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Points to Take Note of When Starting a Side Hustle

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Do you belong to the class of people who are having a hard time with what side hustle to take up? Are you having cold feet? Not to worry as a whole lot of others are in your shoes.

Many work a nine-to-five job and are unable to meet up with the rising demands of the family. Here is where a side hustle is needed for such a person.

There are a couple of points that need to be taken into consideration when looking at taking up a side hustle.  Let’s take a look at them.

READ MORE:Secrets of a Self-Made Millionaire: How to Build Wealth Through Passive Income 

Why take up a side hustle?

Joyce had worked fifteen years in a department store and had risen to the position of its head.

Over the years she had always felt a void deep within her which no promotion seemed to fill. One morning she woke up with a banging headache that wouldn’t let her be after taking drugs.

She had no choice but to stay back at home. In those hours she had a walk down memory lane of her life.

She wondered why she was not at peace with herself. Then she took up her pencil and started to draw bridal wear.

oyce realized like the strike of lightning that she needed to pursue her passion for bridal fashion. This brought a smile to her always worried face.

A few weeks after she resigned to set up the brand name – Exquisite Bridal Fashion. This made the waves in the bridal fashion world thereby placing her amongst the best.

A budding passion to know what was missing in her life bore a reputed fashion bridal house.

Important Points

There are a whole lot of things that should be put in perspective when choosing a side hustle. The first on the list has to be passion.

  1. Passion:

The motivating force behind Joyce’s business success was passion. What are you passionate about? Passion springs from a great desire to see something done. It is a force that draws you to a task.

An example is always having the desire to draw, paint, compose songs, dance, and play the piano. This is a strong interest that does not fade with time. It might seem redundant to you but not dead.

Taking up a side hustle that is in line with your passion will surely lead to success. There can be low times but the will to keep up with the task at hand comes from passion.

When your side hustle is in line with your interests then a slight failure will not make you give up. Take for instance you love playing games and so choose to develop an online game.

A challenge of the app having issues with downloading by users can come up. Will you give up on the app when it fails to rectify after 4 attempts? It will be expected that you keep upgrading the app until it has no faults.

  1. Do a market research

It is quite important to take a market survey or study on the current happenings. Take for instance you decide to sell snacks as a side hustle. This would require a market survey on the prices of raw materials and how much the finished product is sold in the market.

Some other side hustles like app and game development will need a close look at the user interface of your competitors. Having a good grasp of how others are will put you at an advantage point.

  1. Source funding

Some side hustles like cleaning lawns, renting out garages and empty house spaces require little or no capital to kick off. Some others like making snacks, and food require a starting capital.

Having savings will be of great use when starting a side hustle. Friends and family members can also be of help as well. Another means of getting money is through finance houses like the bank and angel investors.

  1. Time commitment

You must consider the hours of free time you have left if you are on a full-time job. Taking up more time than is healthy can lead to burnout. This in the long run will affect your present job and side hustle as well. A balance has to be made between both ends.

The best way to go about it is to allocate some time to your new side hustle in the first few weeks. Simply take a study at the finance output to make changes where necessary. A good time that can be shifted to doing a side hustle is those times spent watching the television.

  1. Create a great business plan

There is a need to have a business plan to ensure that your side hustle is successful. A good business plan is focused on what is needed to grow and sustain a side hustle. This plan is most likely going to change as it grows over time. That’s the more reason why it should be flexible to allow for adjustments.

Take for instance you want to start a pet sitting as a side hustle. Make a list of the number of friends and neighbors who are likely going to need your services.  The next point to note on your business plan is the hour ratings.

Having good marketing tactics like word of mouth, posters, and social media adverts are important points. Your business plan solely relies on the nature of the business.

  1. Set earning goals

Placing a target on how much you intend to earn gives a sense of purpose. This is important as every side hustle is to yield money. Check to see if the hours spent on your side hustle align with the money received.

Side hustles like freelance writing could take quite a while to bring the desired result. Setting earning goals will help to make you more committed. You could tie your earnings to having more savings or completing a house project.

Your goals can be modified as your income increases over time.

  1. Have a good grasp of the law

You wouldn’t need to worry about areas like taxes if taking up side hustles like pet walking. A good knowledge of the law comes in handy when going into more advanced side hustles.

Opening a sole proprietorship, partnership, or limited liability company needs a good knowledge of the law. Any side hustle that requires the hiring of persons has to do with some paperwork. Sometimes the business may fall into debt, claims so needs the protection of the law.

As your business grows there must be a growing knowledge of the law. An insurance policy can be put in place to guard against any loss.

When all things are put in an orderly manner then you are sure of having a smooth sail in business.

The Way to Success in a Side Hustle

There are a couple of things you need to take note of if you want to be successful in a side hustle. These are:

  • Have well-defined goals

Writing out your short and long-term goals is sure to help put you in check. A person with clearly defined goals is surely heading for success.

  • Build a good online presence

There is a great need to have an active online presence in a digital age such as ours. Quite a good number of freelance writers, virtual assistants, and brand influencers showcase their skills on social media.

  • Networking

Telling others about what you do on the side aside from your nine-to-five job is networking. Your first point of contact on your new venture is your family and friends.

Be open to meeting new people of interest through those close to you. Attending meetings with others in the same line of business will open you to more opportunities.

  • Get a feedback

Always be open to getting feedback from clients who use your product or service. This will give you the chance to improve on what you do.

  • Finance management

Be careful with your spending habits as it can slow down growth. You should save a part of what you earn on emergencies, and taxes. A good amount of what you earn should be reinvested into your business.

In a case when the workload is affecting your regular job then hire extra hands.

  • Set your mind to learn new things

The way to expand has always been through continuous learning. Keep yourself updated on the latest news, and improvements in your skills. This is sure to keep your old customers and attract new ones.

Conclusion

 

Would you love to do something dear to your heart yet earn better? Every success begins with an idea. Your success in any chosen side hustle depends on quite a good number of things.

Success is found when you focus on following your passion while putting other factors in view. A side hustle can soon become a major stream of income. Quite a good number of people have reigned from their regular jobs to do their side hustle full time.

Go out and explore whatever catches your interest to see how much money you can get. While at it do set target financial goals and you can be sure of success.

FAQs

  1. What is the most important aspect of choosing a side hustle?

Knowing what your interests and passions are will surely guide you into choosing the right side hustle.

  1. What areas should be looked at in choosing a side gig?

Some of the points that should come first place are your passion, time commitment, and funding. All of these and much more will help in your decision-making process.

  1. Which skill is most sought after in today’s society?

A good number of side gigs like virtual assistant, affiliate marketing, online tutoring, and app development have good prospects.

  1. Where is the first likely place to get business funds?

Your savings is the first place of call right before your family and members. Secondary places to get funding are finance houses like the bank.

  1. What are the side hustles that do not need startup capital?

Having no capital to start a side hustle is no problem at all. Side gigs like Pet walking, creative writing, online counseling, and tutoring requires no capital to start up.

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