4 tips for launching a side hustle at any age
(NerdWallet) - When it comes to launching a side hustle after years of experience in the working world, Kathy Kristof, founder of the website SideHusl.com, says you have a choice: Either start your own business or join an existing side-hustle platform that matches people with opportunities.
The former can be riskier but gratifying, while the latter allows you to take advantage of the many existing websites that offer side hustlers options for short-term contract work, hourly gigs, focus group work and much more.
“Today, there are thousands of side gig companies and they span every type of work you can possibly imagine, so you can get a lucrative gig from anywhere in the world,” Kristof says. Her website reviews hundreds of side-hustle websites to help users find the best fit.
Workers with relevant experience can generally command higher rates. “If you are mid-career, you can generally do the high-end side hustles that pay you $50 to $100 an hour,” she says. That might include consulting work, tutoring or freelance gigs.
For the side hustlers that opt to launch their own businesses, Kristof cautions against sinking a lot of money into start-up costs, which can threaten your financial stability. She says side hustlers, especially those in their 30s, 40s, and 50s, need to protect their future retirement plans.
Here are more lessons from side hustlers who launched their businesses after a decade or more in the workforce.
Embrace your passion
Douglas Frazier, a magician (as well as a full-time employee in the world of business) in the New York City area, says it’s easy to focus so much on earning extra money that you forget why you connected with your side hustle in the first place.
For him, it was a love of magic that started in childhood. He checked out every book on magic he could find from his public library and created a 30-minute show for family members and then birthday parties. “Word of mouth grew,” he says, recalling the business cards he handed out at age 12. “I was young, talented and affordable.”
Today, he performs primarily for corporate events for Fortune 500 companies under the name “Douglas Frazier the Brand Magi.” He cautions against letting your pursuit of earning extra cash dampen your enjoyment of the experience.
“I need to focus on the markets and audiences that interest me or it won’t be emotionally sustainable,” he says.
Leverage your life experience
After starting her career in journalism, Gail Sullivan was ready for a change that would give her more flexibility after she had her first child in 2015. On the side, she also started helping friends develop home organization systems based on methods she used herself in her Los Angeles home.
“I loved creating different systems in my home that allowed my life to function more easily, and then friends started asking me to help with their organizing projects,” Sullivan says. Soon, she took up a side job as an assistant to a professional organizer.
Eventually, that side job turned into Sullivan’s own company, Calm Space LA, which she continues to run today.
Invest in marketing
Unless you’re relying primarily on an existing side-hustle platform, it’s up to you to get the word out to potential clients. “Make sure you focus on the business side of your side gig. You’ll be spending as much time on the marketing and selling of your services as you will be doing the service,” Frazier says.
Local broadcast stations, radio shows and events guides can all help you get the word out. While it’s not always easy to get the attention of producers, sending a message through the posted contact information can land you valuable press coverage.
Sullivan also suggests relying on word of mouth and social media. “There are a lot of mom groups on Facebook and a lot of clients come from referrals on there,” she says.
Emphasize what makes you unique
Sullivan says that she was initially drawn to design home organization systems that helped her because she has attention-deficit/hyperactivity disorder, and her systems help her manage it. “I needed my environment to be really organized,” she says.
For example, she creates a meal plan schedule with visual reminders to help her plan grocery shopping and other tasks on a daily, weekly and monthly basis. Visual checklists help her stay on task.
Today, many of her clients also have ADHD, which has become a way for her to stand out in the crowded field of home organization. “I can see on clients’ faces what a difference it makes,” she says.