If you want to be able to start your own side hustle but just don’t know where to begin, then you are not alone. So many people are in the same position as you are right now, but if you don’t take that next step then you may find that you never end up doing it, and this can impact your financial health in the future.
Create a Solid Business Plan
If you are new to the idea of starting a side hustle and you don’t have a business plan, then the first thing you need to do is create one. A business plan is your roadmap to achieving all of the goals you need. You don’t have to create a super long business plan, but you do need to focus on the key factors that are going to make your side hustle successful. Your initial plan should be as fluid as possible, as it will probably change with time. These changes are to be expected but if you can get your ideas on paper then you will soon see your business comes to life. You may even be able to determine what you want, and what you don’t. If you want some more help with starting your business, then the only thing you have to do is keep on reading.
Create an Executive Summary
Your executive summary should outline your business and the issues that you plan to solve. You will usually write this yourself and it will be one page in length. If you are struggling with this summary, then it could be an idea to work through some of the other things you need in place for your company so you can revisit this page and add any details.
Identify your Audience
When you start a side hustle, you have to know who you intend to sell to. If you want to do this, then you need to define your target audience. This will involve you identifying the key demographics and documenting the age, income and location of your ideal clientele. If you can do this then you can then uncover why your audience would be interested in your business. You should know your ideal client and how you are going to find them. Right now, social media is a big part of everyone’s lives. You have LinkedIn, Facebook and even Instagram. Of course, these are all very helpful when it comes to finding clients so make sure that you keep that in mind.
What are you Going to Offer?
Another thing you need to work out is what products or services you are going to offer. At the end of the day, you have to make sure that your business solves a problem and that you align your product offering with that. It’s a good idea for you to sketch out your thoughts so you can understand how your product is going to be priced and how you are going to be selling them.
Figure out your Operating Model
A good operating model will help you to understand and then lay out how you intend on delivering value with your service or product. It will also help you to determine the type of experience that you intend on providing to your customer. Start by asking yourself, are your products packaged in a way that aligns with the experience you want to provide? Is it in line with your brand? If you can give some thought to things such as this, then it will help you out a lot in the future. When you have your side hustle up and running, you can then scale it accordingly, because you have a solid process in place.
Know Your Competition
Everyone has competition, and unfortunately, you need it. If you don’t have competition, then this usually means that there is no market for your product, and this is the last thing you need. One thing you can do to help yourself here is to try and find out what your competitor’s strengths are, and what weaknesses they have. If you can do this, then you will be able to differentiate yourself and this can work in your favour.
It’s wise for you to consider your funding and whether or not you are going to need investors. You also need to think about your financial goals and how this is going to fit in with the business model you have. To begin with, you need to find out how much your registration fees are going to be, how much it is going to cost to brand your company and even how much your website is going to cost to develop. If you can do this, then you will be able to help yourself to come out on top. If you intend on going into videography as a side hustle, you may need to factor into account the cost of equipment, such as the Inspire 3, as well as the cost of a license, depending on the area that you are going to be flying in. If you can do this, then you will soon find that it becomes easier to find out how much funding you need to get your business to where it needs to be.
Know your Cash Flow
This is otherwise known as your working capital. Cash flow, at the end of the day, is how much money you need to sustain your side hustle. These costs have to be laid out as part of your expenses. They will give you a baseline of how much you need as a minimum amount, to keep your company going. Of course, you have to plan how you are going to stay on track as this is where your budget is going to come into play. Having a solid budget is imperative, as it will allow you to manage your finances properly and it will also allow you to stay on top of everything. So many people think that because they are starting a side hustle and not a full-time business, they do not need to create a budget. This is a monumental mistake because if you follow this approach then you will find it harder to plan out your expenses and this can put a dent in your success. Plus, you never know, one day you may find that your side hustle becomes a viable business that you can go full-time with. If this is the case, then you’ll want to have a solid budget that you can follow.
Leverage Free Resources
If you want to make the most out of your side hustle and the potential profit you can make, then you have to learn how to leverage free resources. You will need them as you begin your business journey. The great thing about leveraging free resources is that they can help you to make the most out of your business profit. As you grow your business, you can then invest in other resources and grow your company over time. Just make sure that you do not throw too much money into your company early on and that you are always mindful of your income and expense. If you can keep the two balanced, then there is no reason at all why you shouldn’t be able to come out on top.
Create a Solid Brand
The next step would be for you to name your side hustle. You need to have a solid business name because if you don’t then you may find it difficult to resonate with your customers. Your business name is a huge deal as it will reflect the identity of your brand and it will also be the first introduction for your customers, in regard to your new venture. If possible, you need to make sure that your business name is unique, and you also need to look to see if the website domain is available. Is your business someone else’s trademark? Is the website domain available? Is your business name going to appeal to the demographic of your choosing? You have to think about things like this early on because if you don’t then you will soon find that it’s harder to guarantee success for your brand. If you need some help with your business then remember, you can always hire a business mentor to help you plan out the various aspects of your side hustle and the steps you need to take to ensure that it is a success. This is a great way for you to get the guidance you need.
Of course, starting a side hustle isn’t easy but if you are willing to put in the work and if you are happy to try and research your idea well then there is no reason why you shouldn’t be able to come out on top. Why not see if you can make things work to your advantage today by simply exploring the ideas that are available and also by making sure that there is a gap in the target market?