There are very many businesses that somebody can start. Starting up a business that too many people are doing means that there will be more competition and it will be harder for your idea to penetrate the market. It is best to put some tips into consideration when starting your side hustle. Consider the tips and ideas that are often overlooked by others. This will give you a competitive advantage. The tips and approaches outlined below will focus on hot niches to consider and where the money is hidden.
Becoming a service provider for a narrow niche has a lot of money. PassionBiz® Academy as an example works with startups specifically and not all entrepreneurs. Focusing on a narrow niche enables you to find an edge in a narrow market. You should not worry about losing many customers by being narrow in who you target. Narrowing your target enables you to serve them better and to stand out.
It is also better to be a service provider than creating a physical product. Creating physical products will make you use a lot more resources like time and money.
The easiest way to make money is to teach somebody something.- James Karundu
All you need is a stuck point. This is something that people do not know how to do. If you are too busy to physically teach people, you can set up an e-course. An e course can involve sending e-mails and exercises to your students, ensuring that they carry out the assignments and doing a follow-up through Skype or WhatsApp. A person may be struggling to do something that you find incredibly easy. Monetize this. You can each people how to cook, bake, design blogs, dance and even sing. It simply depends on what you are good at.
This is the best approach to lead you to making Ksh.100,000 in just 10 weeks or less. It involves getting 10 people, creating something with ten sessions and charging each of them a total of Ksh. 10,000 for all the sessions. You may opt to meet them on a weekly basis and say that people should pay 1000 when they enter for the session. The sessions may be trainings about how to do something like public speaking, setting up a business or personal branding. It is your choice. After every session, you should give your clients activities to do like homework and tell them to bring it back the following week.
This class of people is today more open to spending. That is why there are so many shopping malls opening in Kenya’s middle class neighbourhoods. They should thus not be ignored as a good market for products and services.
The women’s market is an under-developed opportunity. It is a woman’s world. Women now drive the world economy. Women control spending in most categories of consumer goods. Just by watching Kenyan television advertisements at prime time, one will see that most of them target women. Women are usually more concerned about the household and their family’s well-being. It is for this reason that they are a good target.
Children’s products and services are also few in Kenya. Your side hustle can penetrate this market by starting kid’s cooking, pottery or music classes. Parents would love for their children to gain new skills over the holidays and during their free time.