How To Make That Side-Hustle Work For You
There is this anonymous saying that states that
“The average millionaire has 7 sources of income”. Now more than ever before I believe this and my belief in this is hinged on the fact that this year, 2020 has taught us all that having multiple or at least a second source of income from your regular 9-5 is a necessity.
Apart from the fact that a side hustle is a perfect strategy to transition from paid employment to full time entrepreneurship, it is also the perfect remedy for making enough money to support yourself and your family. For many people, the regular 9 – 5 job does not sufficiently pay their bills.
Its easy to start a side business, sometimes as a hobby or a way to keep busy after work hours, but starting a side hustle that will actually pay off both professionally and personally is a lot harder. We have curated tips on what works and what doesn’t from successful entrepreneurs that will not only enable you earn extra income at the side but also ensure it is successful;
- Consistently crush your full-time job.
Side hustles can be very distracting most especially when your full time job is very tasking. If you are not careful you can lose your main gig while pursuing your side hustle but you must remember that losing your full-time income is the last thing you can afford. The goal should be to be great at doing both your full time job and your side hustle. So, its important to ensure that before you start your side hustle, you are fantastic at your full time job. Work hard and as efficiently as possible. focus on getting your tasks done right and on time. Get more than anyone else so that there are no concerns about your performance and dedication.
- Use your time wisely – Follow a strict schedule
Its critical to make sure the time spent on your side hustle is worthwhile since your full time job will most likely take up most of your time. You must learn how and when to say no to opportunities that may pop up which you may not be able to commit to due to time constraints. This is a hard pill to swallow because some of these opportunities you think may have given you your big break, but if you have it in your mind that it may be in your best interest to say no more often so you have the time and bandwidth to say yes to the opportunities that will truly grow your business.
Additionally, how you spend each minute per day is vital when you have a side hustle you’re trying to build but can’t dedicate full-time to it. Have it at the back of your mind that When your “normal” workday ends, your side hustle is just beginning. With this at the back of your mind always, you can apply proper time management tips to help plan your time.Decide how many hours you think you can spend a day on your side hustle, then add 25 to 50 percent to that number. If you’re thinking two hours, make it three or four.Then commit to that schedule. Write it down, and if your schedule says you will work from 6 p.m. to 9 p.m. every evening, and from 9 a.m. to 3 p.m. on weekends, ensure you work those hours.
See the schedule you create for your startup the same way you see your schedule for your current job – as non-negotiable. Then work that schedule, Otherwise, you won’t see any progress, you’ll quickly get discouraged, and you will never have given yourself a fighting chance to succeed.
- Focus on what generates revenue only
While you may need to spend a little time on admin and infrastructure to get your side hustle going, it should not be too much. You don’t need fancy spreadsheets and comprehensive reports but you do need to put in work. Successful side hustlers should focus on selling and working.
It may be true that when you do what you love the money will follow, but only if what you love doing actually generates revenue. If it doesn’t pay, put it aside. A successful side hustle requires you to work in the business because that’s the only time you actually make money.
- Dream big, but focus small
While you hustle at the side, there is always the dream to find that one big client that will make us launch the side hustle as the main gig eventually. While this is a great dream, it doesn’t always happen that way. A better approach to this dream will be as recommended by Dharmesh Shah: Rather than finding a way to make a million dollars, find a way to serve a million customers.
Start small. Prospect where you have a reasonable chance of success. Along the way you’ll learn. You’ll build your skills. You’ll build a customer base. Later, you can leverage that customer base and everything you’ve learned to successfully hunt bigger game.
- Grow Your Side-Hustle Team Systematically
As your side hustle grows, the time will come when you can no longer do everything as a one-man (or woman) band. Bringing on additional team members can free up your time to focus on other growth strategies required to scale the business and possibly make it the full time hustle.
Knowing whether your business needs a full-time employee or part time employee can be a tough but important decision. And knowing what differentiates an independent contractor from an employee is also critical. Not only so you can be as productive as possible, but also so you know what employment laws, tax laws and costs will be involved. This will ensure you do not get into costly disputes with your staff or the compliance authorities.
Also, taking advantage of the various online businesses that you can outsource certain services to can be helpful for any side hustle, as you can save cost while getting stuff done virtually and professionally.
Team 618 Bees
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