Mama You’ve Got This - How To Start A Side Hustle
Have you been rolling a side hustle or business idea around in your head but not sure where or how to start? Or even if now is the best time? Well I’m here to tell you that when times are a changin’ , brilliant minds go to work! Some of our most well-known businesses were started in tough economic times, including Apple, Microsoft, Airbnb and Uber - the list goes on. Whether you want to be the next Bill Gates or just add some extra money to your savings account, starting a side hustle or small business could be the way to go. For me it was all about having the money to leave my city job so that I could be around for my kids.
Below is a guide for starting a side hustle, from someone who has been there! Use the below to put together a plan that will get you started on your new project.
1. How To Start A Side Hustle - Have a Clear Goal
Why do you want to start a side hustle? How much money do you want to make? How much time do you want to spend on it? Be honest, be realistic. There is no point getting beyond this point if you are not clear about what your goals are and the time commitment you are willing to make, even if its only 2 or 3 hours per week.
2. How To Start A Side Hustle - Product or Service
What product or service do you will you sell? Be as specific as possible. Identify any gaps in skill and knowledge that you need to address.
3. How To Start A Side Hustle - The Market
Spend some time doing research about your intended pursuit. Who does this already? How and Where do they sell? How much do they charge for it? How many people are buying? Use Google and social media platforms to gage a potential market size. Identify a potential point of difference for your offer? Is there a way you can add extra value and charge more?
4. How To Start A Side Hustle - Do The Sums
Understanding your Price & Profit can make or break your idea. Always work everything back to the goal you started with. What price will you be able to sell your product / service for? How much money will it cost you to make and deliver the product / service? How many will you need to sell every week / month / year to hit your goal? How does that compare to the time you want to spend on this project? Can you add value to justify a higher price? What platforms / services will you need to pay for i.e. shipping, web hosting, domain hosting, printing, physical supplies etc.. that also need to be considered?
5. How To Start A Side Hustle - The Customer
This is really important. Who will you sell to? What kind of customer do you want to attract? Be realistic about who currently buys similar products. Explore the lifestyle and personal attributes as well as basics like age and sex. Why will they buy it? Understanding what drives your buyer to purchase is really important.
6. How To Start A Side Hustle - The Meeting Place
How will customers find you? How will you find customers? Where will you sell your products?
7. How To Start A Side Hustle - The Admin
What you need to do in this space depends entirely on what you are doing. ABN, TFN, registrations, licences and permits, accounting software, insurance, domains, trademarks etc.. This gets important when you want to go live in a big way. If you are keeping things small and local at first - maybe even just testing the waters with your first few customers - this is not something to worry about for now.
8. How To Start A Side Hustle - Your Mindset
It’s place down the list is not a reflection of how important mindset is going in to a new project. It is everything. It is your foundation. From the voice you use in your new project, to productivity; boundaries, personal fulfilment and potential business growth – mindset is everything. You have to face some of the things that we as humans don’t generally like to deal with – rejection, disappointment, and challenges galore. How you deal with these things is really important. One of the most important things I have learnt is the art of questions. Responding to disappointments or challenges with questions about growth and learning, i.e. what can I learn from this? How can I make this better? etc… is really important.
9. How To Start A Side Hustle - Getting Started
“Perfect is the enemy of progress” “Don’t let perfect get in the way of progress” - You’ve heard these all before... And they are true. To get started you need to start. You can tweak as you go, change and improve as you go. Just start. Make a list of everything you need to get started - Supplies, Money, Skills, Additional Support? And then split the list in two - 1. what actually need to get started now and 2. what can be completed or tweaked later.
The size and set up of your side hustle will depend on what you want do, what you know, how much you want to outlay and how much time you want to devote to it. But it is all doable. And can be a really great way to save some extra money or start on a new path.
If you would like a coach or mentor to get started, get in touch. Email me at email@example.com