How To Start A Side Business or Side Hustle
Starting a side business while you are working elsewhere, either part time or full time, can be the best way to begin when you want to be your own boss. It will be hard; there is no denying that, but it can also be worth every moment of hard work and stress. If you think that you are ready to start a side business, then here are some steps to take and think about carefully.
Giving yourself so much extra work to do will become difficult. There will be times when you are exhausted, stressed, angry, even when you are wondering whether it is all worth it. Work through these times and stay committed to your idea. If you want it to work, you will need to push through knowing that it will get better.
If time is the issue, then look at all the activities you do during the week. You might play sports or go out with friends, for example. Or you might sit and watch TV for a couple of hours each night. Although exercise and friendship are important, you might feel that your business also needs time devoted to it, so instead of going out three times a week, you go out twice. As for TV, if you switch TV time for business time, you will find you get a lot more done.
No matter how big or small your side business is, it is still a business, and when it comes time to give up the day job and concentrate on it full time, it will pay dividends if you have already registered the business and if you’re already paying taxes. Don’t worry; this is not as hard or as worrying as it sounds. There are professionals that will help you file your Tax Return, so you can rest assured that you will be above board and completely legal. Doing this in advance will save you time and inconvenience later on when you’re much busier.
Is There A Need?
Before you go too far in setting up your business, you should assess whether or not there is a need for your product or service. The reason that many small businesses fail is that no one wants what they are selling. If you can find something that is fulfilling a need or solving a problem, then you will be more likely to be successful. Before you spend time and money on setting up the business, do some market research. Don’t just ask your friends and family as they are likely to agree with you. Instead, ask complete strangers in the street or online and see if there is enough interest for you to truly make something of your idea.
At some point, you will want to step away from your day job and concentrate solely on your side business (which, of course, will be your main business by then). In order to have a realistic idea of when that might be, it is important to set achievable goals. Having goals to reach will make the entire process much more manageable as you will be able to look at smaller pieces of it rather than one whole concept which can feel overwhelming.