Nowadays, most people seem to have a side hustle. They are a great way to make some extra cash while trying out new business ideas. And the best part is you don't have to give up all of your free time to do it.

With inflation running hot these past few years, many people are looking to start a side hustle to boost their income while continuing to work a 9-to-5 job. So, whether you're having a hard time keeping up with the rising cost of things, want to pay off debts quicker, or just need some more cash for the weekends, starting a side hustle might be the way to go.

There are plenty of side hustle ideas for everyone, both in-person and remote. Depending on your lifestyle and goals, some may fit your situation better than others. Here are a few questions to consider before starting a side hustle.

What are your side hustle goals?

Before brainstorming ideas or doing research, start by identifying your goals. Think about what you want to achieve with this side hustle – whether it's driven by financial goals or a quest for personal fulfillment.

Do you want a way to make some money from the comfort of your home? Or are you looking to get out of the house and interact with people? Do you want to work in the same field as your day job? Are you looking to explore a side hustle to potentially turn into a full-time gig?

After you figure out your goals, you'll have a better idea about what types of side hustles might suit you and which ones you don't want to do.

What are your skills and interests?

We all bring a unique mix of skills, talents, and expertise to the table - what the late legendary investor Charlie Munger coined as our "circle of competence." It's the blend of your natural talents, skills you've developed, and knowledge you've acquired over the years.

When you operate within your circle of competence, you've got an innate advantage over the competition because you're doing what you're the best at. And when you combine your competence with your passions, that's when the potential for some seriously cool side hustle ideas arises.

Choose a side hustle idea that not only gets you excited but also works well with your circle of competence. This way, you'll be motivated to continue long-term, even when you're faced with obstacles.

Is there a demand for your side hustle idea?

Now that you've brainstormed side hustle ideas and narrowed them down to a few, it's time to conduct market research. A great idea without demand won't bring in any money.

An effective way to gauge demand is to conduct thorough market research, analyze consumer trends, assess competitors, and gather feedback from your target audience.

Find out what problems people have that you can solve or where you can provide value. Look into your competitors and understand the products or services that they're selling. Think about what advantages you can have over them by identifying your unique value proposition, such as faster service, cheaper rates, or better quality.

This is your reality check to see if your side hustle idea has a real shot at success. But don't overthink it either. After you've done your research, the important part is to get started.

Does your side hustle fit into your current schedule?

A side hustle shouldn't take up all of your time. Ideally, it should fit into your current schedule without changing your lifestyle in a significant way.

Consider the amount of time your side hustle idea will take and how much you're willing to dedicate each week. Will you realistically be able to keep up with your existing commitments, like your 9-to-5- job, chores, hobbies, and personal life while working on your side hustle?

If you can put aside the necessary time and effort into your side hustle, then block out time in your calendar to work on it. Prioritize tasks to be done for your side hustle, so that you have a plan to achieve your goals.

Does your side hustle make financial sense?

Just like with running a business, a side hustle should earn a profit after all expenses are paid, including startup costs and ongoing expenses. Understand the financial investment to start your side hustle and maintain it going forward. Startup costs can include equipment or supplies, while ongoing or recurring expenses can include software subscription plans or gas for a vehicle.

Once you have an idea of the size of the investment it will take to start your side hustle, set a budget to ensure that your expenses stay under control. Based on your budget, you can figure out a pricing strategy for your products or services to achieve your financial goals.

Building an online presence

If your side hustle is done primarily online or remotely, chances are you will benefit from having an online presence. Your personal brand is what attracts potential clients to work with you. Building an online presence is usually done through a combination of a personal website or portfolio, and social media.

The main goals of your website or portfolio are to communicate who you are, what you do, why you're good at it, and what you've done before.

Start by identifying your mission. Why did you start your side hustle? What problem are you trying to solve and what value can you deliver? This will help prospective clients understand if they want to hire you to solve that problem for them.

You'll want to talk about your credentials. These don't have to include formal education, but explain to your audience why you should be trusted. Perhaps you have expertise or skills in a specific field, or you have a burning passion for what you do. It helps to have social proof, such as testimonials or reviews from previous clients or people that you've worked with.

For your portfolio, document the "behind-the-scenes" process and highlight previous work that you are proud of. Show prospective clients what it would be like to work with you if they hired you. Talk about your biggest wins so your products or services sell themselves.

Throughout all of this content, let your authentic personality shine through. People want to know who it is that they're working with, not just some stranger on the internet. Your unique traits and qualities will set you apart from everyone else.

Networking and collaboration

After your website and social media platforms are set up, it's time to network with others. Get the word out there about your side hustle by joining relevant online communities and forums. The best way to advertise yourself without selling directly is to provide your expert opinion and insights related to your side hustle. Then, have your website and social media links accessible from your profile, so that people can be easily directed to them.

Connect with other side hustlers in your field in person and explore collaboration opportunities. Depending on the type of side hustle, identify places where you're likely to meet like-minded individuals to network with, such as conferences, trade shows, or marketplaces.

Often, people with side hustles and businesses will offer to promote each other in exchange for free publicity. Leveraging each others' audiences can help both parties gain more traffic and can lead to potential clients.

Dealing with burnout

Side hustles can add a mental and physical load to your personal life. The added work that you're doing can pile up if you don't take time for yourself to rest. This is why it's so important to achieve a balance between your 9-to-5 job, side hustle, and personal life.

When dealing with potential burnout, remind yourself that you are only human. You will face setbacks and challenges along the way, but try not to put unrealistic expectations on yourself. Disappointment happens when there is a gap between your expectations and reality. Learn to accept your limits and give yourself a break if you need to. Your health is more important than making a few extra dollars.

Get started today

So many people overthink starting a side hustle and never actually get started. The hardest part is taking action to get your side hustle up and running. Believe in your abilities to succeed by ridding your mind of any negative thoughts. People often underestimate how much they can achieve if they put in the effort.

You will face obstacles and failures, but treat them as lessons. Every lesson along the way will help you improve. Then, reinvest those learnings back into your side hustle to get better each time. It may be challenging to get started, but life begins at the end of your comfort zone. If you can achieve your goals while keeping your 9-to-5 job, then what are you waiting for?