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How to Choose a Side Hustle to Get Your Financial Life Back on Track

Posted by CLIMB Center on May 20, 2020

Cutting costs and boosting your income may be one way to get your financial life back on track if you've lost income during this challenging economic time. For many, additional income may come in the form of a side hustle, an activity you enjoy that can help you get back on your feet--outside of traditional 9-5 employment.

How to choose a FIRE side hustle

Finding Your Sweet Spot

When considering a side hustle, think about the "Sweet Spot" concept from Jackie Babicky Peterson, a strategic advisor at Portland Community College's Small Business Development Center and instructor for its Business Design Series program. When finding your Sweet Spot, start by imagining a Venn diagram. The three circles of this Venn diagram represent your passion, your talent, and your ideal income. The Sweet Spot is where all three circles intersect.

If only passion and talent intersect, your income results in losses. When this occurs, you must rethink your business model. Is there enough starting capital? Is there a product-market fit? If you're not sure about these questions, you must learn more about commercial finances to find success with your side hustle.

If only talent and income intersect, you will lack passion for your side hustle. Lack of passion in your work will eventually lead to burnout. Burnout will prevent you from finding real success with your side hustle.

To avoid burnout, you must find a side hustle you are passionate about. In Portland, you can get free financial advice from experts in the Small Business Development Center to help you with your search, even if you are not a student at Portland Community College.

If only passion and income intersect, you will not be able to find success either. Your side hustle will not be accepted in the marketplace if you lack the talent to deliver the specified product or service successfully. When you take the right classes, you will develop the skills you need to make sure that your passion, talent, and income all coincide as you choose a side hustle. Not only will you be able to find the right side hustle for yourself, but you will also gain the necessary certification, business knowledge, and personal finance skills.

Why Choose Portland Community College?

Portland Community College is the perfect place for discovering and exploring skills to build the right side hustle for yourself. Some side hustles require certification, and many non-credit classes offered at PCC represent a broad array of interests and are found throughout the Portland Community College system. Classes at PCC are also a fraction of the cost of university courses. Non-credit programming at PCC enables you to avoid expensive and unnecessary general education courses by allowing you to take only the classes that interest you most. Many courses offered at PCC can also be done at home through the internet - offering you flexibility and convenience - and to operate on your own schedule.

Making Sure You Find Your Sweet Spot

A lucrative side hustle can be one way to help you regain lost income and secure your financial future. You'll find success with your side hustle when you hit the Sweet Spot, the place where passion, talent, and ideal income come together. 

The best way to find a lucrative side hustle is to get down the Sweet Spot concept - and then pursue your interest by taking any number of our classes. To develop both your talent and your business sense, check out all of the non-credit courses at Portland Community College.


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Topics: Portland Community College, coronavirus

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