Welcome to a quick tutorial on researching your side hustle with Chat TPT.
Two things you want to consider when coming up with a side hustle are what you’re good at and a need you would like to meet. Let’s take a look at the example of being a handyman, whether it’s a handyman business or any other side hustle.
A good question you could ask Chat TPT about that side hustle is what are some of the pitfalls. So I asked the question here and it gives me a list of 11 different items:
- Competition
- Licensing and regulations
- Liability and insurance
- Varied skill set acquired
- Scheduling and time management
- Setting pricing
- Marketing and promotion
- Seasonal fluctuations
- Managing finances
- Customer relations
- Physical demands
Three things I want to look at closer with the help of Chat TPT are licensing and regulations, liability and insurance, and setting pricing.
Let’s take a look at the licensing and regulations first. Using OpenAI’s chat bot, I asked, ‘Can you tell me more about licensing and regulations for a handyman business in Charleston, South Carolina?’ The answer came up with about eight different ideas. One idea I want to pull out is a business license in Charleston, South Carolina. You would typically need to obtain a local business license from the city of Charleston’s Business License Division. This license is necessary for conducting any business within the city limits.
Now let’s dig further into the liability and insurance piece of the pitfalls of the handyman business. I asked the OpenAI chat bot, ‘Can you tell me more about the insurance requirements for a handyman business in Charleston, South Carolina?’ It talks about general liability insurance, workers compensation insurance, commercial auto insurance, bonding optional insurance, professional liability insurance, and emissions insurance. The one key point I want to pull out is that general liability insurance seemed to be one of the most important things and that could apply to a lot of different side hustles. It provides coverage for bodily injury, property damage, and personal injury claims that may arise from your work.
Lastly, let’s dig further into the setting of pricing when it comes to a side hustle, for example, a handyman business. I asked Chat TPT, ‘What is the best way to determine the right pricing for handyman work in Charleston, South Carolina?’ It gives me a list of 10 different things to consider. Two things I wanted to pull out of that list are pricing structure and the test and adjust point. You can charge an hourly rate, a flat fee per project, or a combination of both depending on the type of work you offer. In the early stages, you might need to test your pricing strategy, make some adjustments based on customer feedback and market response, and stay open to fine-tuning rates to find the right balance.
Thanks for joining this quick tutorial on researching your side hustle with Chat TPT.
