The Coronavirus pandemic has swept across the entire planet disrupting our usual routines and way of living. The results have had wide effects on all aspects of life, however, perhaps the most significant and influential consequence has been the shutdown of many businesses and office spaces. Amidst this crisis, it has been recorded in the USA alone that currently, over 50% of ‘knowledge workers’ are working from home, an unprecedented shift that is also occurring in many other countries, Australia included.
It’s not all bad news though, in fact, there are some positive things to take away from being stuck at home isolation. A lot of us are faced with a lot of extra free time, a build-up of creative and productive energy that is craving a release, and importantly; plenty of opportunity and support. Working from home however can be difficult, keeping productive and maintaining your work-life balance is essential, and in doing so there has never been a better time to seize the opportunity to take perhaps the most significant, meaningful, and potentially lucrative step of your career and life; starting your side hustle.
Is it a good time to start my own side hustle?
This is a common question many people ask themselves while contemplating the decision to start their own side hustle, and in today’s uncertain context it holds even more relevance than before. This is, unfortunately, one of the biggest deterrents people face as many give up before they even start believing the time is not right.
The truth is; there is rarely an ideal time or a perfect moment to start your own business. There is always going to be risks and uncertainty when it comes to starting a business. Despite the economic downfall that is currently dominating the news and our social media, this crisis has disrupted the global economy in such a manner that the world and economic landscape that arises following will be forced to operate in a vastly different way.
Innovation for life following Coronavirus
This change brings an incredible amount of optimism for entrepreneurs and startups looking forward. Never before has there been a higher demand for effective innovations and solutions to the extensive problems that businesses, governments, and organisations are globally plagued with currently, and the certain changes in daily operations and practices in our globalized economy that will result from this pandemic will solidify this demand and immense potential for innovation long into the future.
Almost every industry is primed for innovation, and already there are many start-ups and businesses that have experienced significant growth in these hotspots of innovation. Sam Altman, the former president of top Silicon Valley start-up accelerator Y Combinator and current CEO of artificial intelligence research lab Open AI, alongside many other economists and business developers recognise the “incredible innovation coming”.
Now is not the time to be fearful of change, but embrace it, learn from it, and capture the opportunity with excitement and motivation.
Here at www.onlinecreatorinstitute.com, we are committed to equipping business owners with the skills and knowledge to explode onto the scene using YouTube.
So now we are answering the question – How to start a side hustle? Here’s what you need to consider.
What are the business trends of the future?
2020 brings on a new decade and with the increasing prevalence and sophistication of technology there are numerous influences that will be deeply influential to the business landscape in the following years. The most successful leaders are constantly looking to the future to plan for rising trends and innovations in order to best prepare and capitalise.
The rise of Artificial Intelligence (AI)
Artificial intelligence is booming and will only continue to become more prevalent in the coming years. AI is so useful because its applications are almost limitless and can be applied to a huge range of markets and services. AI provides the potential for businesses to streamline their operations and as a result, AI-driven solutions are quickly becoming the most sought after innovation.
Permanent technology integrations
Technology has completely reinvented how organisations and businesses operate. Following this pandemic where teams have been forced to work remotely will likely promote this trend into the future as both employers and employees recognise the benefits this presents. An increasing need for sophisticated technology that facilitates and supports remote work at all levels of business will be a big part of the next decade that is only now being recognised for its integral need in a global economy.
Prior to COVID-19, it was evident already there was a big shift of individuals moving into the gig economy. The gig economy is an industry of workers who are self-employed and promote their unique skills to take on short-term contracts to fulfil a specialised service. It provides a greater level of freedom for workers and there is a huge indication from younger generations that this will be a prominent trend for the future.
How to find a niche?
Finding a viable, interesting, and fulfilling niche that you want to pursue can be difficult and act as a significant block for many who are aiming to start their own business. Finding a balance between a niche that appeals to you and provides an opportunity for financial success is important to achieve as your work is a huge part of your life, and it’s critical to enjoy what you do.
Finding and testing a niche to start in can be made easier by following these following steps:
1. Identifying industries that you know
It is important to choose to operate inside an industry that you know and understand well. This understanding is critical to possess if you are going to successfully add value in an industry you select as your niche.
Without this knowledge, you can’t present yourself as an expert or master of your niche that builds trust and makes potential consumers feel comfortable in choosing your service/product
2. Listing your passions and interests
It’s equally essential to create a list of passions and interests that you can see yourself involving your work with without getting bored. If you are engaged with what you do you are more likely to succeed and convey the viability and value of your idea to investors, partners, and employees.
If you are struggling to generate a list with multiple options, it is worth identifying areas that possess certain qualities and aspects that appeal to you, rather than trying to find an all-in-one solution.
3. Evaluating the skills you possess and can learn
Next its important to outline and evaluate the skills you currently possess and the skills you can choose to learn to allow you to establish yourself as a master of a complex niche with infinite possibilities and opportunities. It’s far more valuable to provide a master in one expertise rather than a jack of all trades.
4. Identifying market requirements and problems to solve
You need to offer a solution to a problem or add value to the market. So it is key to take the next step and brainstorm for each idea all the problems or value offerings you can identify and focus on the ones where you can offer the most. Organising interviews with people from these target markets and online research is a great way to validate the demand for your ideas and begin to further understand the complexities of each issue.
5. Creating a business plan
Constructing a business plan is worth the time it takes. While it doesn’t guarantee success, planning is often the difference between success and failure in any aspect of life, it’s no different when it comes to business. Writing a business plan can hold many benefits for all kinds of start-up ventures. In making one, it’s most important to focus on creating a blueprint for a successful business that you can base your venture off.
6. Testing your idea
Now that you’ve done all this research and constructed a plan. The next step is to begin testing your niche in the market. Creating a landing page to begin promoting and generating interest in your business is necessary for evaluating your niche. This can give you valuable insight into if there is enough demand for your product or service, as well as provide you with feedback on areas that need to be improved in order to offer a value proposition to your target market that works effectively.
If your niche doesn’t have the success you expected or wanted, that is no reason to give up. Through this process, you will have gained extremely useful experience that will serve you well in either continuing to follow this niche or developing a new idea altogether.
Keys to marketing a business for growth
Marketing is your best friend when it comes to promoting your business and generating sales. Too many business owners tend to give it less focus and investment than it needs to be a powerful and instrumental tool in driving your business’ success. Every great business has a great marketing plan.
The marketing plan of every business is different, however, there are key components that are essential to be prioritised for developing businesses. Each of these components individually is important and integral; but when they are combined together under a shared strategy that is when a marketing plan can be deeply influential for your businesses’ performance.
A professional, stylish, and mobile-friendly website
Your website is likely to be a potential customer’s first contact with your business, making it a crucial interaction that you need to get right in order to leave a positive impression and draw in business. Your website is effectively your business’ first and perhaps most important marketing opportunity, so it’s critical to plan and invest in a functional, easy to use website that showcases your unique selling proposition and differing value. A great website should be attractive, highlight who you are and what you do, and provide social proof of success as well.
An active and relevant social media presence
Social media has become the place where people primarily go to interact. It provides a great opportunity for businesses to create a social media presence and interact with their customers and actively promote their business to others. Social media marketing opportunities are virtually endless and offer the ability to segment and reach all demographics effectively. An active social media presence also supports better customer service which can go a long way in generating positive word of mouth and goodwill for your business.
Engaging content creation
Creating content is a necessity to draw greater traffic to your website and business. This content can be very valuable by building both engagement and loyalty between the user and the business. Youtube is one of the most effective ways to create and distribute content to boost your customer traffic and sales, as video content is proven to be more engaging than written and static content.
For more information and to be properly prepared for starting your side hustle at home amidst this global pandemic; head to www.onlinecreatorinstitute.com to learn the mindset, marketing knowledge and how YouTube can take your business to the next level.