Side hustle ideas have to be the one thing we millennials talk about the most after our coffees! So why not talk about it on this blog too?
If you search the internet for side hustle ideas, you’ll get a 1,001 and probably more. And yet, the one thing that no one talks about is that they are suggesting you low value, dollars for time exchanges. They are not telling you that while gardening and lawn mowing are perfectly acceptable side hustle ideas, they are probably not the smartest ideas for 2022.
Also, if you don't know, The Abundance Psyche, and the Not-so-Corporate podcast, are a part of my side hustle. And, I typically don't like the idea of calling it a side hustle, because I am not in favour of hustling. And that is the one exact reason for this post. I like calling it a scalable side business.
But quite a lot of people will still call it a side hustle. You could call it a side gig. I prefer calling it a side gig because I find the idea of hustle rather disenchanting.
Anyway, because we millennials seem to have a finger in every pie, we want multiple income sources, we want to follow our passion and make something out of nothing. And if that's you and you are trying to find a niche that suits you, check out the Nail your Niche Masterclass.
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Why do you want to start a side hustle?
One of the things that I always tend to ask anyone who comes to me for advice is “Why is it that you want to start it?”
And there could be a number of reasons why you might want to start a side hustle.
One of the primary reasons could be that you want some quick money.
And if that's the case, like I said before, there are ideas out there that you can go and really take off the internet and literally put it in practice tomorrow. I'm probably not the person you want to be talking to if you are in a need of urgent cash injection. I believe in intentional planning and strategising- I mean, I am a strategist and an Economist, what else do you expect?
For me personally, I always start with the why- why is it that I want to be creating this side business? The reason being, if I'm not sold on my why I will not have enough motivation to be actually working on it during the lows of the business. And there will be lows in your business, if you want to run one!
Every entrepreneur, every CEO is known by their scars, not by their medals!
For me personally, starting the side gig was basically following my passion for personal development, and I wanted to help others with it. Also, I wanted multiple streams of income, and I wasn't in a hurry to inject cash. Because I have a corporate job that I actually like, I never feel like I want to be replacing it. My side hustle and my corporate job fulfills two very different parts of me. I don't want to be giving up my corporate job for my side gig.
Businesses that scale efficiently are the best side hustle ideas for 2022
I am obsessed about efficient scaling.
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I am obsessed with efficient business models because I love tech and automation and business. But more than that, it’s because I am a trained Economist.
Back in the day, when I was in university, I came across this concept of “economies of scale”. It completely changed the way I think about businesses.
It's a concept that I apply on an absolute regular basis in my corporate job. I am always the person who will think about scaling even before launching.
Why are we doing this? Can it scale?
And when the answer is no, I get demotivated really, really fast. And I have quit jobs and said no to employers because I didn’t believe that their products could scale beyond a point! Because that's how my brain operates. That's the reason I love tech!
I want things to scale efficiently. And not just by putting in more time and more money and more resources. So when I started The Abundance Psyche, I was very adamant about 3 things: