7 Strategies for Nailing a Side Hustle
Money. Who couldn’t use a little bit more of it? Whether you’re saving to build your house, planning a wedding, trying to pay off debt or putting some money aside for a rainy day, a little extra cash can go a long way. Your day job might help you pay for the essentials. But a side hustle from home, that’s the game-changer that’ll make a difference in your wallet while giving you the freedom you’ve always wanted. Establishing a successful side hustle with a limited amount of time outside of your day job is never easy.
Here are 7strategies to help you maximize your side hustle.
Strategy 1. Embrace the Power of Social Media
The use of social media to promote a business cannot be over emphasized. Social media has numerous positive impacts on business in terms of brand recognition, customer engagement, revenue generation and customer service. It also is a great tool to evaluate your competitors and how they are using social media for their growth. Social media helps you reach a wider audience and collect firsthand information about your customers. One of the strongest benefits of using social media advertising is that it is way more affordable than traditional media.
Strategy 2. Ensure clearly set boundaries between your main job and side hustle
You should decide from the onset exactly how much time you’re going to dedicate to your side hustle, and prioritize what you want to tackle first. If you are hustling in the hours after you leave your full-time job, keep in mind that it is possible to overdo it. As tempting as it may be, try your best not to bring your work from your personal business to your full-time job. Not only is this unethical to your employer, it can be fertile grounds for dismissal and litigation.
Strategy 3. Choose a side hustle that is not time consuming
Let’s face it, we all wish we could pack more hours into a day. Because you have limited time, choose a side hustle that is not time consuming. This will enable you to focus on your full time job while also excelling at your side-hustle. Effectively manage your time after work hours and on weekends to avoid burnout.
Strategy 4: Get help as early as you can.
Getting help early will help concretize strategies 1 and 2. There’s a lot of talent and skills you can leverage from existing networks that will go a long way in helping you accomplish your side hustle goals. A tip of ensuring that your keeps costs low is considering bringing on board a co-founder who can work full-time in the side hustle.
Strategy 5: Success = Passion + Skill + Value
Pick a business model you are passionate about, have the right skill for and people need and therefore will have no trouble paying you.
Bonus point: the success equation can easily be substituted with happiness as people who find meaningful work, are some of the happiest people in the world.
Strategy 6: In it for the money.
Be clear that one of the key objectives is to make money. The side hustle is not a hobby. Passion is well and good and certainly makes up for the hard work but a financial reward is important. Ensure that your side hustle is lucrative and will be able to sustain itself in the long run.
Strategy 7: Always keep you books in order
A side hustle can become so successful that it becomes your full time employment. In order for this to happen and to sustain the growth, you might need to bring partners on board or go to a lender for financing. Both these scenarios will be a lot easier if you have been professionally recording your transactions. Luckily there are many affordable online accounting packages that are also very user friendly. A few good ones include Zoho Books, Xero and QuickBooks Online.