Want to be your own boss? Here’s how you can start your side hustle like a pro. A side hustle can increase your income but can also create opportunities you’d have never gotten on your day job. However managing a side hustle does not come without complications. Having a side hustle means extra working hours. Depending on the type of side hustle you might get distracted from your main job.
The advantages however outweigh the disadvantages. You can channel your side hustle to focus on what you’re passionate about. It can provide you with the financial freedom you’ve been longing for. A side hustle can also provide flexibility which can mean extra time to do the things you love doing.
Technology has made it so much easier for people to start side hustles. You can start an ecommerce store from the comfort of your own home. There’s increased demand for freelancers all around the world. The best part is you can also start from the comfort of your own home. People now have the capacity to have more than one side hustle thanks to technology and the ease of finding freelance projects on sites like Upwork and Fiverr.
Here are some tips on how to start a side hustle like a pro. From choosing the type of side hustle, growing your side hustle all while balancing your main job and family obligations.
Choosing Your Side Hustle
When you want to start a side hustle like a pro you have to consider a couple of things:
What are you passionate about?
If you’re pursuing a side hustle you need to first evaluate what you’re passionate about. This will determine if your side hustle will eventually be a successful business. You don’t want to do something you’re not passionate about. Halfway through drop it because it feels like a second job. Do whatever you’re passionate about and the money will follow. You want to pursue something that will make you feel inspired and empowered. This way you’ll be excited to get home from work and start your side hustle.
Don’t work 8 hours for a company and not work on your own goals. You’re not tired, you’re uninspired.
Why do you want to start a side hustle?
Why are you starting a side hustle? Most people start a side hustle with the sole objective of making extra money. There’s nothing wrong with that but how long before you start feeling like your side hustle is draining you? You can be an Uber driver after work but how will it affect your work productivity the next day? In as much as a side hustle is supposed to make you extra money, it should inspire you. If you love driving or it calms you, then by all means sign up to be an Uber driver. Your side hustle should also give you peace of mind.
If your sole purpose is to make money from your side hustle hire a freelancer or assistant to help out. If you’re interested in farming, you can hire someone to manage your farm for you as opposed to doing it yourself. This way it’s a win-win you still make extra money while holding onto your day job.
Do you have the skills to start a side hustle?
For you to have a successful side hustle, you need the necessary skillset required for it. You can’t teach piano lessons if you’re an amateur. Draw from your skillset as you start a side hustle. If you want to start a bakery make sure you’re not just passionate about baking but you have the skills to show for it.
How much time, and effort are you willing to put in?
As you choose a side hustle it’s also wise to consider how much time you will spend doing it. If you want to be a part-time DJ for example you will need to consider your hours and how they might affect your day job. Make sure you can balance your time before you start a side hustle.
Do your workplace policies allow a side hustle?
How is your side hustle related to your full-time job? Some companies have a no-compete clause in their policies. If you work for an accounting firm they don’t allow you to do any accounting consulting on the side. Before starting a side hustle make sure you are complying with your office regulations and employment agreement.
Before starting your side hustle draw up a plan. Make sure you cover every detail from execution to time allocation, market plans, and financial plans. Make sure you know what is expected of you before starting the side hustle. This will help you look at the side hustle from a more realistic point of view. Making plans will help you evaluate the hard questions and avoid mistakes along the way. To be successful you will need clear objectives.
Budget and financial plan
As you make plans to start your side hustle, make sure you have a budget for your side hustle essentials. Come up with a budget ideal for your start-up. What items, software or tools would you need for your business to kick-off? List these items and how much they would cost and make a budget. Keep in mind the financial costs that may come up later. Make a budget and include all the financial expenses that may come up. Having a plan will help you set objectives and benchmarks as well.
Define Clear Goals
If you want your side hustle to be successful you will need to have goals and objectives. Have goals for every stage of your side hustle. Be very practical with your goals. If you eventually want your side hustle to be a business you will need SMART goals. Aim to grow gradually and manage your expectations. You may experience a slower growth rate as opposed to other businesses because it’s part-time. This should not discourage you, just stick to your goals. Make sure you keep track of your daily, weekly, monthly and annual goals.
Start small if you want to be successful. You may have big dreams for your side hustle but it’s always a good idea to start small and build up. In the beginning, you will fail and you will make mistakes. Starting small will ensure you grow and learn from those mistakes. The journey of a thousand miles begins with the first step. Starting small does not mean you don’t have big dreams.
Work out your schedule
Time is critical when it comes to a side hustle. It’s very important to plan ahead and create a list of tasks you need to do to achieve your goals. Making plans will ensure you make the most of your time. Schedule your calendar with each task, this will keep you motivated and on track to complete your goals. Work out a schedule that allows you to be productive and efficient.
Balancing your full time job and a side hustle
Juggling work and a side hustle can be draining and time-consuming. This can make it hard to balance both without having one suffer. Make sure you have a foolproof self-care plan. Having a self-care plan will help you balance a lot better. Don’t overwork yourself, it’s much harder to recover from burnout than to take a break.
A side hustle can be inspiring and empowering. Your side hustle can ensure you have a positive attitude and even get you excited for work. Your side hustle gives you a purpose and ensures you’re inspired. You can draw from that inspiration as you now have something to come home to.
RELATED:15 Easy Self-Care Ideas
Have at least one paying customer
Since the side hustle is your idea, you should validate it with at least a paying client. It may look amazing on paper however you need to make sure there’s a market need. This will help manage your resources and expectations. Have at least a paying client before you officially launch your side hustle.
Use your customers for critical feedback
Differentiate yourself from competitors by channeling your clients’ feedback. Listen to your customers as their feedback is very valuable. Include testimonials in your portfolio as it will make all the difference. Customers can make or break your business.
Don’t get fired
Don’t work on your side hustle during your working hours and don’t use company resources. It’s unethical and could get you fired. Do not compromise the quality of your work. Keep at it until your side hustle gains momentum, then you can quit your job without burning any bridges. If you do get fired you will get frustrated by your side hustle.
Prepare for the Long Haul
As you start your journey, ask yourself the difficult questions. How badly do you want to succeed? How big do you want your business to become? What happens when you make it past the finish line? What happens when you start to make more money from your side hustle than your main hustle? These are all questions that you need to ask yourself. Prepare for the long haul. Being an entrepreneur is no easy task, it requires commitment and persistence. Be ready.
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