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The Ultimate Side-Hustle How-to Guide: 10 Rules for Side-Hustle Success

Consistently Crush Your Full-Time Job.

Don’t be tempted to think about, dwell on, or even work on your side hustle when you're at your full-time job, because this is wrong and may cost you your job. When you start a side hustle aim to be great at your full-time job and your side hustle.

So even before you start your side hustle, work as hard and efficiently as possible. Get more done than anyone else, if only so you can leave on time without regret, and without raising concerns about your performance and dedication.

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The Ultimate Side-Hustle How-to Guide: 10 Rules for Side-Hustle Success

The Ultimate Side-Hustle How-to Guide: 10 Rules for Side-Hustle Success

https://www.inc.com/jeff-haden/the-side-hustle-how-to-guide-10-rules-for-side-hustle-success.html

inc.com

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Key Ideas

See Your Side Hustle as "Me Time"

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 progressing toward a goal but you'll also feel better about yourself and your life.

See your side hustle time as "me time." Because it is -- it's time you spend making the most of your life.

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.

Dream Big, But Focus Small

Rather than finding a way to make a million dollars, find a way to serve a million customers. Start small and prospect where you have a reasonable chance of success.

Along the way you'll learn and build a customer base. Later, you can leverage that customer base -- and everything you've learned -- to successfully hunt bigger game.

Follow a Strict Side-Hustle Schedule

Decide how many hours you think you can spend a day on your side hustle. Then add 25 to 50 percent to that number, write it down and commit to that schedule.

See the schedule you create for your startup the same way you see your schedule for your current job -- as non-negotiable. Otherwise you won't see any progress and you'll quickly get discouraged.

Only Spend Money On Actual Efficiency

Avoid spending money before you actually have demand for what you are acquiring.

Allow yourself to be inefficient until you have enough work to make greater efficiency truly matter. 

Don't Spend Money The Customer Won't See

If you want to spend on something that doesn’t affect the customer, give up on it.

Spend what money you have where it makes a real difference to your customers -- because without customers, you don't have a side hustle.

Don't Use a Side Hustle as An Excuse

If you just want something -- and there's nothing wrong with that -- don't use starting a side hustle as an excuse to buy it.

Plenty of failed side-hustlers admit they started their business as a way to rationalize the purchase of something they had always wanted to own.

Never Take On Side-Hustle Debt

To avoid having to work for years before turning a profit, start a side hustle you can fund through savings or that you don't need to fund. Provide a service that only requires the tools you already have.

Prove to yourself that there is a market -- and that you can serve that market -- before you take on any debt. If you can't find a way to start your side hustle without going into debt, find a different idea.

Consistently Crush Your Full-Time Job.

Don’t be tempted to think about, dwell on, or even work on your side hustle when you're at your full-time job, because this is wrong and may cost you your job. When you start a side hustle aim to be great at your full-time job and your side hustle.

So even before you start your side hustle, work as hard and efficiently as possible. Get more done than anyone else, if only so you can leave on time without regret, and without raising concerns about your performance and dedication.

SIMILAR ARTICLES & IDEAS:

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.

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 ...

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. 

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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. 

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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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.
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.

...
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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Education and wealth

College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting th...

Controlling expenses and wealth
Those who control their spending do much better. This doesn’t mean you have to save on EVERYTHING, just some things. Enjoy your life by spending on what you want here and there, just keep it in line so you have excess to save and invest. Even 10% will make you wealthy over time.

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacte...

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacted by the amount invested.

Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Try making a budget
  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.
Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

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Focus on Systems Instead of Goals
Focus on Systems Instead of Goals

Most goals are out of our control. We have limited control to reach them. In a system, your focus is on all the parts that you do control. And system is a fancy word for “repeatable process”...

Leverage the Compound Effect

When you focus on developing systems and work every day, your work compounds over time, developing exponential growth. 

The more advantages you create, the more your next advantages pay off. A 1% gain every day compounds to almost 38x increase over a year.

Measure Output, Not Input

Systems are the best way to progress since they reward effort and we control all the variables. However, we need to have a sense of direction in those efforts, to know what we are trying to accomplish

Writing daily with no objective is just practice. If you want to achieve something, you need to commit to a certain output, like publishing a post on your blog weekly. At the end of the day, a system is a way to control how to achieve an output.

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