4 Tips On How to Scale a Side Hustle

4 Tips On How to Scale a Side Hustle or Freelance Business, with 6 successful examples

Scaling your side hustle into a full-time business is like a wild and crazy adventure that takes you on a rollercoaster ride of twists and turns, ups and downs, but ultimately leads you to success! 

Watch on YouTube: Want to Make Money Freelancing? Do these things

It's akin to planting a seed, nourishing it and watching it grow into a magnificent tree that provides shade and fruit for those who seek it.

Here are some tips that will help you on your journey:

1. Take your time! Starting your own business is like planting a garden. You need to be patient and let things grow at their own pace.
2. Check out the competition and get feedback early on! Assess who is already operating in your space, and how well they're doing. This will help you identify areas where you can improve and stand out from the crowd.
3. Be flexible and experiment with different models! Don't be afraid to try new things and take risks. This is how you learn and grow.
4. Operate lean and don't be afraid to charge users! This will help you keep your costs down while still providing value to your customers.

Watch on YouTube: 4 Strategies to Recession Proof Your Business

Here are six examples of successful businesses that started as side hustles:

• Spanx started as a side hustle for founder Sara Blakely who wanted to create a comfortable pair of pantyhose that wouldn't roll down her legs. She cut the feet off her control-top pantyhose and the rest is history!

Read: Get business super powers from real life super heroes

• Warby Parker started as a side hustle for four friends who were tired of overpriced eyewear. They created an online store that sold stylish glasses at an affordable price.

• TOMS started as a side hustle for founder Blake Mycoskie who wanted to create a company that would give back to those in need. For every pair of shoes sold, TOMS donates a pair to someone in need.

• Airbnb started as a way for two roommates to make extra cash by renting out air mattresses in their apartment during a conference in San Francisco in 2007. Who knew that renting out air mattresses could turn into such a lucrative business?

Watch on YouTube: 5 Common Business Models used by Successful Companies 

• Uber started as a side hustle for co-founder Garrett Camp who wanted to create an app that would help him find a ride in San Francisco. Talk about innovation!

• Etsy started as a side hustle for founder Rob Kalin who wanted to create an online marketplace for handmade goods. It’s amazing how one person’s passion can turn into a thriving community of artists and makers.

The keys to successfully scaling a freelance business or a side hustle are: Resiliency, Perseverance and Lot of Hard work! 

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How to Make Money on AirBnB Without Owning the Property

How to Make Money on AirBnB Without Owning the Property

With the rise of gig-economy, both businesses and consumers have utilized different strategies to create new revenue streams. Uber has become one of largest (if not the largest) firm to provide transpiration, without owing any cars. AirBnB, similar is of the largest (if not the largest), lodging service provider, without owing the properties. 

At the onset of the pandemic, AirBnB had planned to go public and with in a few week, it lost more than 80% of its business - and many considered the end of the company. During this time, AirBnB, the company evolved its strategy to meet the consumer behavior. Many customers, "not tied as employees to a certain location anymore", starting renting for more than a month, and this became almost one-fifth of the business. Not to mention, AirBnB introduced a suite of new tools for both hosts and guests.

For those who are looking to become AirBnB owners (hosts), in many cases, do not realize that to become an AirBnB host, you do not have own the property. There is where subleasing comes into play. Subleasing uses rental arbitrage, where you use other people's properties to make a profit on your own. Yes, this is totally legal, but does require some upfront to be done by the potential host. 

Here are the steps to become an AirBnB host without Owing the property:

1. Find a property that you'd like to list on AirBnB - Location is key.

2. Reach out to the owner and inquire if subleasing as an AirBnB is an option for them - sometimes owners need to check with necessary 

3. The owner may not be aware, so work with the to confirm, it's allowed by all ordinances and especially the homeowners association.

4. Once all the boxes are checked, start your business. 

Steps to take Before becoming an AirBnB host:

1. Spend time in finding the right location. 

2. Ensure available liquidity to cover the rent, whilst the property is not rented.

3. Have capital to furnish the property - don't over do this part.

4. Take professional photos of the property to entice potential clients.

How much money can I make by subleasing:

According to AllTheRooms AirBnB revenue statistics, North America has the highest earnings across the globe. In 2021, an average AirBnB hosts in North America makes $41,026 in host earnings. Asia-Pacific has the second highest earning region, with an average host earnings of $14,629 in 2021. In Europe the average host made $13,567 and in Latin America, Africa made less on average, with hosts making $9,214 and $8,289 in 2021, respectively.

Within the United States, the state where Airbnb hosts made the most earnings on average in 2021 was Hawaii. Airbnb hosts in Hawaii made on average $73,247 of host earnings during 2021, up significantly from $26,918 in 2020. Of the 10 largest markets in the country, the U.S. city with the highest average AirBnB host earnings is San Diego, where hosts on average made $77,990 in 2021 on AirBnB – this represents a big jump from $36,340 in 2020. In second place comes Austin, where AirBnB hosts on average made $74,241 in 2021, which was significantly up from 2020 when hosts made $22,351. Kissimmee rounds out the top three, with AirBnB hosts on average making $70,539 in 2021, a big gain from 2020 when they made $34,873 on average.

On average, the more rooms a listing has, and the more guests the property can accommodate, the more a host can expect to earn. The reason being that each room can be rented out separately. 

Should I become an AirBnB host:

Well, you can't learn from something you don't start. If you can manage the risk and can pick up the right property at the right location, subleasing just may be the answer you're looking for to create a new stream of revenue. We have partnered with several real-estate agents who can guide you through this journey, connect with our top partner Sana Ahmad here.

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