We live in a time when almost everyone is looking to find a side business for personal fulfillment, financial gain, or simply to test a business idea. Statistics CareerBuilder poll revealed that about 66% of American workers have at least one side hustle. This hustle could range from freelance writing, consultancy, app development, creative production, and many more. If you are one of those aspiring to launch your own side business, here is a detailed guide of how to do so while keeping your full-time job:
I. Make a commitment
Before starting a side hustle, it should be clear that it will not be an easy task. Get to know how bad you want to make it work and prepare for it. Side businesses snatch several hours that you would usually spend with friends or family. Therefore, being committed and willing to sacrifice will help you start and grow your side business.
II. Know your interests and skills
Although making money is one motivation to start another business, getting into a field of interest will quicken the results. An example is a musician who offers online piano lessons as a side hustle or a creative person working as a graphic artist. If you lack any skill, you can always learn.
III. Understand the market
You have already identified an idea that aligns with your skill set and interests. The next step will now be to learn the market and understand the potential customer’s needs. This is best done by investing time in market research.
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IV. Create competitive advantage
Even if other businesses are similar to what you want to start, a competitive advantage should make yours unique. This could be customer service, pricing, product offering, or your distribution network.
V. Setting goals
Businesses thrive well if you know where you want to end up after a specific period. Set clear, measurable, but realistic goals. Daily, weekly, and monthly goals help you to be accountable and objective. Your goals should also focus on the small wins.
VI. Set a launch date
Although it is good to map out everything before starting a business, it is okay to set a launch date without obsessing over the perfect plan. Nothing is ever perfect. From there, you will be regularly adapting and navigating around obstacles.
VII. Get help with your weakness
Because a business has so many facets that contribute to its success, try to outsource consultants to cover your weakness. For example, you can get someone to code your business website if you are not a software expert or learn it yourself if finances are tight.
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VIII. Seek objective feedback
Objective feedback is the key to building a business of value to your customers. Therefore, getting such feedback should be one of your goals right from day one. You can work with a mentor or entrepreneurial friends on this.
IX. Avoid getting fired
Remember that the goal is to start a side hustle while keeping your current day job. Therefore, you should draw a clear line between your other business and your job. So, don’t be that guy that uses the company resources for your benefit.
X. Reach a sustainable flow
If you ever want to quit your job, you should ensure you reach a stable flow of customers to sustain you for months and years to come. High-growth startups or investor funding do not require as much time as others.
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Thoughts
Although this may seem like a tall order, starting a side business is definitely achievable. The fact that new businesses have shown trends of failure after startup should not scare you away from seeking a self-employed gig. Commitment and proper planning will drive you towards securing your future.