More and more people are turning to a side hustle. Side hustles are a great use of your free time for many reasons.
Whether you eventually want to be your own boss, either working independently or running your own business, you want a little extra cash in the bank, or you want to simply enjoy a hobby that you can grow a business out of, a side hustle is a good starting point.
According to one study, more than 330,000 Americans have created a side hustle.
Here we will detail everything that you will need to know about starting your own side hustle, from what to expect to what you will need to prepare and even how to curate your new business and brand.
Your Business Is You
The most important thing that you need to remember is that you are your side hustle. You are the boss. If you do not like the number of hours you are working, change them. If you are no longer interested in the project, change it. If you do not like your working environment, change the scenery.
Every single thing can be changed to suit you. If you have anyone else helping you then keep in mind if you are in charge or if you are in this side hustle together.
Once you understand that it is you who makes the changes, you can ensure that you are not only making money but also enjoying yourself.
You are much more likely to be successful in an area that you enjoy. You will willingly put your heart and soul into it.
Test Out Your Customer Base
One of the best ways to understand if your side hustle is a viable business option is to look for customers. For example, if you are offering online services check freelancer websites for job postings and other freelancers offering a similar service. If these exist then there is a good chance that you can create a successful side hustle.
Otherwise, if you are planning a different type of side hustle, for example, selling paintings, ask around on forums and post on the internet to see if people would be interested. You could even offer your paintings for free or a reduced price to build up a client base and in return for reviews.
The more reviews you have the most trustworthy you are going to appear to potential clients. Basically, it will be a struggle to get the ball rolling but once it does it may well snowball.
Delegate and Trust Others
If you want to start a side hustle, but do not have all the skills needed then you have two choices: either put time into learning these skills yourself or delegate.
For example, many YouTubers lack editing skills, but they are very personable people who enjoy making videos for other people’s entertainment. So, they make the most of their time by filming the videos themselves but hiring someone else (with great editing skills) to edit the video for them.
That way they free up time to film more and more videos, increasing their output (and income) without having to struggle and produce a lesser product. It may seem like a bit of an investment in the short term, but you will certainly be thankful for it in the long run.
This way you can focus on what you are good at and keep the joy in your side hustle. If you are spending a lot of time on tasks that you do not enjoy or are simply not good at, the chances are that you are going to become discouraged very quickly.
By learning when it is time to delegate you can increase your output and spend your time and energy more productively.
It Should Not Supersede Your Full-Time Job
If you can grow your side hustle into a full-time job, well, that is awesome. However, until this is feasible and you can live off of the money that you are making from your side project, you should avoid spending too much of your time on your side hustle.
Now that many more people are working from home unsupervised, it is much easier to get distracted and to want to spend a little more time on your side hustle. However, this is a bad idea.
You should learn to be strict with yourself and only work on your side hustle in your free time. That way you can still rely on your daytime job for regular income without the added pressure of trying to make your side hustle cover your expenses.
Build Your Client Base
If you are indeed beginning to grow your side hustle enough to be able to quit your day job you must remember that customers are the most important thing.
Sure, you can have a great product but that does not matter if there is no one to buy it! If you have an unsteady stream of customers or no repeat customers, this means that there is still work to be done.
If you choose to quit your day job then you may have a lull in business, which, unfortunately, would mean no income. Instead, build a loyal customer base. Give them something to come back for.
Hopefully, they will return because of just how great your service or product is, but, if not, then it may be a good idea to offer a discount for returning customers or some other form of incentive to promote repeat business.
Another option is to leverage the large customer bases of Uber, Doordash, and Lyft. You can apply to work for any of these employers as long as you have an able vehicle.
To sum up, whatever your side hustle is going to be there are a lot of things to consider. Deciding to start a side hustle is easy, but taking the time and putting in the effort to do it is a whole other ball game. The best thing to do is decide clear steps for yourself, leading to your ultimate goal.
Make sure that you love it and you will never be discouraged. If you do not love an aspect then consider taking someone else on board to help with this and allow yourself to concentrate on the parts that you love. Follow these steps and you should have a successful side hustle!