There are many reasons you might want to start your own side-hustle. It can be the perfect way to make some much needed extra cash on top of your 9 to 5. A side-hustle can also let you pursue your passions, and maybe even turn this into a full-time job over the long term.
Even though starting your own side-hustle offers many opportunities, there is also much to think about, from accepting credit card payments to marketing strategies like social media and SEO. Here are some handy tips for starting your own side hustle.
Do Your Research
When looking to start your own side-hustle, it is important to be prepared before you hit the ground running. Make sure to do thorough research into your industry, the skills you’ll need, and your market. A successful business is built largely on knowledge and preparation, and for this you need to take the time to do your research.
Good research will be key to make sure you choose the right side-hustle, and execute it in the best way. You may know you want to set up a side-hustle of some kind but are not sure what exactly. To identify the right side-hustle for you, identify your key skills and passions, and think which side-hustle will work best with those. Other factors to consider in choosing your perfect side hustle is how much time and energy you have to dedicate and how much capital you have available to invest.
Plan for the Long Term
It can be easy to get excited when you’re starting your side hustle and want to launch straight into hit. However, if you want your enterprise to last for the long haul, you need to lay prepare well by laying solid foundations. Have a solid, formal business plan that lays out your goals, objectives and tactics. You also need to know that you’ll be putting in long hours on your new project, so this will require sacrifice. It may mean spending less time with friends or family, or putting your hobby on the backburner.
Psychological preparation is equally important: you need to be mentally prepared for the time and effort you’ll need to put into your side-hustle for a long time. You will also inevitability encounter bumps along the road, so it is equally critical to be prepared for the challenges that will come your way.
Make a Timeline
As part of planning your side-hustle’s trajectory, it is essential that you set timelines. Goals and objectives are important, but if you don’t set timing and deadlines there is not real enforcement to make sure that you meet them.
Set dates for when you want to complete certain tasks, for example launching your website, or starting to pitch to customers. You should also have dates set for when you want to reach key goals, such as landing a certain number of customers or meeting a monthly revenue target.
Find Your Unique Selling Proposition
The next thing you’ll need to consider is how you will set yourself apart from your competitors. The market is a competitive place, so if you are to win customers you need to be competitive. Firstly, you need to understand your competitors: do some research into the key players in your sector, what they sell, and how they market themselves.
This will help you to identify what it is that makes you different to your competitors. This is your unique selling proposition (USP) and is the thing that will convince customers to buy your product or service rather than theirs. Knowing what your USP is meaning you can communicate this to your audience and persuade them to buy your product.
Add Structure to Prioritize Your Side-Hustle
Your side-hustle is, by definition, something that you do on the side of your normal job. This means that it can be easy for it to fall off the bottom of your priorities, as you work on your full time job, and pay attention to other commitments.
However, if you want your side-hustle to be a success, it is critical that you treat it like any other business. This means setting side time to work on your new venture. Structure will help with this: set a particular schedule when you must work on your side hustle, whether this is certain hours every evening, or set days of the week. Making this commitment will make sure you give your side-hustle the time it deserves.
Starting your own side-hustle can be a challenge. It takes time, energy and commitment, and you can’t be afraid to take chances. However, if you take the time and make the effort, you’ll likely find that you will reap the rewards in the long rung.