She Strengthens

Unlocking Lucrative Side Hustles: 5 Essential Questions to Ask Yourself

As part of a community that values resourcefulness and scrappiness, I’ve had the privilege of reading and learning from numerous stories of side hustlers who have turned their passions into profitable ventures. However, I’ve noticed that many of these stories focus on the back-end of side hustling, such as the philosophies of self-discipline and time-management hacks. But what about the process of self-evaluation that helps you identify which of your skills can lead to lucrative side gigs?

Identifying Unmet Needs in Your Workplace

One crucial step in finding a profitable side hustle is to identify what tasks your supervisor or manager doesn’t want to do, doesn’t know how to do, or doesn’t have time to do. By recognizing these gaps, you can offer your skills to fill them and potentially get paid for it. For instance, Beau Vallis, a successful freelance audio engineer, realized that many musically gifted artists needed skilled engineers to mix their tracks and records. By delivering to this unmet need, he was able to work with internationally famous recording artists.

Capitalizing on Outsourced Work

Another important question to ask yourself is when your manager chooses to pay extra and hire outside the company to get help. By identifying these areas, you can explore opportunities to take on that workload and get paid for it. For example, I discovered that a public radio program was hiring a freelancer to edit audio on an hourly-paid basis. By asking questions and learning from the freelancer, I was able to gain valuable insights into how to get similar work opportunities.

Leveraging Your Existing Skills

Do you already possess the skill set or technical knowledge that your boss is paying freelancers for? Be upfront and open with your coworkers about your unusual or outside-the-box skills, especially if they relate to a well-compensated freelance industry. This could be anything from speaking a foreign language to having research skills or transcription experience. By highlighting your skills, you may be able to take on freelance work or negotiate a higher hourly rate.

Finding Free Training and Mentorship

If you need to develop new skills to get hourly-paid extra gigs, is there someone in the company who will teach you for free? Don’t be afraid to ask your trusted coworkers if you can “ride along” during their workday or participate in informal training sessions. By observing and learning from others, you can develop payable skills at zero cost.

Researching Market Rates

Finally, before you negotiate your hourly rate with a hirer, research how much other freelancers with similar skills are charging for their work. This will give you a sense of your worth and help you negotiate a fair rate. Don’t be afraid to ask friends, freelance coworkers, or online forums for insights into market rates. By doing your research, you’ll be better equipped to negotiate a rate that reflects your skills and expertise.