Have you ever dreamed of achieving financial freedom? Do you feel stuck in your full-time job? You’re not alone.
Many full-time employees are looking for creative ways to supplement their income and become entrepreneurs.
However, the prospect of starting a business can be daunting! Fortunately, there is an easy way to test the waters – starting a side hustle.
In this blog post, we’ll cover how to start a side hustle in seven steps to get you started on turning your dreams into reality and jumpstarting your successful side gig!
What is a Side Hustle?
A side hustle is a term used to describe any form of income-generating activity that you pursue outside of your day job.
It’s the online course, blog, or craft business you run on the side while clocking in a 9 to 5.
A side hustle has become increasingly popular – not just because it can be lucrative, but also because it allows people to pursue their passions while maintaining their day job as an added layer of stability and security.
If done right, a side gig can provide an income boost to those looking to get ahead financially or an outlet for creative expression for those needing an artistic release — without costing you more than your time and energy.
Step One: Perform an Internal Audit
Before you take the first step in starting a side hustle, do an internal audit. Take a day or two to analyze why you want to pursue this opportunity and what skills and experiences you can bring to the table.
This will give you a clear head and the confidence you need before entering an entirely different world of business – a side hustle!
With that understanding, plan for the long-term goal. It can be either having a thriving full-time business or supplementing your day job with some extra money.
Your aspirations are essential to understand to determine whether your why is big enough, so take some time to be sure it is right for you.
Step Two: Decide on the Perfect Business Idea
When deciding on the perfect business idea, it is essential to pick an option that complements your current skills and experience.
If you have digital marketing experience, perhaps you can start an online store or online course could be the right side hustle idea.
For those with expertise in market research and surveys, setting up an online platform to conduct online surveys could prove to be the right fit.
If you’re into writing and want to build a more passive income stream, starting a blog could be a better fit to earn some extra income.
Do your research and make sure whatever idea you go with has a validated business model. There is no point investing in something without knowing it will actually yield success!
Step Three: Strategize Your Resources & Map Out The Battle Plan
Thinking about side hustle ideas is the easy part. Finding a way to make those seemingly wild dreams into something tangible that can deliver value to a customer – takes planning and strategizing.
Step three on your side hustle journey is all about mapping out a plan for success. This means accounting for the time, money, resources, and business structure needed to make your side hustle operational.
It requires deciding what product or service you plan to offer and developing a thoughtful solution that meets your customers’ needs at a price they’re willing to pay.
Once step three is complete, you can move on to set yourself up for launch!
Step Four: Set up your legal entity
A successful business starts with a solid foundation, and setting up a legal entity is a critical step.
Without one, you’ll have difficulty accepting payments, benefit from tax deductions and legal protection, and won’t be able to legitimize your side hustle in the eyes of the law.
Start by researching the legal requirements of starting a business and consider taking legal expert advice.
With a little bit of guidance, you can establish the appropriate business entity for your operation so that you can focus on actually running your business instead of worrying about possible legal repercussions.
Step Five: Market, Market, Market
Once you have the offer you want to promote, a legal entity, and a solid marketing plan, you’re ready to launch! So now it is time to market, market, and market!
Finding the right target audience is critical to getting those first three paying customers as quickly as possible.
You want to move quickly but also strategically with this step – making sure you’re reaching the right people who want what you offer.
But once you have three paying customers, you’ve successfully validated your side hustle idea and will start seeing a return on that hard work, not just in the form of validation but more money too!
Step Six: Provide an Incredible Customer Experience
Providing a superior customer experience is one of the most essential components of a successful enterprise, and going above and beyond often makes all the difference.
A side hustle can start in any spare room. Your primary focus is to ensure your customers are treated with care.
After all, those first few customers will become your brand ambassadors, talking up your side hustle among their friends and spreading the word on your behalf.
If you provide your customers with an exceptional experience, they’ll return for more services and to recommend you to others.
Enhancing the journey across every touchpoint gives side hustles something incredible, word-of-mouth referrals that no advertising campaign or social media post could ever win over.
Step Seven: Decide if you want to go full-time.
Deciding to move your business activity from a side hustle to a full-time endeavor can be intimidating.
While it may almost feel like starting over, there’s no need to panic. By successfully executing steps one through six, you’ve validated your idea, and most of the guesswork has been eliminated.
This is the right time to lean into what you’ve learned and make an informed choice that is right for you without looking back and second-guessing yourself.
As always, look to your support system – friends, family, and potential mentors – who can offer clarity, guidance, and reminders of why you started in the first place.
So there you have it – everything you need to get started on your very own side hustle in just 7 steps.
Whether you’re looking to make a little extra cash on the side or turn your side hustle into a full-time business, we hope these tips have set you on the right path.
So what are you waiting for? Get out there and start making your dreams a reality!