As much as possible, you want to generate some revenue every time you work on your side hustle. So, you’ve got to figure out how you can streamline your processes and your systems to come up with the most profitable ‘formula.’
As you already know, not all side hustles are created equal. Some side hustles are straightforward, while some are a bit more complicated and require thorough planning. If you’re engaged in a ‘simpler’ side hustle, then generating revenue is as simple as offering your service to your neighbors.
Now, when it comes to generating revenues for more complex side hustles, then you would want to focus your time on activities that actually will make you money. Here are some ideas:
Focus on your target audience
Before you started your side hustle, you should already have had at least an idea of who your ideal clients and customers are.
Say, for instance, you want to tutor kids. Before you go around promoting your business, you should already know what kind of subjects you’re going to tutor, what grade levels you’re going to handle, etc.
If you’re babysitting, then you may want to only care for kids at certain ages. If you’re not comfortable being left alone with a baby or a toddler, then that’s fine. You can just choose to babysit kids 4 years old and above.
In many cases, creating a buyer persona of your target audience is helpful. It’s easier for you to create offers that they’ll find interesting.
For instance, if you have a dropshipping business on the side, you’d probably be advertising your business on various social media channels (you need to spend both time and money to do this). If you’re going after the wrong people, then you’re not going to get much in the way of sales. However, if you focus your attention (and your ads) on people who will actually benefit from buying your products, then you may make a lot of money!
So, that’s what you want to happen. You want to maximize your return on investment. And the best way to do that is by putting your brand and your offer in front of the right audience. If you don’t, then your money’s literally going to go down the drain.
Focus on generating and nurturing leads
The importance of lead generation can’t ever be understated. Without a pipeline full of leads, you’ll be struggling to stay afloat. Without good leads, how are you going to generate revenue for your side hustle?
A sound marketing strategy will help you fill up your pipeline with quality leads. But you can’t just leave it at that. Instead, you have to nurture your leads, so they eventually become paying clients.
With lead generation, you can either do it manually or you can automate the entire process. For manual lead generation, you can ask for referrals from your existing network, like your friends and even your clients. You can try offering discounts to anyone who sends some new customers your way.
For automated lead generation, this is mostly used by online businesses. You can set up a landing page with a very enticing offer. When people download or check out your offer, they enter their contact details on the page. All you have to do then is to contact them and then do your best to convert them into paying clients.
Focus on customer service
Some people underestimate customer service. They think there’s no money to be had in providing good customer service. But, of course, this is not only true, but it can kill your side hustle entirely!
Unsatisfied clients can easily go online and post about their bad experience with your business. Word can quickly spread about you. People who haven’t heard of you will Google you. When they read your negative reviews, they’re going to go elsewhere. They’re not going to risk their money on you.
However, if you treat your customers right, if you deliver your promise, then they’ll be happy campers. They’ll be loyal to your brand, they’ll be repeat customers, and best of all, they’ll tell their friends all about you. As you know, word of mouth is one of the most effective forms of marketing. Pretty soon, you’ll have more leads in your sales pipeline than you know what to do with!