Got a hobby or passion that you think you might be able to monetize? Well-versed in a specific skill or practice and think you might be able to train others? Despite the ongoing pandemic closing many businesses and commercial spaces worldwide, there are still opportunities to run and manage your own business remotely.
If you want to start working on building up your funds on the side in 2021 or pursuing a passion project that you’ve been thinking about for a while, take a look at this shortlist of quick tips that might help you out.
Decide on your business
Deciding what you’re going to be pursuing as a side hustle or project is, of course, what should come first. Most people will be looking at a hobby or pastime that they enjoy doing without payment anyway – such as crafts, writing, graphic design, etc. – and thinking of a way that they can monetize it to bring in some extra money at the end of each month.
For some, freelancing and getting bits of money here and there is an excellent supplement to a traditional 9-to-5, but some are successful enough at it to pursue their self-driven passion full time.
Tip – When thinking about monetizing your idea, you should embrace the specifics and niche things that you’re interested in and that you’re better at than anybody else. For instance, if you’re looking to start offering graphic design packages to people, you want to think of a specific service or bundle that you can provide that your competition won’t; otherwise, you risk sinking to the bottom of the pile in an already saturated market.
Market yourself correctly
The beauty of the online space is that you can reach millions of people worldwide and become a successful businessperson from a laptop in your bedroom.
That being said, there are specific steps that you’ll want to take to ensure that the right people are viewing your products and services and that you’re not just shouting into the void. Here are some quickfire ideas that you’ll want to act on to give your online business venture the best chances of success out of the gate in 2021:
- Set up social media profiles for your services, and market directly to the demographic you want to entice. If you’re trying to sell clothing to young people, for example, you might focus on visual content through platforms such as Instagram.
- While you can focus on one platform, it’s also good to ensure that you have a mix of different content types online. That way, people can interact with your brand no matter what sort of content format they prefer to consume. The more, the merrier, but keep it consistent and quality, and don’t spread yourself too thin.
- Establishing yourself as a brand and a business can help bring an air of professionalism to the mix, but you also want to make sure that you don’t lose that personal touch. Ensure that channels of communication are always open so that you can easily converse with potential customers/clients and help them get what they want out of what you provide and what you can do for them.
Save and invest your earnings
Got some money stored away and want to invest some of that capital to finance your business down the line adequately, or start working on a professional investment portfolio? Property investment might be something that you’d consider looking into.
Throughout lockdown, innovative companies (such as the award-winning RWinvest) have offered small packages that have allowed proactive investors and entrepreneurs to capitalize on market opportunities that continue to rise despite the current pandemic situation.
This sort of addition to your investment portfolio can form a solid financial backbone for your ventures heading into 2021, something that will only bolster your confidence when it comes to making decisions and moves into your online projects and business ideas. Good luck!