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How to Start a Side Hustle While Keeping Your Day Job

Set Milestones

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. 

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IDEA EXTRACTED FROM:

How to Start a Side Hustle While Keeping Your Day Job

How to Start a Side Hustle While Keeping Your Day Job

https://www.thebalancesmb.com/how-to-start-a-side-business-while-keeping-your-day-job-4115403

thebalancesmb.com

10

Key Ideas

Mentally Prepare

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.

Your Skills And Areas Of Interest

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. 

Validate Your Side Hustle

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. 

Differentiate Yourself From Competitors

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.

Define Clear Goals

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.

Set Milestones

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. 

Delegate Work Outside

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.

Ask For Real Customer Feedback

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.

Keep Your Day Job

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. 

Before Quitting Your Day Job

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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See Your Side Hustle as "Me Time"

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Always Default To Action

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.

Only do What Generates Revenue

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.

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Choosing The Best Idea

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 ...

Develop And Launch

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.

Regroup And Refine

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.

Cover The Basics Before Launching

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...

Make a Schedule

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.

Find a Support System

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. 

Tips On Running a Side Hustle
  • Before you plunge headfirst into a passion project, do your research.
  • Spend time online to see what others are doing
  • Keep initial costs low by using a free website builder and...
Reasons To Start a Side Hustle
  • Earn extra spending money.
  • Liberate oneself from the 9-to-5.
  • Obtain financial security.
  • Get a deeper sense of satisfaction.
Remote Working

It’s almost hard to imagine now that people would commute 2 hours each way, from home to office and back, hopping buses and trains. Remote working, as discovered by millions recently, has plenty of...

Challenges In Remote Working

Remote working is not without its challenges, with many feeling isolated and unmotivated, being left on their own.

Communication is trickier with colleagues and bosses, and there is a general lack of transparency and chances of overworking.

Tools Of A Good Remote Worker
  • Being Tech Savvy: A Good PC/Laptop, the latest tools and software for the job, and a reliable internet connection are a must for most remote working profiles.
  • Good Communication Skills: Most of the communication will be written, and one should be able to articulate complex concepts and subtleties while being concise. This link provides a handy guide.

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The Passion Project

Various studies show that creative hobbies increase our happiness and well-being, and they can even make our work more productive.

Spending more time on something we are passionate about, un...

The Morning Routine

Creating a morning routine is a game-changer for your passion project.

With a clear, distraction-free mind, you can work on your passion for 30 to 60 minutes in the morning, maybe just one step of work, providing you with a great start of the day.

Time Allotment Myth

While we normally would allot a day or a weekend for our passion project, we end up not moving forward in spite of the time set aside.

If we can spare a few minutes to work on our passion project, in increments, we start to build something, with consistency.

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Purpose of Career Networking

It involves using personal, professional, academic or familial contacts to assist with a job search, achieve career goals, or learn more about your field, or another field you'd like to work in....

Top 7 Networking Tips
  1. Include the right people: anyone who can assist you with a career move
  2. Know what your career network can do for you
  3. Keep in touch - work your network: People are more willing to help when they know who you are
  4. Give to get - what can you do for your career network
  5. Keep track of your network

    make sure you know who is who, where they work, and how to get in touch.

  6. Network online
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Feedback
Feedback

Feedback provides an opportunity to gain insights about a person's personal and professional actions.
Without feedback, we will move in the same direction without realizing our shortcomings. ...

Types of feedback
  • Positive vs. negative. Positive feedback confirms that someone is taking good action, while negative feedback shows what actions need to be corrected.
  • Formal vs. informal. Formal feedback is given on a set schedule, and informal feedback is short and follows after an action or event.
  • Annual vs. monthly
  • Verbal vs. written
  • Manager vs. peer
Effective feedback
Effective feedback is:
  • Objective. Don't let your personal feelings get in the way.
  • Timely. Feedback should follow when the event is still fresh.
  • Constructive. Give respect and show that you have their best interests in mind.
  • Actionable. Feedback must include immediate next steps.
  • Warranted. Give your employees room for mistakes and learn from them.

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What early retirement means
What early retirement means

Early retirement is not defined as when you stop working forever, but as having the freedom and flexibility that saving up enough money can give you if you want to leave a job.

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How to retire early

A good early retirement strategy is built on maximizing three aspects: Income, expenses, and savings.

To build your early retirement strategy, you need to determine your retire early or financial independence (FI) number. It is the amount of money you need for work to become optional. Be aware that the number will (and should) change as you change, and your desired lifestyle evolves.

The money you need for early retirement

Based on a series of papers known as the Trinity Studies, you need to save 25-30 times your expected annual expenses to have enough money to last you for the rest of your life.

This multiple is based on the percentage of your investment growth that you would be able to withdraw per year. A safe early retirement withdrawal percentage is between 3%-4%.

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