Having a side hustle is essential to combat the inflation gap.
Is it feasible to run a business while maintaining a full-time job? Absolutely. More than half (54%) of Americans say they’ve adopted a side hustle to supplement their primary source of income in the last 12 months, according to MarketWatch. Also, Gen Zers are most likely to take on a side gig (71%), but millennials are close behind (68%).
In today’s economy, having a side hustle isn’t just a luxury—it’s a necessity. With inflation rising, many professionals are turning to side hustles to bridge the gap between their earnings and the increasing cost of living. Balancing a full-time job with managing a side business requires precision, discipline and the ability to work smarter, not harder.
Utilize Technology To Streamline Tasks
Several AI programs can help entrepreneurs automate tasks, saving time and increasing efficiency:
- Zapier: This tool allows you to connect different apps and automate workflows without any coding. For example, you can create automation for email marketing, social media posts and customer relationship management.
- QuickBooks: An excellent tool for financial management, QuickBooks automates accounting tasks, including invoicing, expense tracking and financial reporting.
- Grammarly: This AI-powered writing assistant checks your work for grammar, spelling, and punctuation errors, making your communication clear and professional.
- HubSpot: A comprehensive CRM platform, HubSpot automates sales, marketing, and customer service tasks, allowing you to focus on growing your business.
- Trello: This project management tool allows you to organize tasks and projects with visual boards, lists and cards. Trello’s automation feature, Butler, can handle repetitive tasks, send out reminders, and more.
- IFTTT: “If This Then That” enables you to create automated actions between different apps and services. For example, you can set it up to save email attachments directly to your cloud storage or to post updates on multiple social media platforms simultaneously.
- Calendly: Simplify scheduling with Calendly, which automates meeting scheduling by syncing with your calendar to show your availability. It reduces back-and-forth emails and sets appointments automatically.
Track Your Finances
Use accounting software to manage your finances effectively. Here are some suggestions:
- Xero: This platform provides comprehensive accounting capabilities, including bank reconciliation, bill payments and payroll management. Its user-friendly interface and extensive integration options make it a favorite among business owners.
- Wave: Ideal for small business owners and freelancers on a budget, Wave offers free accounting software that includes tools for invoicing, expense tracking, and receipt scanning. It also provides paid features for payroll and payment processing.
- Zoho Books: Part of the Zoho suite of business applications, Zoho Books offers comprehensive accounting tools like invoicing, expense tracking, project management and inventory control. Its automation capabilities help streamline financial workflows.
AI apps make marketing easier than it has ever been.
How To Grow Your Side Hustle
Once your side hustle is stable, it’s time to focus on growth. Here are some strategies to help you expand your venture.
Invest In Marketing
Use digital marketing strategies like SEO, social media marketing, and email campaigns to reach a broader audience. Several marketing programs can help you promote your side hustle and reach a wider audience:
- Google Ads: A powerful tool for pay-per-click (PPC) advertising, Google Ads allows you to create targeted ads that appear in search engine results, driving traffic to your website.
- SEMrush: A comprehensive SEO tool, SEMrush helps you conduct keyword research, track your keywords’ positions, analyze your competitors, and optimize your content strategy to improve your search engine rankings.
- Canva: This app provides an easy-to-use design platform that helps you create visually appealing marketing materials like social media posts, brochures, and infographics, even if you don’t have design experience.
Diversify Your Offerings
Expand your product or service range to attract more customers. This could include introducing new products, offering premium services or creating informational content.
- PayPal: A widely used payment processing system that lets you send and receive payments quickly and securely. It’s invaluable for handling transactions and managing online sales.
- Google Analytics: This service helps you understand your website traffic and user behavior. Analyzing this data lets you make informed decisions to improve user experience and drive engagement.
Platforms like TaskRabbit help you outsource jobs.
Scale Operations
Consider outsourcing tasks or hiring part-time help to manage the increased workload. This will allow you to focus on strategic activities that drive growth. Here are some platforms that may be beneficial:
- Upwork: A freelance marketplace that connects businesses with skilled professionals across various fields. Whether you need graphic design, content writing or software development, you can find freelancers to match your requirements and budget.
- Fiverr: Services start at just five dollars. You can find freelancers ready to complete tasks quickly and affordably, from digital marketing to video editing. This platform is ideal for short-term projects or one-time tasks.
- TaskRabbit: For on-demand help with everyday tasks such as moving, cleaning or handyman work, TaskRabbit connects you with local, vetted individuals who can assist you. This service is beneficial for outsourcing physical tasks that may not require specialized skills.
- Guru: Another freelancer platform that allows you to hire professionals for technical, creative or business projects. It features a robust workroom that facilitates collaboration and payment processing, making project management straightforward.
- Freelancer: This site provides access to a global network of freelancers who offer services in numerous categories. You can post a project and receive competitive bids from various professionals, ensuring you find the best talent for your needs.
Growing a side hustle while working a 9-to-5 job is no small feat, but the right strategies and tools can lead to financial freedom and personal fulfillment.