Imagine this: You’re employed full time, but you also have a successful side hustle. In fact, it’s doing so well that you could quit your job and still make a comfortable living. Sound too good to be true? It’s not! You can achieve this level of success if you put in the work.
The number of people who have a side hustle is on the rise. A recent study revealed that 34% of Americans have a secondary job, and 24% plan to start one in 2021! 67% of those who have a side hustle started within the past three years, and 31% began in 2020.
Building a successful side business while working full-time can be challenging, but it’s doable. If you need some inspiration or step-by-step guidance to get started, keep reading. This article will outline ten steps to help you build a successful side hustle.
10 Steps to Build Your Successful Side Hustle
1. Prepare for the long ride
Building a side hustle is not a quick or easy process. It takes time, effort, and dedication. If you’re not prepared to make the necessary sacrifice, you’ll likely give up before starting. So, before you decide to create your own business, consider how badly you need it.
Understand that your side hustle will take up most of your time and energy. You might not have as much free time to do other important things – like spending time with friends and family.
Developing your side hustle becomes much easier when you are willing to make sacrifices and put in the extra work. With this mindset, you’ll have a psychological foundation to help grow successful business ideas!
2. Do your research
The best side hustles are well planned and researched. So, take some time to learn about your options. What industries or niches interest you? What skills do you have to monetize?
Your side hustle is more than just a way to make extra money; it’s an investment in yourself. If you enter the market without the right skills, your business will take longer to succeed. But with a solid understanding of your industry and the skills you offer, it’ll be much easier to create a side hustle that’s profitable and sustainable.
Also, remember that it’s never too late to learn a skill! If you lack a particular area, plenty of online courses and resources can teach you what you need to know. Some areas of interest that you could consider researching on are:
- Marketing
- Social media management
- Freelancing (use Upwork, Fiverr, Freelancer, and other freelance platforms)
- Dropservicing
- Affiliate marketing
- Blogging
- Youtube content creation
- Website creation and design
- App development
- Software programming
3. Set some boundaries
It can be tough to balance a side hustle with a full-time job, but it’s essential to set some boundaries to make the most of both worlds. Here are a few tips for creating healthy work-life boundaries:
• Get organized: The better you organize your time, the more efficiently you’ll be able to work. Make a schedule and set specific times for working on your side hustle.
• Set limits: Don’t work on your side hustle all day, every day. Dedicate specific days or hours to it, and stick to them. This will help ensure that you still have time for other important things in your life.
• Communicate with your boss: Let your boss know about your side hustle and discuss any potential conflicts. It’s crucial to maintain a favorable relationship with your employer, so communicate openly and honestly.
4. Make a plan
To stay on track with your side hustle, you need a written plan. Your plan should include both short-term and long-term goals, as well as the steps you’ll need to take to achieve them. A written plan will help ensure that you are focused and organized, and it’ll also give you a roadmap to follow.
Be realistic with your goals, and make sure they’re challenging yet achievable. And remember to revise your plan as needed; things will change, so your program should too!
5. Maintain a flexible pricing structure
It’s essential to find a pricing structure that works for you and your clients. Charging too much might scare clients away. While collecting too little could mean you’re not making enough money to cover your costs. An excellent way to find the right price is to research what other businesses in your industry are charging.
Also, be flexible with your rates. If a client is unhappy with your price, be willing to negotiate. You need to maintain good relationships with your clients, and accommodating their needs will help you do just that.
6. Get organized
Ensure your work area is tidy and well-organized. Staying organized is particularly important if you’re working from home. Having a defined workstation will help you stay focused and productive. Also, make sure that all your necessary tools and equipment are within reach.
Try to create a specific work schedule and stick to it.
7. Stand out – Differentiate yourself from competitors
It’s a harsh reality that unless you’re building something new, the competition will be fierce. For your side hustle to stand out in the market, you need a distinct advantage that will set your hustle apart from others in the same niche. Your goal should be to make customers choose your offering over others without hesitation.
Some ways you can achieve this are by:
- Offering better customer service
- Having a more unique or exciting product
- Offering lower prices
- Putting out high-quality content
- Prioritizing customer satisfaction
- Branding your product
8. Build a network of contacts
Networking is essential for success in any sector, and the same is true for side hustles. The more you acquaint yourself with people in your field, the more opportunities are available to you.
- Get involved in social media communities.
- Attend industry events, meet-ups, and networking functions.
- Join relevant online groups and forums.
And who knows? You might find someone who will help you take your side hustle to the next level.
9. Utilize online resources
There are tons of online courses, tutorials, and articles that can teach you everything you need to know. And best of all, most of these resources are free! The internet is a vast information resource, and it’s a great place to start learning about your side hustle.
10. Don’t give up
Starting and running a side hustle is not easy. There will be times when you feel overwhelmed and like giving up. But don’t give up! Remember why you started your side hustle in the first place, and think about how much progress you’ve made.
Take a break, and then return to it with a fresh mind whenever you feel discouraged. With a little perseverance, you’ll eventually achieve success.