How to identify your side hustle
I don’t know about Notorious BIG, but we all know that mo’ money equals mo’ security – not problems!
Research has shown that on average, a millionaire has seven different sources of income while middle-class individuals have only one. You can go ahead and research the advantages of being a millionaire over being working class, but I am solidly planting a flag in the millionaire camp.
In my quest to become a millionaire and diversify my sources of income, I hit the first block: “what else can I turn into a source of income?”. Several years later, I have now found two successful ways to identify your side hustle and I will share these with you:
- Identify your character strengths! “Character Strengths are the positive parts of your personality that impact how you think, feel and behave”. Once you have identified your character strengths, reflect on them and identify opportunities where you can use your strengths. Using your character strengths to generate an income will help you find meaning in what you do.
A couple of my character strengths are Leadership and Love of Learning, so I have identified opportunities within the role of a C-Suite Executive as well as being a Professor where I learn to teach.
You can identify your character strengths by completing the VIA Survey of Character Strengths from University of Pennsylvania.
- Complete a career finder personality test! A combination of Myers and Briggs’ personality types and Holland Code system of career typing helps you predict the right career path for you based on your personality.
Completing the career finder personality test, I have found that some of the careers I can explore include Training & Development Manager as well as Human Resources Manager.
You can identify careers to explore by completing The TypeFinder Career Planning Test.
Identifying opportunities and potential side hustles is the first step to diversifying your income. I now have four sources of income (three of which are my own businesses), and what I have realized is that not only do these help increase wealth, they also help develop various skills and advance the quest to become a well-rounded person.
Once these prospects are identified, you can then take the next step – breaking into the market. You will need to understand the market; where the white spaces are, who the key players are, how they are positioned, and so on.
Contact Versa Research for all your market understanding needs!