We’ve all noticed the price of just about everything soaring these days: known as the cost of living crisis, this issue has been affecting everyone from all wealth brackets and making it harder for us to save money for the things we enjoy.
Thanks to the rapidly rising prices of everything from everyday essentials to treats and days out, more and more people are turning to side hustles to earn extra cash.
When done right, side hustles can be an easy and fun way to get yourself some extra money to spend on the things you enjoy. They can take time to develop, however, and need to be done right so that you don’t accidentally spend more than you intended to and actually lose money.
There are many different side hustle options out there to choose from, ranging from gig economy jobs like delivery driving to building a small business that you run alongside your day job. For those with an entrepreneurial bent, this last option could be the perfect choice. If you love crafting and creating, then you could consider making a new product that you can sell to earn some disposable income.
Embarking on the journey of selling a product as a side hustle opens up a world of exciting possibilities. Not only does it offer the chance to tap into your creative flair and passions, but it also holds the potential to become a lucrative venture that supplements your income and brings a sense of fulfilment.
Growing global technology and connectivity have meant that we’re able to reach global audiences with ease, so the idea of crafting, marketing, and shipping a product can be a dynamic and engaging pursuit if done right. You could potentially see your wares being used around the world by people of all cultures!
Whether you’re an artisan, a hobbyist, or an aspiring entrepreneur, the realm of side-hustle product selling promises not only financial rewards but also a fulfilling outlet for your skills and ideas. Whatever your product offering, you can find an audience for it and potentially make some extra cash, which in this economy is always useful!
For aspiring product makers who don’t know how to launch a side hustle that will make money, we’re here to help. This guide will explore the key steps you need to take to get off to the right start.
Create the perfect product
Begin by identifying a product idea that you are passionate about and that has potential market demand. The right product can be a bestseller, while the wrong one could be a disaster. So, you need to conduct thorough market research to understand your target audience, their preferences, and competitors in the industry. Once you have this information, you’ll be in a great position to create a product that will be unique and appealing to your target consumers.
Explore the e-commerce platforms available
Selling your products online is the easiest way to reach a wide range of customers, but you need to make sure you’re advertising in the right place. Using popular platforms such as Amazon can be a great place to start, as it is already incredibly popular and offers a range of tools to support small merchants like yourself. If you want help and advice on how to make the most Amazon’s seller platform and advertising services, then collaborate with an experienced UK Amazon agency like Ecommerce Intelligence. They can help you to ensure that you get the best from the platform, so that you can grow your business quickly and effectively.
Build quality control into your manufacturing process
However you create your product: whether yourself by hand, with a machine or separately in a factory, you need to make sure that you focus on quality. If you ensure the quality of your products is consistent and meets customer expectations, then you’ll improve your chances of ongoing success. After all, a solid reputation for high-quality products will help you gain customer loyalty and positive word-of-mouth references, so it’s an essential part of your process.
Find the right materials
The materials you choose will have a significant effect on the quality of your product, so you need to focus on finding the right suppliers for everything you need. That means you need to research and establish relationships with reliable suppliers for the raw materials required to make your products. Consider the cost, quality, and lead times when choosing suppliers, so that you can find ones who will help you to grow your business and create the perfect products for your clients.
Use your packaging and branding to make a statement
Packaging is no longer just for making sure your products stay safe in transit. It’s now a unique platform to help you to extend your reach and get your name out there. As such, you need to invest in attractive and functional packaging that protects your products during shipping and showcases your brand. Strong branding can help differentiate your products from those of your competitors and improve your customer experience, so it’s worth taking the time to explore all your options.
Learn how to manage your finances
Even the most financially savvy amongst us might not realise that there are extra expenses and issues to contend with when running a business on the side. As such, you need to learn how to manage your finances. To begin with, you need to keep track of your side hustle’s finances, including income, expenses, and profits. When it comes to paying taxes on your side hustle, you need to remember that any income over £1000 must be declared, and you may find yourself owing taxes at the end of the financial year. Make sure you take this into account when pricing your products, to ensure that you don’t lose out.
As easy as other people might make it sound, starting a side hustle requires dedication and perseverance. Be prepared to learn from challenges and continuously adapt your approach to improve your business. With the right mindset and planning, your side hustle can grow into a successful venture, so make the most of these tips to help you get your new business off the ground today.