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A side hustle used to be a means of earning extra income alongside your full-time job. However, times are changing as people look to resign full-time roles to start full-time side hustles; some take more than one side hustle to make it a full-time job.
Some even go from starting a side hustle to establishing it into a significant business such that they begin employing people to run what was once a side gig.
If you fall into the category of those who want a side business alongside their jobs or those who want to go into a side hustle full time, you can’t avoid these seven ultimate steps to launching one.
The seven steps to starting your side hustles are:
- Why you want a Side hustle: Before starting a side hustle, you should know why you want to embark on the journey; the reason becomes your goal and driving force and will keep you on your feet. On days when you lose sight of your objectives, your why will motivate you to give a go at your side hustle. Also, thinking of why you want to start a side business would help you choose the right business idea. Your whys could be: trying to pay off debts, having multiple income streams, or doing something fulfilling.
- Ideate: This is a big step to launching your side job, so you must be thorough about this process. Often, it is best to understand your strengths, skills, and something you’re passionate about; if you do not have something you are passionate about, you can take a liking to a new business and be passionate about it. You can also determine your side hustle idea by looking up trends, which can give you insights on how to go about the ideating process; for instance, you can look up the best side hustles for 2022.
- Map out your plan: After writing down your big idea, you want to map out how you will execute it. Things to look out for when mapping out your plan are:
- Resources needed to start your side hustle
- Research on people who will need your services and how you will reach those who need your services. For instance, if you’re going to create a baking business, would you supply to schools or sell to coworkers?
- Decide on how much you will charge for your services; it is vital to determine your profit margin for each sale because investing $17 to generate $18 is bad business, trust me!
- Choose your channels: Marketing has to be a part of your plan, of course. Do you want to create an Instagram channel to launch, or do you want a page on every digital channel? Do you need to decide on tools to automate your marketing campaigns? Will you be sending our emails or SMS marketing, or will you distribute fliers around your location? It would be best to choose channels where your customers are and develop a marketing plan for that channel.
- Set boundaries: It is essential to set boundaries when you want to start a side hustle. It is crucial for people with 9-5s; you do not want your full-time job to suffer for your side business. It is equally important to decide the hours or days per week you will dedicate to your side-hustle. Being free of burnout is to set boundaries. Have a limit on the tasks you want to carry out to deliver your best job.
- Develop a strategy: Outlining a strategy for your side hustle will do you a great service because you will understand the tactics to achieve your side business goals. For example, for someone who wants to become a freelance writer, you can decide to join the writing community on Twitter and consistently put yourself out there, the same for LinkedIn.
- Be consistent: To launch and run a successful side hustle, you must be consistent; show up daily so that your cash flow can be coherent. Remember that it is important to rest when tired but do not quit. Developing a consistent mode of operation for your side business will earn you lifelong financial rewards.
It is exciting to start a side hustle but never forget that your side gig is a business, and you must treat it as such. Creating a side hustle is to earn more income, be sure you generate more than the investment made in your side hustle. If your preference for a side hustle isn’t bringing you the income you want, please feel free to test new ideas and find the one that perfectly does the job. Think of it as for every 50% you’re investing, you get an added 25 – 50%. Remember always to follow the listed steps when starting a new side business.
