Posted on 2/19/2020, 5:32:43 AM
Today it seems like everyone has a side hustle. Whether it’s deejaying at the club on the weekends, writing the next bestseller, or teaching yoga, side hustles are essential to a passionate person’s existence.
And though these side gigs don’t have to substitute your nine to five, some of us wish that they could. But how can you make that happen without going completely broke or losing your mind deciding on a business model?
It’s all about a proper plan. However, this well-thought-out plan must have some wiggle room. Flexibility is key when diving into a start-up. The nature of turning a side hustle into a full-time business is oftentimes unpredictable. You can’t be prepared for every obstacle and bump along the way, but by utilizing these four key pieces of advice you will be able to navigate the rocky path to success.
In order to have a strong business, you must have strong goals holding it all together. Think of your goals as the foundation of your company. If your goal is to simply make money, your foundation will crash and burn very quickly. A financially based goal is not sustainable and will not move your business forward.
Your goals must be strong enough to support the longevity of this start-up venture. If you’re putting in the time to start a business, chances are you are in it for the long haul. You need goals with depth and meat to support what you are trying to accomplish.
For example, say you are starting a music booking service where music bookers can easily browse, find, and book talent. Often times in the music business, artists are looked at in terms of dollar signs. A good goal for your company would be to create a space where artists matter. Rather than trying to make money selling artists like products, you would try to create a personal and respectful service for artists to gain bookings and showcase their art.
Getting organized is extremely important in starting a business from the ground up. And that’s why setting a goal first is vital. You need to know where you’re going in order to decide how you are going to get there.
A number of factors go into getting organized. First, you need to decide on the design of the company -- is it just you or do you need other employees? Then you must decide on a space -- are you able to work at home or will you need an office? Will Starbucks suffice until you get enough funds?
Then, there is a question of equipment. For example, if you are starting a podcast, you may need proper quality sound equipment. But, even if your business idea doesn’t require specific equipment, you should still have a system set up for payments, perhaps a trending payroll software with a hardcopy log, as well.
You should also have regulations and protocols in place for other aspects of your company such as marketing, sponsors, employees, operations, bookings, the list goes on and on!
It may seem like an extensive amount of planning, but the more you plan before you start, the better prepared you will be for the little hiccups along the way.
We hear the word branding all the time, but what does it really mean? Your brand is the face of your company. It shows the world what you have to offer. And in a world flooded with entrepreneurs hungry for attention, you better stick out if you want to survive.
In order to stand out from the crowd, an entrepreneur needs to establish why what they’re offering is different from their competitors. A brand needs to have something special and completely unique in order to gain traction in its market.
If you’re having a hard time figuring out what makes your company special, then you need to do some redesign and go back to your initial strong goal that acts as the foundation of your business. Only then can you move forward.
Once you have discovered your company’s unique contribution to the already established market, then you must make sure it is well advertised to your target audience. And in the age of social media, there are plenty of opportunities for free advertising and connecting with your audience in a personal manner.
Speaking of social media, networking is a wonderful way to utilize these platforms. In order to grow as a business, you need the help of others. Very rarely do people make it on their own.
Networking allows you to find mentors in your field that can offer advice on your trade. It can also lead to collaborations such as advertisements, sponsors, and investors that can contribute to the building of your business.
It is important to remember not to take advantage of your network. When networking, don’t ask what they can do for you, ask what you can do for them. By offering your services or collaboration, people will, in turn, help you.
If you’re ready to dive head-first into your side hustle and take it to the next level, we suggest checking out our nonfiction business book summaries on the following books: