who’s not willing to pay what your service is worth isn’t a good client anyway. If they don’t see your value, you don’t want to work with them.
When you make the switch, remember that it’s best practice to keep all current clients, especially those who are under contract, at the same rate and raise fees for any incoming opportunities.
Use Targeted Networking
Networking is a great long-term strategy if you make more from your side hustle. Meeting people, both within your industry and outside of it, can help you get a foot in the door for bigger opportunities. For example, you may meet someone who can get you a free sponsored booth at a similar event, allowing you to reach an audience you wouldn’t otherwise have access to.
To be most effective with your networking, create a list of events throughout the year and include the following details:
- Date of event: This makes it easy to cross-reference with your current calendar at a glance.
- Registration cost: Do you need to save money to buy your ticket? When does the price go up?
- Potential opportunities: This is one of the most important details, allowing you to develop a targeted approach for every event you attend. “Focus on meeting with and building a diverse group of individuals and surround yourself with the people that can help you reach specific business goals,” says Ted Rollins, business thought leader and global entrepreneur.
Use this list to prioritise which events are most valuable, affordable, etc. and then make a plan for which ones you’ll attend. Don’t forget to look for virtual events as well, which can still be a great learning opportunity. For both in-person and online events, share that you’ll be attending on social media to see if you can make any new contacts who also plan to be there.
Improve Purchasing Flow
Working a full time job, while managing a side hustle is hard work, especially when you’re selling a product and need to ship and/or make products, market yourself, make sure your website is SEO-friendly easy to navigate and more. Anything other than priority items fall to the wayside, like improving the purchasing flow on your site, which is one simple way to make more money from your side hustle.
Assess your current purchasing flow and compare it against these three cardinal rules for selling products online:
- Don’t force visitors to register when they first visit your website.
- Don’t make the navigation on your website or blog complicated to use. Put the navigation at the top of the page.
- Don’t make the buying process long and don’t try to collect a lot of information from buyers. The more steps and information requested, the greater the friction and the more lost sales you will have as buyers abandon their purchase.
Modify as needed and track any progress made. Remember to make just one change at a time so you can see what’s working and what’s not.
Expand Selling Platforms
There are two ways to sell products online: your website or an ecommerce site like Etsy or Amazon. Instead of being on just one or the other, however, expand to increase your online footprint and the likelihood of being found by potential customers.
If you only have an online shop with Etsy, for example, it’s critical that you create a website as well. While you can rank in Google for your Etsy shop (check out their SEO guide), you have to compete with competition the second a potential customer lands on your website. Not to mention, it’s more likely that an Etsy category page will rank for terms like “handmade wood ornaments” rather than your personal page.
Having your own site will allow you to rank in Google for keywords specific to your business without the extra competition from other sellers. It also gives you an opportunity to expand your business, like building a blog to boost your authority and credibility in the space.
If you don’t know how to build a website, hire a freelancer from Upwork or a similar platform. When it’s done right the first time around, you can focus on what you do best: making and selling your products.
Make More Money
Take your side hustle to the next level with these simple ideas. With minimal budget, you can sell more products and drive more leads. Who knows, maybe one day, it will even be your full time job!
1Office for National Statistics. (February 2016). Statistical bulletin: UK Labour Market February 2016. Retrieved 3 January 2018, from https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/february2016
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.