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Think if you are willing to sacrifice your free time to struggle to establish a side hustle and if you can handle the consequences of it.
If you are willing, develop a system of positive triggers and routines to help support your self-discipline and exert all your extra effort to grow your side hustle, then you have the psychological foundation to build a successful business.
Acquire relevant skills, experience or industry knowledge necessary and ensure you have the passion and competence for what you are going to work on.
A good start is to monetize the skills you already have that are related to the side hustle you want to establish this. And if you lack key skills that relate to your interests or the side hustle you want to create, there's no better time than the present to learn them.
Your side hustle idea may seem awesome and disruptive to you, but your potential customers will likely ignore it like most “brilliant ideas” or even not have a need for it. So, ensure you're not creating a solution to a problem that doesn't exist, as this is one of the top causes of startup failures.
You can do that with objective feedback from potential customers and asking them to join a waiting list, pre-purchase your solution or hire you as a service provider.
Secure your value propositions with a serious competitive advantage.
That can be anything that differentiates your business from the competition. This can range from smart/low pricing, aggressive sales tactics, higher profit margins, unmatched customer service, best-in-class features, strategic relationships, intellectual property and other specific factors that clearly differentiate your brand from the competition.
At the beginning bring in one customer at a time to avoid becoming overwhelmed by the demands of larger numbers.
Having practical goals that are attainable on a daily, weekly and monthly basis helps you develop positive habits and train yourself for success. One good framework to use when formulating goals is the SMART Goals Criteria.
A good, viable side hustle idea should be launched, monetized and iterated. Don't waste time obsessing over trying to build the perfect solution when you don't yet know what exactly your customers will resonate with most.
To help you beat the inertia, draw up a simple action plan that lays out key milestones and deadlines that'll guide you from start all the way to launch date.
Starting a side hustle you're going to have weaknesses and some of the skills necessary to efficiently running your side hustle must be outsourced so you can free up your time to do only what you're best at within your business.
It's also more affordable in the long run as the value of your time increases significantly.
Without feedback from your first customers, you risk failure as your project may not satisfy your customer’s needs.
Without objective, external feedback, you risk executing the plan and investing resources, only to lose all in the end. Try to internalize and you'll force yourself to continually improve your solution as you progress.
Don’t work on your side hustle during company time or with company resources. Not only is it unethical, but it may violate your employment agreements.
Honor every contract term and perform well at your day job even as your side hustle picks up momentum. Compromising your quality of work and reputation in the office will prevent you from re-engaging and even potentially partnering with your old employers once you go full-time as a business owner yourself.
Keep your day job until your side hustle is providing you with a sustainable, growing cash flow that exceeds 75% of your day job income, so you can increase your chances of success.
Moreover, have at least six months worth of savings for both personal and business purposes.
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When choosing your side hustle, pick something you want to do, be or achieve, and actively work toward it. Not only will you enjoy the sense of accomplishment that comes with progress...
Spend some time planning. Then spend a lot more time doing. If you're unsure, do something -- and then react appropriately.
It's easy to think and plan and evaluate yourself out of ever starting a side hustle. See starting a side business as the grand experiment it is. Never forget that the fun is in the doing -- not the thinking.
You may need to spend some time on admin and infrastructure. But you don't need fancy spreadsheets, comprehensive reports, a catchy brand or a mission statement.
Successful side-hustlers focus on selling and working. Anything else is time taken away from generating revenue.
Keep your day job, and start a side hustle while you’re there. To do it, you need to create an asset that earns money for you.
Spend your first week being observant, focusing ...
You’ve settled on your idea and transformed it into an offer. To convince your ideal customers to consume it, know your promises, pitch and prices, and have a short explanation of why your offer matters.
Aim to understand each action, deliverable, resource, and tool you need to launch and then follow through with it. Creating a schedule and sticking to it will help here.
Decide whether to keep investing time in this project or head back to week two and try a different one instead. Knowing when to quit and when to keep going is key to making any side hustle successful.
Even if you decide to abandon the project and choose something else, the experience you’ve gained will help you be more successful with the next one.
Think about things like: securing social media handles, having a distilled brand message and design, a newsletter subscription, trademarking your name/logo, getting an EIN so you can writ...
The struggle to establish a side hustle includes converting previously nonwork time to dedicate to it.
To lessen the impact, create a schedule considering your situation and tendencies, like your most productive time of the day and what activity would create less damage if sacrificed.
Having people that you can vent to or ask for guidance is key to making any venture a success. Even if you choose to fly solo, surround yourself with people you can talk to, bounce ideas off of, and get genuine feedback from.
Scour your network for people in the same industry, reach out to mentors, and even ask close friends or co-workers for their honest opinions.