In recent years, business ownership and entrepreneurship has skyrocketed. Many Americans have come to terms with the reality that a solo career may not allot for the wealth they aspire to obtain. The name of the game is to create multiple streams of income and having a side hustle can be a lucrative endeavor. A side hustle can help with saving extra money for travel, paying off debt, creating a nest egg for your family or to invest in the stock market. Whatever your reason for increasing your income, here are some pointers on how to start a successful side hustle.
The first thing I’m asked when I advise clients on starting a side hustle is, “When will I have time to do that alongside my career and personal life?” Well let me be honest with you, it’s a lot easier than you think.
We all have the same amount of hours in each day and no matter how much I want more hours to complete more work, the reality is I have to change my mindset and capitalize on the 24 hours I have available.
First thing you need to do is, change your mindset from thinking time management has anything to do with the amount of hours in a day. Instead you should capitalize on the time of day when you’re the most focused and productive. This is what I call energy management.
Get a calendar and make a grid of the time of day when you’re most productive. For myself the time of day I’m most productive is between 8am-10am and again from 1pm-4pm. During those times I have a hefty goal completion list, which is different from a task list.
My goal completion list is compiled of things only I can accomplish and execute while my task list is filled with smaller jobs that can be done independently by an assistant or intern.
During my high-energy times most of my work is creating content and continuing revenue generating conversations.
My calendar also highlights my low energy time slots. During that time I delegate task to others on my team, I respond to e-mails, catch up with media and news trends that can drive my marketing team.
Simply put, prioritize your day based on when your body and mind works best.
Identify What You Want to Do
The idea of starting a side hustle around doing what you love to do sounds so cliché that people find themselves making the creation of a side hustle harder than it needs to be.
- Ask yourself what can you produce with love within the shortest amount of time and effort? Then do it.
- Your side hustle should bring you as much joy while creating it as it does to those using your products or services.
Know Your Customer
When was the last time you were browsing through a store and an overly eager salesperson approached you and then proceeded to explain how much the item in your hand would change your life? I don’t know about you, but those types of conversations make me cringe and are truly annoying. Don’t be the person who created a product or service that has changed your life and you think it will have the exact same results or drive the same needs from customers.
Get out there and have conversations with your potential customers and find out what they want and what they need. Once you’ve collected data about your customers needs, create those products and services with those things in mind.
The worst thing you can do is spend hours creating something that you found to be amazing and no one needs or wants it.
Money should not be the only driving force for your side hustles. If you find yourself being excited about your inbox being flooded with inquiries and request for services – you may end up working with someone you are not compatible with, making the job harder to fulfill and complete. These relationships can also lead to unflattering reviews that can be more damaging to your brand then the dollar amount they paid to work with you.
One way to ensure a potential client is a good fit is by creating a list of specific questions you can use to access the way they manage their work, communicate and fulfill job related tasks. It’s OK to tell clients no if it’s not an ideal fit. This will save you both time and money down the road.
Do you have a side hustle? What are your tips to manage your day in conjunction with your day job and personal life? Share advise in the comment section below.