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Most commonly known as the ‘side hustle’ there is a distinct rise in the number of people who are taking on a secondary business to supplement their salary and open up their professional opportunities to new avenues and adventures.
For many of these business-savvy individuals, what starts as a side hustle can often become their primary passion and main working focus. So, what makes for a successful side hustle and how can you make it work for you?
Like many areas of business, there is no exact formula to making something work. Each business is individual, with its own recipe for success and growth. Obviously, time management is key when working a traditional job and a side hustle, and the more time you are able to channel into your secondary business – the more successful it will likely be.
The benefit of a side hustle is that it isn’t your main source of income (at least, not yet), and so you are free to give it as much time and attention as you wish. Once you’ve decided how much of your life will be run by the side hustle, there are a few things you can do to maximise your success.
The first thing to do is ensure that you’re spending your time on something worthwhile. Whether it’s a product or a service that you’re offering, encourage friends and family to be your guinea-pigs and provide constructive feedback, so that you don’t end up spending your time on something that will become a flop.
It’s important not to jump in too quick. You may be loving the work you get on the side, and may think that the more time you give it the more it will grow. But the reality is, it’s unlikely you will be able to switch your side hustle from a small idea to a full time job overnight, and so giving up on your day job would be a risk too far. Ensure you’re still channelling plenty of energy and enthusiasm into your day job, as it can be easy to lose motivation and start turning in bad work once your priorities shift. Your day job is still important – both financially and professionally – and you don’t want to lose the great reputation you’ve spent your career building.
The age-old work life balance is something some people really struggle to entertain, yet it is so important to your own wellbeing. Make sure that, even with your side hustle, you’re still allowing yourself adequate time for rest and personal activities.
Don’t just throw money at your new venture in the hope that it will delivery a good return. Spend your money on what’s important – whether it be a website or a physical workspace in which to conduct your side hustle. Buying a brand-new laptop if you’ve already got one, when you don’t yet know the value or anticipated success of your side hustle, is unwise and likely a waste of money.
Having said that, ensuring you have the right tools to maximise your success is important, and you should think carefully about which tools you need to progress your side hustle forwards in a positive direction. Do you need a website? Would an app help you to manage your time and keep a handle on the tasks that need completing? These are questions only you can answer.
If you’re going to be spending much of your spare time on a side hustle, make sure it’s something you enjoy doing and that you are passionate about. Motivation is everything when it comes to a side hustle, and so choosing to progress with something you enjoy is vital.
Set yourself small and large goals and make sure you keep track of them. So many people write themselves checklists and goals, only to lose the paper they wrote them on and forget about them entirely. There is no point in having goals if you aren’t going to check in with them, so use it as an opportunity to start small and work your way up – and who know, maybe one day you’ll look back and be proud of all the goals you’ve achieved!
Whether your primary reason for starting a side hustle was to earn some more money or to engage in one of your passions, a side hustle can be a great way to use your time to both a personal and financial advantage. Pick something you enjoy and that you can envision growing – after all, there’s a chance that one day this may become your sole working commitment, and so you want to make sure it is as successful as it can be!
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