If you ask Susie Moore, side hustles are the future.
“It’s really not safe to rely on a single paycheck,” she said in a Facebook Live interview with Business Insider. “The traditional job market is shrinking. Everybody knows that.”
In 2013, Moore left a sales job where she was earning $US500,000 a year at age 30 in order to start her own business as a life coach, after building up her company on the side to the point where she was earning up to $US4,000 a month. Now, she encourages others to pursue entrepreneurship through Side Hustle Academy.
If you’re ready to get started on your own hustle, said the author of “What If It Does Work Out?,” there are a few things to consider. Ask yourself the following three questions:
1. Do you love what you’re doing?
“It’s hard to run a business,” said Moore. “It’s tiring, [there’s] rejection — lots of things can happen that will test you, so you have to love what you’re doing because that will pull you through and you’ll persevere. Loving what you do is critical in the long term, to play the long game. “
2. Are you good at it?
Not every hobby or passion worth pursuing as a business, Moore advised. “You have to be really good at what it is that you’re providing, because you have to provide massive value to people in the form of a product or service.”
3. Is there a market for it?
“You have to love it, you have to be good at it, and thirdly, very importantly, there has to be a market for it,” she continued. “There have to be people already paying for this product or service somehow, somewhere, in the world already. That’s why it’s so great to research your competition. Competition is a good thing. It’s proof that there is a market for you and that there’s demand for what it is that you want to put out into the world. “
Watch the full Facebook Live interview:
More from Libby Kane:
- A woman who left her $US500,000-a-year job to work for herself says a side hustle can’t be successful without 3 factors
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