Understanding side hustle success
If you are starting a side hustle, you want it to be successful. You may want it to become something that can be transformed into a main hustle. It could be a tool to help you save for a big purchase. Regardless we need metrics to measure our side hustle success. So lets look at 3 ways that you can measure if your side hustle is successful.
- Success vs others in the same side hustle
One of the best indicators of success is how successful you are relative to other people doing the same side hustle. This can tell us many things because the main form analysis we are doing is a competitor analysis. Maybe, you are not a high earner relative to others in the same side hustle. It could be your product or service mix doesn’t meet the needs of others as well. If your product and services are similar, other things you can learn from are adjusting your pricing. At the end of the day, side hustles are about income generation, and if you can better manage your income this can make the extra time you spend working worth it.
2. Income to work ratio
Income to work ratio is a more informal method of measuring success. The main thing we want to consider is how much the extra income is worth in relation to the work we have to do and its impact on our life. For example, if we have to work 30 hours on our side hustle each week, but…
