So you started a side hustle… What now?
It’s no surprise that many more people are taking side jobs in addition to having a regular job. The freelance economy is growing like a wildfire. But it’s not always about raking in extra income.
Side hustlers lean toward “FREEDOM”, in other words, the ability to travel, to be a digital nomad, to spend more time with family and to work from the comfort of their homes just to name a few.
Yes, obviously money is a big factor here but it’s not what drives a hustler to become a successful business owner.
Who knows, your side hustle can potentially become your full-time job or maybe even cross the salary of a full-time job… You may be someone’s boss!
YOU MIGHT BE THINKING:-
“This is so great and I have 2 or 3 ideas for a side hustle.
I have already updated my social media and told my friends and family that I am investing my time into something on the side.
Now what do I do?? 😕
Should I just post on twitter that I’m looking for work? Or…. urgh!”
If you are at this stage, let me tell you that you are not alone.
Almost all side hustlers go through this phase, the “What Should I Do?” phase.
Nothing to worry about, we got you!
We have 5 steps for you that will guide you to build and grow your side hustle from the beginning:
Throw away the Employee mindset:
What is an employee mindset?
It’s the mindset where you think like an employee, who only works to impress their boss, cannot think outside of the box and have a constant fear of losing their financial security rather working for personal freedom. Yes, it is necessary and great to have a backup plan to fall back on.
Basically, it means you are more of a follower rather than a leader. But you do not have to be a leader to make your side hustle work and be successful. However if you do not value yourself and your time, you will struggle to take a risk and you will more likely go back to the usual job that you might hate, or maybe you decide to do nothing, just because it’s hard.
So throw away that mindset, think like a business owner.
What do business owners do?
They place themselves in an authoritative position, take charge and don’t work to impress anyone but works to grow and improve.
With each job you are becoming more experienced, you will learn more than you knew before the job. Learning and growing should be your passion and motive.
2. Start small but work toward growth:
Now that we know that we have to think and be like a business owner, start planning. Without a plan or strategy in place you will not know where to go next or even realize, if you are making and impact or not.
A plan is necessary.
So what should you do?
Should you decide to replace your day job with your side hustle in a month?
Even if you could do that; don’t take that pressure.
You might be thinking-
“Why not? Aren’t I supposed to think like a boss?”
Yes , you should think like a boss but don’t be irrational.
You have to admit that with your regular job and life, it is better you take things slow. Taking small steps will give you clarity as you go, plus you really need to see if the side hustle you chose will suit you or not.
Will it be something that you will love to do for the next decade?
Yes you can change your side hustle, no problem.
You don’t need to and should not limit yourself to something that you chose the first time. It’s a big world, go explore and see what fits best for you and your life.
3. Cross out monthly expenses one by one:
Plan to use your side hustle to cover monthly expenses but, one at a time.
Let’s say, you spend $500 on rent $300 on transportation , $350 on food, $60 on insurance $50 on phone….
Write them on a paper from smallest at the top to the most expenses at the bottom. Set a goal to cover one or two monthly expenses at a time as you go along with your side hustle. Check off the items on the list that you will cover or have covered that month.
This will help you not to burn out quickly and it will be a lot easier for you to keep track of your progress.
One day will come when you can cover all monthly expenses and it will give you the freedom to leave your day job if you want to.
4. Network and learn from self-made business owners:
Side hustle allows you to learn the ropes of the business without the pressure of losing a career or paying other employees. You should take full advantage of it.
It is important that you surround yourself with the like-minded individuals. People who know the value and experience first hand of what it takes to build a business.
By solely conversing with them, you shall learn a lot.
According to Profitable Venture-
“One of those things that successful entrepreneurs are very good at is establishing positive business relationships with their employees, business associates, suppliers, customers, and everyone else that contribute directly or indirectly to the continued survival of their business.”
You might be just starting out but to transition from an employee to a business owner, you have to think like a business owner.
So, join local social groups to attend networking events, join various facebook groups or forums. Go where you will get interactions with people who are like you or could be your potential customers.
Both work fine.
5. Find a Mentor:
Other than solely talking to people, you can consider finding a mentor. Your mentor does not have to be someone renowned who has worked with thousands of others like you.
But you can also consider finding someone who is well established in your field to work with or build relationships with. This is as effective as others ways.
What mentorship can do for you?
A mentor will provide you with the experience that can’t be shared in book. Experience is an incredible asset and it can literally guarantee you, side hustle success.
There is only so much you can get from a book. But with one-on-one interaction with a mentor, you will build confidence. It will help you to adapt to future hurdles along your journey.
These have been 5 steps you should take just after launching your side hustle. The end goal should be to build a nice cushion for yourself. Do not stress yourself to earn a full-time income in the first month. Chances are, that it will not happen in the next month.
Once you reach the number that you can cover current monthly expenses and you have proved that the side hustle does in fact work. Then you can make the leap to go all in.
Write a comment below and tell us what step you are going to take next?