To eventually become your own boss, the most effective approach is to begin a side hustle and gradually increase your self-employed income, all the while maintaining the security and stability of your current job.
In addition, beginning a side hustle not only increases your income but also opens doors to career-transforming opportunities that you wouldn’t typically come across in your regular job. Numerous side hustles have resulted in new employment, unexpectedly advantageous connections, and lifelong friendships. Furthermore, it has contributed to the establishment of my present business as a content marketing consultant.
Developing a profitable side hustle within a restricted timeframe alongside your regular job is always challenging. It requires prioritizing tasks without mercy, altering your mindset to determine the utmost significance in your life, and embracing a daily practice of being resourceful and innovative.
If you are interested in becoming an entrepreneur, it is advisable to begin by building your side hustle slowly, attracting customers one by one, and starting from scratch. There are numerous reasons for this approach. Firstly, the opportunity to earn additional income in addition to your regular salary is a strong motivating factor, particularly during an unstable economy. Additionally, pursuing a business based on a longstanding hobby can serve as a source of inspiration and drive for growth.
If you have a strong desire, aspiring entrepreneurs can consider a side hustle as a means to achieve financial independence. Additionally, a side hustle can help you concentrate on your true passions if your full-time work does not bring you fulfillment. It can provide you with the freedom (and additional funds) to explore different parts of the world, contribute to environmental preservation, or engage in more purposeful pursuits.
Many Americans, including myself, have started side hustles in freelancing, consulting, and other online businesses while also holding regular jobs. According to a 2016 study conducted by LinkedIn ProFinder, over 331,941 professionals in the United States are already engaging in freelancing alongside their primary employment.
When it comes to aspirations and ambitions of being an entrepreneur, the reality is not as exciting as most people believe. To be straight to the point, the stark truth remains that a significant majority (ninety percent) of newly established businesses are destined for failure.
Here are 10 steps that will assist you in gaining more momentum as you pursue a side hustle, even as you continue to maintain your day job as your sole source of reliable income.
What exactly is a side hustle and how can it benefit you?
A side hustle refers to an extra job or source of income that is pursued in addition to a main job. Side hustles offer advantages as they enable individuals to earn extra money, enhance their money-making abilities, and work at their own preferred times.
You can earn as much money as you want with a successful side hustle. If you have additional funds, you can save, pay off debts effectively, or fulfill your desire to travel.
In order to fully benefit from starting a side hustle, it is important to have a well thought out plan and begin with the most suitable idea for you.
8 Actionable steps for starting a side hustle
1. Determine how much time you have
When starting a side hustle, it is important to consider the amount of spare time you have. Do you have unlimited evenings available or are you too occupied with numerous commitments, making it difficult to allocate a few hours for yourself every week?
If you have a few hours each day available for your side hustle, you can opt for something that demands a greater amount of your time consistently. However, if your spare time is limited, you may prefer to create something that generates mostly passive income once it is established.
2. Pick something that interests you
When deciding on what interests you, it is important to consider that your full-time job likely consumes most of your energy. Therefore, it is crucial to find a side gig that you will remain passionate about in the long run. Select something that aligns with your skills or brings you enjoyment. For instance, if freelance marketing is your passion, exploring a career as a social media marketer would be ideal. Prioritize something that revolves around your strengths.
3. Decide the amount of money you want to earn
It may be easy to express a desire to earn additional money every month, but what exactly is considered a small additional amount? Take into account various financial objectives and the corresponding amount of money required to accomplish them.
Do you need to figure out the additional income required to pay off your debt? Or are you considering purchasing a new car and wondering about the associated expenses? Having a clear idea of the amount of money you aim to earn can assist you in deciding which side gig to pursue.
Certain side gigs, such as participating in online surveys or providing dog walking services, are capable of generating a few hundred dollars each month.
If you are seeking to match or exceed your current salary, it is advisable to begin with a side hustle that can be developed into a full-time occupation in the future.
4. Create a solid business plan for your side hustle
If you don’t have a business plan, you need to create one immediately if you’re starting a side hustle. A business plan serves as a roadmap for your side hustle to accomplish the objectives of a small business. Having a plan is crucial for achieving success in life.
Your business plan doesn’t have to be extensive, comprising 100 pages. Rather, it should concentrate on essential aspects to guide you in establishing a prosperous business and demonstrate how you will commence a lucrative side venture.
You should expect that your initial business plan will be fluid and subject to change, possibly quite extensively. These changes are anticipated as you begin to document your ideas and witness the actualization of your business, which may reveal other pertinent factors.
5. Set Milestones That’ll Force You to Launch
To successfully start a profitable side hustle, it is important to follow a step-by-step approach. Rather than fixating on developing the perfect solution without understanding your customers’ preferences, focus on launching, monetizing, and evolving your idea. Spending excessive time in an idealistic state will only waste valuable time. To overcome this inertia, create a straightforward action plan that outlines essential milestones and corresponding deadlines. Adhere strictly to these deadlines, inform your friends and family about them, take responsibility for your progress, and avoid making excuses. Take the necessary actions to complete each milestone and move onto the next one. Remember, it is essential to avoid striving for perfection as it will hinder your progress and prevent you from launching your venture.
6. Delegate Work Outside of Your Expertise
At this point, you are aware of your strengths. It is impossible to excel in every aspect all the time, and it is not desirable either. When initiating a side business, it is necessary to acknowledge that you will have weaknesses. Consequently, you will need to seek assistance from external sources to fill in those skills required for effectively managing your side business. By doing so, you will be able to allocate your time solely to the tasks you excel at within your business.
7. Ask for Real Customer Feedback
Failure is a serious risk for your side hustle if you don’t receive feedback from your earliest customers. It is possible that the product you are planning to create may not effectively solve your customer’s problems. Without feedback from external sources, you will probably proceed with your plan and invest a significant amount of time, money, and effort, only to ultimately waste those valuable resources. By internalizing and accepting sometimes harsh feedback, you will push yourself to continuously enhance your solution as you move forward.
8. Leverage free resources when starting your side hustle
As you embark on your small business journey, remember that the following two resources are absolutely indispensable.
These resources provide in-depth information about the mentioned business structures, encompassing their advantages and disadvantages, as well as the necessary steps for establishing your business within these structures.
