So you’re thinking about starting a business. As a student-athlete, that business might start off as a side hustle with sports and school commitments taking up so much time. Side hustles are amazing creative outlets that can help athletes earn extra money for extra necessities not covered by a scholarship or financial aid. Best of all, side hustles mean you’re putting in work to earn income when it’s convenient for you.
I love side hustles because they give athletes the opportunity to build their own business and create a separate identity for them other than ‘athlete’. The experience gained and the money athletes can make from NIL or part time work can help prepare them for life after sports, giving them a head start as they transition into a new career. Here are a few quick dos and don’ts if you’re thinking about starting a side hustle.
Side Hustle Success: 9 Dos and Don’ts for Athletes
Do what you like. There is no reason that you can’t do something you enjoy that also benefits other people. Don’t sacrifice your time and energy on tasks or projects that don’t give you a sense of pride or accomplishment. Even if you’re getting paid for it, it doesn’t feel the same.
Do use your existing skills. Unless you have time to perfect a skill that you’re interested in, use the talents you already have to grow your side hustle. Athletes can serve as personal trainers, private coaches, or instructors just by using their current skill-sets. If you’re top student in math or science, consider opening a tutoring business. Capitalizing on your current skills can help you bring money in the door more quickly and easily.
Do set goals. What do you want to accomplish with your side hustle? How much income do you want to earn? Setting goals and creating action items around those goals is a crucial step when starting a side hustle.
Do evaluate your time. How committed are you during the season? Be honest here. Do practices, training schedules or competitions take up most of your time? Are you committed to various clubs or organizations on campus that you enjoy participating in? How much down time do you actually have?
If you barely have enough time for yourself, you may want to rethink launching your side hustle now, or at least modifying the type of business model you plan to create. Otherwise, if you can set aside a consistent hour or more for your business, then this may be the perfect time to launch.
Do charge for your services. Even if you offer a free evaluation or test product, don’t get in the habit of giving things away for free. I once read an interesting fact: its common that people to struggle to pay for something when they haven’t had to pay for it in the past. Understand your value and the time that you put into your side hustle. Your work deserves to be shared with loyal, paying customers, not just prospects who won’t pay.
Do find your niche. There are so many types of side hustles for athletes. What will your side hustle be and better yet- how will your product or service do in your current market? Finding a unique business offering, model or product can help you generate more buzz and income than a traditional side hustle.
Don’t expect it to be easy. Side hustles take work… a lot of work! Be prepared to treat your side hustle as a business, putting in consistent time and effort to sell, build your brand, grow your consumer base, and all of the marketing efforts needed to publicize your business.
Don’t fall for scams. Get rich quick or ‘work from home’ scams may look very appealing, but they won’t work in the long run. Be very cautious when filling out paperwork that asks for personal information, such as your bank account, social security number, etc. Also, groups or ‘jobs’ that require you to pay to get to the next round of a hiring process or ask you to pay for an interview is usually an indicator that you’re dealing with a scam.
Don’t spend a lot up front. Yes, you may need bare minimum items now like a website and products, but don’t go into debt unnecessarily. Create your own website, purchase small amount of inventory, (unless demand is that high for your products) and skip on hiring designers to create complicated brand sets. Instead, find affordable designers through websites like Upwork or Fiverr to help.