If you’re considering turning a hobby into a side hustle or are looking to earn a bit of extra cash on the side, this article will share a few pointers that can help you make a success of your endeavour.
1. Verify your ability to pay your bills
When you first start your side hustle, it’s crucial to control your enthusiasm for the opportunity. Your first and foremost focus should still be your 9-5 employment. Avoid using corporate resources while you’re working and exercise caution when taking personal (side-hustle) calls (internet, office supplies, copy machine, etc.).
Planning your finances well now will help you gain the financial security you need to finally quit your 9-to-5 job and concentrate on your business. Take into consideration costs such as material expenses, marketing, etc. To put yourself in a position to switch to full-time entrepreneurship, save 20-40% of each paycheck each month.
While you may be tempted to cut some expenses during the early stages, insurance isn’t something you should avoid, regardless of whether you work on your venture full-time or part-time. It will carry some degree of risk. Research business insurance Brisbane for more information about the types of policies that are available.
2. Modify your workday (if possible).
You must find time to focus on your side business while still respecting your 9 to 5 employment. One suggestion is to explore if your work schedule may be changed to give you more time to work on your business. You might ask for flexible scheduling or try switching to a four-day workweek.
3. Establish a time frame to work on your side business.
You will need to schedule time each day to work on your side business, regardless of the scheduling compromises you reach with your existing company. This will help you develop a habit, which will be fundamental to your sustained success. It will also prove to yourself, and others, that your new company is important to you.
Whatever works best for you for your hours—morning or evening—make sure to arrange them on your calendar, then act!
4. Make a technology choice and create systems as you go.
Your job will become more productive and structured thanks to systems. Investigate how technology and automation can make your side business more efficient as you work on it. One of the main factors contributing to the failure of small enterprises is a lack of technology use. Technology can make your life much easier for communication, fulfilment, invoicing, and other purposes.
5. Recruit your relatives.
Your spouse and other family members will be impacted by your new business. Hold regular family meetings to ensure that everyone is informed of what is going on. When you start a side business, having the support of your spouse and loved ones will be really helpful. Making concessions and being open about how the business will affect them are necessary to win their support. For instance, you can vow to continue having dinner with them every night even if you have to work on your business after your 9 to 5 job finishes.
6. Seek outside assistance as necessary.
The majority of side businesses are started by solopreneurs; however, once your business starts growing, you will need to enlist some help. For instance, you could need mentors or advisors to support you along the path. Alternatively, you may need help compiling your accounts.
Early on, consider putting together a team in case you need outside assistance to complete some tasks. Although you might not be able to hire someone right away, you could look to find freelancers.
Even the startup solopreneur needs to think about delegation, so they can spend their time developing the business and concentrating on things that generate revenue.
7. Make it legitimate
In order to be successful, you must treat your side hustle like a real business rather than just a pastime. You can strengthen your perception of the legitimacy of your company by creating a schedule. But when you begin your side business, there are other things you can and should do.
- Get the appropriate business and tax registrations in place.
- Open a bank account to keep your personal and business finances completely separate.
- Create a website for your company so that it can serve as the official online welcome mat for customers. Your website is your best chance to earn money while working, so invest time and resources into making it outstanding.
- Ensure you have insurance in place to cover you if you face any issues.