Your side hustle needs to hit these 3 key areas in order to succeed

Susie Moore is a career coach and the author of “What If It Does Work Out?“. In this video, she explains the three keys to having a successful side hustle. The following is a transcript of the video.

This is the biggest mistake people make. They over think, over think, over think, and they never get started. Right? Clarity comes through action.

Having a side hustle is the critical decision in terms of your future financial success. It’s really not safe to rely on a single paycheck. The job market, the traditional job market, is shrinking. Everybody knows that. Increasingly, now it’s reported 3 in 10 Americans make money somehow independently from their day job.

It’s really a necessity and when you think about the future, not just the now, you really want to be preparing. There are three key things you need to consider when you’re deciding on moving forward with your side hustle. There’s definitely a sweet spot where there’s an intersection where you’ll have a thriving hustle if you can hit these three criteria.

The first is you have to love what you are doing. It’s hard to run a business right? It’s tiring, there’s rejection, lots of things could happen that will test you. So you have to love what you’re doing because that will pull through and that means you will persevere.

And the second is you have to be good at it. Right? So you can love something, and you might want to keep it as a hobby, that’s cool, you might not want to touch your art if that’s your thing, or if you love planning parties, but you just don’t want that to be a business, it’s more of a fun thing, then that’s cool too. But you have to be really good at it, what it is you are providing because you have to find massive value to other people in the form of a product or service.

So you have to love it, you have to be good at it, and thirdly, and very importantly, there has to be a market for it. There has 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 there into the world.

So those are the three things: you love it, you’re good at it, and people will pay for it.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.