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4 Things to Keep in Mind Before Starting a Side Gig

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4 Things to Keep in Mind Before Starting a Side Gig
November 11, 2022

Side hustles or side gigs aren’t new for Indian women. Women from previous generations would take tuitions, stitch clothes or sell delicious snacks apart from holding their full-time jobs. Today, women pursuing modern careers are also exploring suitable side gigs. These not only help to augment their income but, in some cases, may scale up into something bigger. For example, a graphic designer could take up projects from foreign clients and work on them during weekends or later in the night. Since the earnings could be in a currency that is stronger than the Indian rupee, the benefits could be immense.

However, women could keep the following things in mind before starting a side gig:

  1. Save up

    Certain types of side gigs may require an initial investment. For example, if you wish to be a game designer, you would require a laptop with certain specifications and software applications. If you wish to prepare snacks, you may want to lease out a small space, purchase ingredients and also hire a helper. Therefore, while planning for your side gig figure out the amount of money you would need. You can either take a loan or explore a saving plan such as HDFC Life Sanchay Fixed Maturity Plan that provides life cover along with the guaranteed benefits.

  2. Figure out what you are good at

    Before starting your side hustle, it is imperative to figure out what you are good at. If you can whip up scrumptious snacks, then you may want to become a home chef. If you are a skilled designer, you would want to become a freelance designer. Apart from your skills, you would also have to perform some basic cost benefit analysis. You may want to get started with an activity which doesn’t require extensive investment of time or money.

  3. Establish credibility

    While pitching to prospects, you would have to establish your credibility so that you can be trusted. This is possible by creating a website or a presentation (a credential deck) that can showcase your work and also list names of some of the brands you have worked with. By doing this, you would also enhance your professional reputation apart from establishing credibility.  While starting, you may find it difficult to create a credential deck as you may not have clients. But you can include your work samples in the deck. You can also take up projects for small startups or NGOs who may not be able to afford you but can refer you to others. You can include the names of these organizations in your deck.

  4. Market Research

    A few weeks or months before starting off, you may wish to speak with individuals who comprise your target audience to understand whether there is a market fit for your offerings. You could conduct a survey that helps you understand their needs, their budget and any other information that could be useful. You may also end up getting a few clients from this activity. Despite doing all these activities, it is possible that the first few months might be tough. However, if you truly believe in your venture, you would want to keep going as it would be a matter of time before your side gig scales up provided that you keep your customers happy.

ARN : ED/10/22/29839

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC Life Sanchay Fixed Maturity Plan (UIN:101N142V02) is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

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