11
Be realistic
Although side gigs can be lucrative,
they're generally not a ticket to loads
of quick cash.
"The reality is that hard work pays
off, and that it takes time to build a
business," says Thomas Ross. When
choosing a sideline business, steer
clear of opportunities that boast about
soaring income potential, such as
making $250,000 in your first year.
It's not likely for most people, says
Thomas Ross.
Don't minimize your business
A side business isn't your main source
of income, so you can afford to have a
little fun with it. Still, don't treat it
like it's less than an endeavor worthy
of your time and talent.
"If you tell potential clients,
'It's just a side business' or 'I'm just
getting started,' you'll lose credibility
and customers," says Thomas Ross.
"If you're just a side business, people
may not want to pay you."
Instead, "fake it till you make it,"
she says. Focus on your customers
and how you can help them.
Don't undersell yourself
What to charge for your services is
up to you. A common mistake?
Not knowing what it truly costs to
provide a product or service.
With side gigs, there can be lots of
incidental expenses, such as the cost
of building your own website and
the time it takes to write blog
promotional posts and emails.
"If you want to be a life coach, for
example, and you decide to charge
$30 per hour, you should probably be
charging $120 per hour to factor in
the time and expense it takes to get
clients," says Thomas Ross. "People
will pay for professional services,
so be mindful of charging what you
are truly worth."
A side business
isn't your main source
of income, so you can
afford to have fun with
it. Still, don't treat it like
it's less than an endeavor
worthy of your time
and talent.