For a side hustle to be successful, it has to be engaged with much the same way that most people focus on starting on a full-time business. With a dedicated level of planning, research, and dedication, you should be able to ensure that your side hustle is as profitable as you need it to be.
Given the above, it is advisable to ensure that any side hustle you begin starts with a preparatory phase. This phase is necessary as a first step, and should take place before you even begin to solidify your plans for your side hustle; it is a step that allows you to ensure you have a firm foundation on which to build your future success. Below, we’ve put together five areas that require investigation, and if necessary, remedial action, that are well worth investigating before embarking on your side hustle project.
#1 – Your Schedule
One of the biggest mistakes that people make when starting a side hustle is not ensuring they have enough time to invest in their endeavors. It’s easy to see why this happens; side hustles are often fun, passion projects, so it’s tough to see them as requiring actual work – but to have a successful side hustle, substantial time spent working on the project is essential.
It’s therefore wise to examine your commitments and see what you may be able to trim back in order to make time for your side hustle. In most cases, this will mean elements of your social life; you can meet a friend for coffee once every two weeks rather than weekly, for exaample. A few small adjustments can really help to free the space in your schedule that you need to fully engage with your side hustle, which should, in turn, allow you to achieve the best results.
#2 – Your Personal Finances
Most people start a side hustle because they want to earn more money, but few side hustles are completely free to begin. In most cases, you will – at the very least – have to bear the costs of a domain name, website, and marketing. This is money you will make back, one hopes, but you’ll still need to find the funds to begin with. As a result, it’s worth asking a few questions about your existing finances…
Do you have a budget? If not, then it might be wise to start one; creating a budget allows you an element of control over your personal finances that makes them far easier to manage.
Are you in debt? If so, then ask if these debts are managed and the repayment amounts are acceptable to you. If you suspect you will struggle with repayments and the cost of financing your side hustle, it may be wise to consider loans with no credit check in order to consolidate your debts into a more manageable monthly payment that leaves more room to finance your side hustle.
Are you living within your means? If you are consistently spending more than you have incoming, then adding an extra outgoing stream – the funding for your side hustle – is unlikely to be a good idea. It may be best to examine your spending habits and try to see if there’s anything you can cut before beginning your side hustle.
#3 – Your Personal Life
To have the best chance of succeeding with your side hustle, you need your life to be as simple as it can possibly be. This means ensuring you have strong relationships, a good support system, and no problems hovering on the horizon that may demand your attention.
It is also worth talking to your friends and family about your side hustle plans. This provides you with an opportunity for feedback and encouragement, but also ensures they are aware of what you are undertaking. Earlier, we mentioned that one way of making time for your side hustle is to see a friend less often; if you choose this kind of change, then it’s incredibly helpful to explain to the person why you have made that decision, affirm your relationship, and that you still care about them very much. These conversations can help prevent problems or confusion in the future, so it’s well worth sitting down with everyone in your life and explaining how your side hustle may impact your overall availability.
#4 – Your Overall Health
As we have mentioned a few times now, side hustles require time, but this isn’t all they require: they also require energy. If your health isn’t at its best, then it may simply be that you don’t quite have the reserves of energy that a successful side hustle requires.
Admittedly, the sentence above sounds alarming, as if we are saying you have to be in perfect health to start a side hustle. This isn’t the case; instead, it’s important to take your health and well-being into consideration when choosing your side hustle. Some side hustles are more demanding on your time and energy than others, so if your health isn’t at its best, you’ll want to opt for less intensive side hustle options. There’s a side hustle for everyone out there, so just be realistic about what you can and can’t do, and make decisions accordingly.
#5 – Your Responsibilities
We all have responsibilities, and managing those responsibilities can be difficult when you are trying to find the time for a side hustle. It’s therefore worth looking ahead to see if there are any responsibilities you can postpone in the next few months, so you have more time to invest in your side hustle.
For example, if you usually run a raffle stall at a Christmas fete, then you could ask to be excused from the task for this year, or you could ask another parent to chaperone your child’s school dance in your place. These small changes are well worth doing, as it helps to free your schedule and lessen any stress you may experience as you work to get your side hustle up and running.
By ensuring that you examine, and if necessary improve and strengthen, these areas of your life, you can be confident that you have the foundation for a successful side hustle. Good luck!