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8 Things To Consider Before Starting A Side Hustle

8 Things To Consider Before Starting A Side Hustle

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8 Things To Consider Before Starting A Side Hustle

Things To Consider Before Starting A Side Hustle

As someone who’s had their fair share of conversations with small business owners, I can tell you that dipping your toe into the entrepreneurial pool is an exhilarating experience. That said, starting a successful side hustle isn’t usually as simple as just jumping in and hoping for the best. There are some critical points to consider before embarking on this journey. So here’s my advice for you, based on my experience and the stories of others who’ve been there and done that.

Related: Beginners guide to starting a side business

Top Tips

Define Your Goals: What do you want to achieve with your side hustle? Are you looking for a creative outlet, some extra income, or maybe the path to financial freedom? Knowing what you want will not only help you choose the right side hustle but also keep you motivated during the challenging times. This step is essential in finding a good side hustle that aligns with your overall life goals.

Identify Your Skill Set: A side hustle is a fantastic way to turn a skill you possess into extra cash. Do you have a coveted skill that seems difficult for others to build and replicate? If so, you’re sitting on a potential gold mine. Perhaps you’re a whiz with social media, or you have a knack for writing; these could translate into offering services as a social media manager or freelance writer. If you can identify your strengths and package them into a sellable service or product, your journey to becoming a business owner becomes much easier.

Related: How do I start a new business with no experience?

Longevity and Passion: Will you still be interested in your side hustle six months or a year from now? You need to choose a side hustle that not only generates extra money but also keeps your interest piqued over time. It might be learning a new skill, turning a hobby into a small business, or providing a service that you’re passionate about. If your side hustle aligns with your interests, it won’t feel like a second job but more like getting paid to do something you love.

Related: Turning Your Passion Into Profit

Future Growth: Do you see the side hustle becoming your main hustle at some point? Not everyone starts a side hustle intending to quit their day job. But for those who do, it’s crucial to consider the growth potential and business structure from the get-go. Evaluate your choice of business structure, such as a sole proprietorship or Limited Liability Company. Depending on the future scale of your business, picking one that won’t grow with the business could slow things down. Understanding the scope will help you prepare better for the journey.

Related: Comparison of Business Entities

Find Your Joy: Think about tasks that give you joy or feed into something enjoyable in your life. Making money is nice, but if you’re going to spend your spare time working on something, it should ideally be something you like. Whether it’s designing digital products, customer service, or freelance writing, your side hustle should be a great side hustle because it brings you joy.

Related: Check out our huge business idea library for inspiration

Resources and Investment: What are the minimum resources it will take to get started and test out your idea? Consider the financial and time investment that your side hustle will require. Do you have the funds needed to get started? Can you manage it without affecting your work-life balance negatively? It’s crucial to ensure that starting a side hustle won’t put undue stress on your full-time job or personal life.

Related: Are side hustles worth it?

Market Research: Identifying your ideal customer and understanding the market is vital. Check out what’s trending. What are some popular side hustles that are easy to start? Understand who your potential customers are and how you can reach them. This could be through social media, word of mouth, or even freelance platforms.

Plan for Success: Every successful side hustle starts with a solid plan. Set out clear steps to follow, identify potential challenges, and have a plan to overcome them. A successful side hustle won’t happen overnight, but with a detailed plan and regular assessment, you’ll be on the right track.

Related: How to write a business plan

Remember, the journey of entrepreneurship is filled with learning and growth. It’s about more than just making extra money; it’s about personal development, building new skills, and potentially achieving financial freedom. So take a deep breath, take one step at a time, and embark on the journey towards finding your successful side hustle.

Author

  • Greg Bouhl

    With over two decades as an entrepreneur, educator, and business advisor, Greg Bouhl has worked with over 2,000 entrepreneurs to help them start and grow their businesses. Fed up with clients finding and acting on inaccurate and outdated information online, Greg launched StartUp101.com to be a trusted resource for people starting a business.

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8 Things To Consider Before Starting A Side Hustle

8 Things To Consider Before Starting A Side Hustle

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