According to business expert Marcos Jacober, making your side hustle thrive will be even more difficult in 2019.
Hustle & Bustle.
Side hustles are the newest norm in business. Today, student debt is high, retirement benefits are low, and job security is rare, which is why so many people are turning to entrepreneurial endeavors for extra cash. 60 million Americans earn money through the gig economy. Platforms like Airbnb, Uber, and Etsy make business start-up simple. What’s not simple: starting a business that yields dependable long-term revenue. Research shows 85% of side-gig workers make less than $500 per month.
The gig economy is evolving. The freelance workforce is growing three times faster than the traditional workforce and by 2027 the majority of workers in the U.S. will be contracted. These shifts are great for consumers (more competition encourages the freelancer to offer lower prices, higher quality, and quicker turn around for goods and services). For the side hustler, however, these supply/demand shifts have major implications.
“The “gig” marketplace is expanding and this shift is changing the rules of the game. In order to make money from a side hustle in 2019, you need to have new strategies in place…”
…says Jacober whose unique side hustle strategy has allowed him to make a full career out of the gig economy. In the past, side hustles required different skills and more mental energy than they do today. Ten years ago, a successful side hustle required you to be extremely computer and business savvy. You needed to know how to make a website, do maintenance on it, create clever ad copy, find the right audience, figure out payment structures, etc. As the gig economy took off, it created platforms that took care of these things for you. In the recent past, a successful side hustle required learning how to use the built in promo tools to advertise yourself and target the right audience. Simply being listed on the gig platform and being available was enough because there was virtually no competition. Uber was new, Etsy promotion tools drove traffic, and you didn’t need to be a super-host to get bookings on Airbnb. Now, competition has raised the bar and created new challenges.
So, what is the secret to side hustle success in 2019?
“An important part to success is finding a job that leverages your abilities or resources, not your time…”
…says Jacober. This strategy will allow you to have several side hustles going on at the same time and it won’t take more money. Some gig platforms are better suited for this than others. For example, when it comes to ride sharing, platforms like Uber and Lyft require you to spend time in the car, while other platforms, like Turo, allow you to leverage your resources and rent your car out to other drivers. In 2019, average simply won’t cut it. According to Jacober, a successful side hustler must also provide exceptional service and enhance the customer experience in every way they can. This includes follow up and real time experience management.
Passion projects (like creating artwork or writing a book) are of course encouraged as they are extremely fulfilling and they certainly drive motivation, but these opportunities are often difficult to scale into a sustainable business quickly – especially in the coming year. When it comes to making money, it’s important to think with your head and not your heart. If your primary goal is to make money or you don’t have the capital needed to sustain a passion project, Jacober suggests that you first invest in a side hustle that can quickly generate revenue and can be put on autopilot. Ultimately, a side hustle like this will give you the time and resources needed to invest in your passion project. Creativity can be channeled into finding unique money-making opportunities around you.
Jacober has achieved tremendous success in the gig business and he believes part of this success stems from asking the right questions. The question you should ask yourself is not “How can I get more gigs?” rather “How can this business run on cruise control?” A successful side hustler must avoid time-intensive or passive work and this is even more important in the coming year. Jacober has developed techniques that allow him to outsource his work and put his business on autopilot.
“The ‘gig’ marketplace is expanding and this shift is changing the rules of the game. In order to make money from a side hustle in 2019 you need to have new strategies in place.“
– Marcos Jacober
In An Interview/Article, Jacober Can Share:
- Side hustle strategy for 2019
- How the gig economy will change in the coming years
- 3 things every entrepreneur needs to know to be successful in the new year
- Best and worst money making side hustles
- Techniques to put your business on autopilot
- Tips to leverage time and resources rather than time
Marcos Jacober is sharing information about the business changes ahead and has advice side hustlers can use to avoid the pitfalls of the gig economy in 2019.