As a side-gigst your day to day preoccupation should be how to grow your income streams and scale up on your existing income stream. Its ok to have one gig that gives you so little at first so long as you work on expanding its potential even if its R1 at a time.
This week i introduced a new side-gig which i am extremely excited about and can foresee potential to triple and quadruple its income potential, that side-is selling or reselling barcodes. So if you are into manufacturing, distribution or supply chain and you need affordable barcodes look no further. I have made a guarantee to beat any price in South Africa and its a commitment i will keep.
But how do you decided to add something as your next side-gig? what’s the criteria? what do you look for? why this and not any other business as a side gig? these are questions you need to be able to answer for yourself, as for me below is the list of things i look out for when i consider a side-gig:
- Sustainability: for me a side-gig must be sustainable and that’s the number 1 driver for me. If a business can give me money every day, every week, every month, every year then i am jumping on it no matter how little it give me. Even better if it will give me future money without my effort. Thats why most of my businesses are on subscription model and i refuse once-off transactions. The principle is to work once and get paid for as long as possible without working again.
- Scalability: scalable gigs are always the best because it makes them extremely sustainable or highly profitable. Scalability is when moving from 1 to 1000 demands less and less of your effort. Think Facebook, you design a social media platform and few users but moving from 100 to 100000000 users doesn’t really require much effort form you, the platform remains the same. If you have an idea or identify an opportunity that is scalable jump on it , work on it and before you know it you will be turning a profit.
- Passivity: there is a saying that you shouldn’t work for money rather let money work for you, that my friends is passivity. If a side-gig can generate money for you while you sleep, then jump on it. Of course you might have to work on it at first but if it can run for the longest period and make money without ever requiring your effort then its an idea side-gig. This also helps in terms of freeing up your time for other side-gigs.
- High profitability: i usually say to people manage income and profitability will resolve itself but there are times when you stumble on an idea that is just so highly profitable;e it wouldn’t make sense missing it. what is highly profitability? i don’t know i guess its relative but for me if my costs are less than 20% of the revenue from a side-gig then its highly profitable as 80% of the revenue is pure profit. Its even better when your costs are less than 1%.
So for me a side-gig must fall into one of the above for me to even consider it and as a result any side-gig i add contributes to my overall growth. Musuku is my umbrella brand and if i can grow its collective revenue and increase its collective profitability then i am happy. And i find that through considerations above i have managed to turn Musuku into a growth machine and it doesn’t seen stoppable anytime soon.
Below is the latest trends in terms of revenue growth of my businesses:
As you can see year on year I continue to double and triple my revenue, month on month also there has been a steady growth since July. The plan is to be even more aggressive next year.
Remember as a side-gigst your business is to grow your income no matter how small a growth and always be on the lookout for opportunities that grows your income. In the comments below share with me how you are going to grow the revenue of your business and what side gig you are undertaking.
For now i have got to work (Some of us have got to work)