Essential Tips for Launching a Side Hustle Successfully
What are you doing when you are not doing anything?
With limited time in our busy lives, we must evaluate how productive we are and how we choose to spend our time when we are not doing anything. Yes, binge-watching Netflix or playing video games is fun and comfy, but is there a better way to spend those extra hours and achieve greater results?
A side hustle is always a great idea because it brings extra income, develops new skills, helps you explore your passions, expands your network, and diversifies your income streams. A side hustle brings you added financial benefits and supports your growth. We live in an age where the economy requires us to be flexible and adaptable. By having a side project other than your permanent job, you can tackle the harsh economic times and create a sense of fulfillment that might be missing in your regular job.
There are two ways to look at it: you can start a side hustle based on your passion (a passion project) or on your skills. Either way, initially, it would require consistent time and effort to reach a sustainable point.
In this article, we are sharing some tips with you for starting your first side hustle.
Time Feasibility
The first step in starting your side project is to evaluate your schedule and the time you are willing to dedicate to your side project. The idea here is not to blow your work-life balance entirely out of proportion but to find a strategy that allows you to work a few extra hours weekly.
It works best when you work with a regular schedule, such as a few hours every evening, certain hours on certain days, or on certain weekends if you have the flexibility for it.
If you dedicate a few hours weekly, you can pick a project that requires consistent attention. However, consider passive income strategies if you are swamped with work and responsibilities.
Explore Your Interests & Skills
A side hustle is a way to earn extra income and bring excitement to your professional life, which most of us lack in our full-time jobs. The project becomes much easier when you pick something that energizes you and that you enjoy working on. For example, if you like writing, you can become a writer or a blogger.
If you need help finding the idea, list your interests and skills and expand on it. If you are good at remodeling spaces, baking cakes, or love styling a wardrobe, see if your interests or skills can be part of a niche business.
Price Point
Decide on the price point for which you are willing to market your service or product. You must determine the appropriate amount for your target market segment, and whether it’s worth your time and effort.
You may have to start at a lower price point and increase gradually or run discount promotions at the beginning of your business to position yourself in the market.
Business Plan
The success of any project is heavily based on its business plan. Invest enough time and research to come up with a solid business plan. A business plan is a roadmap for a project. A side hustle should include product specifications, market analysis, competitive analysis, marketing plan, and sales strategy.
This plan can be adjusted and changed as you go along, but having the plan before starting the project allows you to be on track and become aware of the potential roadblocks.
Create Value for Your Clients
Evaluate if your product or service offers the value for customers you plan to deliver. This is a significant step because your business plan, marketing, and branding have to be aligned with your value proposition.
Once everything is aligned with your value proposition, your side hustle will grow, and you’ll have well-established processes in place on how to run your business.
Consider Start-Up Cost
Consider start-up costs such as licenses, permits, marketing budgets, and vendor payments. Figure out your cash flow situation to keep your business running until it generates revenue. If your side project requires capital, it could take a few months before you will start generating revenue from it. If your model is based on no investment except for the marketing expense or word of mouth, this can ease the additional financial pressure on your project.
As an entrepreneur and wellness coach, I advise maintaining a work-life balance when you start a side hustle. Many people start side projects without considering the complexities of time management and end up blowing them out of proportion. Their main job, family life, and health takes a hit when they don’t plan such a project carefully.
Remember, the goal here is growth, not deterioration.
If you are a HerMeNow participant or alumni, book your free coaching session now through the HerMeNow website https://www.hermenow.com/wellness.
Anam Anjum
Wellness Consultant
+971 52 629 9656