Testing the Entrepreneurial Waters
Have you always wanted to start your own business, but the timing isn’t right, or you don’t have the resources? Consider starting a side hustle (side business).
There are several advantages to starting a side hustle including, of course, making extra money. A side business will also allow you to test the entrepreneurial waters. You will develop skills and experience such as communicating with customers, managing a business, marketing, and financial management that will help you as a future business owner. Many of the skills you learn may also help you in your current career.
Side hustles allow you to start small and grow with the market.
Getting Ready
Before your side hustle can turn into your dream business, there are several best practices to follow to reach that goal. Don’t assume starting a side hustle is easy.
A successful side business requires planning and executing your plan with determination and hard work. Here are some guidelines for a successful side hustle:
- Is your side hustle idea feasible? Make sure there is a market for your idea. Do your market research and know your target market.
- Don’t go into debt for a side hustle. Start a side hustle that doesn’t spend money you don’t have.
- Don’t get fired. Continue to excel in your day job so that you keep the income and security of your regular job. Your goal should be to excel in your day job AND your side hustle. Don’t take from one to give to another.
- Keep your regular job and side hustle separate. Do not mix the two, and do not use resources from your day job on your side hustle. It’s wrong and possibly illegal.
- Use your time wisely. “Your only weakness in a side hustle is your time — so use it wisely and efficiently,” says the Inc. article, 5 Reasons to Start Your Side Hustle Right Now, Not Next Year. Carefully plan the time you spend on your side hustle. Develop a schedule and stick to it.
- Develop non-negotiable goals and deadlines. Set specific, measurable, attainable, relevant, time-based goals, also called SMART goals.
- Re-invest some of your earnings back into yourself.
Picking an Idea That Suits You
There are hundreds of side hustle ideas to choose from.
When choosing a side hustle idea, consider a business that is an extension of your day job. Services such as freelancing, consulting, blogging, or teaching may go hand-in-hand with your current career. Services like babysitting, dog-walking, house-sitting, doing errands or cooking are always good options.
You could also turn your passion into a side hustle by creating and selling your products locally or on Etsy.
For more ideas, check out Side Hustle Ideas: 176 Ways to Earn Extra Money (While Working Full-Time).
Additional Reading:
Here’s Why You Should Consider a Side Hustle, Forbes
The Side Hustle How-To Guide: 10 Rules for Side Hustle Success, Inc.
How to Start a Side Business While Keeping Your Day Job, The Balance Small Business