There are 582 million entrepreneurs in the world and the stats are increasing daily. Many people want to get out of their full-time job and support their families by starting a side hustle. They keep ranging from freelancers to web developers, social media analysts, business owners and so many more.
However, most of these entrepreneurs start as small business owners working a full-time job while running their business.
The major challenge for people wanting to start their side hustle while working a 9-5 job is, not knowing how to start and whether or not they can handle it. Well, this article is a great guide for you if you also want to start a side hustle.
How to Start a Side Hustle With a Full-Time Job
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1. Have a mental preparation
Before you start, think of what you are good at and what skills you can monetize, you have to ensure that you are mentally prepared for the challenges that may arise in starting a side hustle while working your day job. It’s not enough to say you want to start a business. Are you mentally prepared for it? Can you give up hours of sleep and some free time to achieve your goals? Can you balance a side hustle with your day job?
Get a pen and paper, sit down with your thoughts and analyze how effective you can be in running a side hustle. As time goes on you need to understand that it’ll get tougher and more demanding for you. So, you must prepare your mind for all these things before you decide you want to start a side hustle.
Your commitment towards anything in life will bring in value to you in the long run.
2. Identify your skills
You have prepared your mind for the challenges that come with running a side hustle, what skills do you have to back up your side business? Are you a good writer? Start a freelancing job or register to a freelance website where you can render your services. Do you have good craftsman skills? Start selling hand-made items such as shoes, fashion accessories, decorations, etc.
Identify what you’re good at, have a passion for it and monetize your skill. Some side hustles do not need immense capital to start so, it is easy to pick one and monetize it.
[Also read: Top 27 Useful Websites To Learn New Skills]
3. Have mentors
Sometimes starting a side business can be very challenging, you can be gripped with fear of whether or not you are doing the right thing. The good thing about this is, there are tons of people who have been in that same position and have broken out of their shell. You can have these people as mentors in your life.
Having a mentor doesn’t necessarily mean you must know this person personally. Sometimes, you can read about them from articles they have featured or stories they have told about how they succeeded. The idea of a mentor is someone who guides you on your path in life and inspires your life choices, this could happen directly or indirectly.
If you don’t have a mentor, seek one. Read about them if you don’t know them personally. Follow their guide and take heed to the advice they give out. There is a great probability of knowing the next steps to take after consulting with your mentor.
4. Set realistic goals
What do you stand to gain from your side hustle? How many people do you want to serve? What are your long-term and short-term goals for your business? All these are important questions you need to ask yourself and the goals you need to attain.
It is very easy to lose your way when defining your goals as you would want to state the big goals, which is good but not advisable for a side business that is just starting. Set smaller, short-term goals first then and achieve them, then you can proceed to larger, long-term goals. Always remember, your goals must be SMART (Specific, Measurable, Relevant and Time-bound)
[Also read: Things to do before setting a goal]
5. Make a business plan
A business plan is very important when you are starting a side business, it is the road map to your success. It contains every information you need to run a successful business. The purpose of a business plan is to help you articulate your ideas, know your target market and research your competition.
Your business plan should include your aim and objectives, market analysis, an outline of your products/services, financial plan, marketing and sales plan and any other important information. Your business plan doesn’t have to be permanent. Give room for changes especially when you’re close to launching your business. The most important thing is understanding your why and knowing who your clients are.
6. Start saving for your Business
Saving for any business is very important. You cannot spend all the money you make from your business into things you do not need. Any money you receive must be put back into the growth of your business.
The more money you pump into your business, the more value you provide for your customers/clients. So always save for your business and use that money to invest in it.
7. Make use of every available time
When you start your side hustle, every spare time is precious to you and the growth of your business. Since you work a day job you don’t have that many hours left in a day. The downside to this is, you may have less time for yourself.
The best way to create time for your business is by planning your day and accounting for every hour spent so you have enough time to focus on your business. Apps like Smarter time help you track how you spend your time better.
8. Ask for Customer Feedback
Customer feedback is important for a business. It helps you know how best to serve your customers. Without proper feedback or research, you are just serving yourself not your customer which isn’t good for business.
You may be launching a new product or service soon; it is necessary to know how your customers feel about it. Would it be solving their problem? Would it add value to their lives? Find out by creating a quick survey and get to know what your customers want and how to serve them better. Also, ask for internal feedback from the people close to you. Your way may not always be the right way. Outsource for different opinions and use them to your advantage.
9. Record small wins.
It is important to record and celebrate small wins. They keep you going and make you appreciate the work you’re putting in. Did you just make your first sale? Were you able to achieve your small goals? Celebrate it and be happy about it. Nurture your business and always give room for improvement.
10. Ensure your side hustle can pay the bills before you quit
Not every entrepreneur can take the risk of quitting their day job just when their side hustle is at its growing stage. It is advisable to make sure your side hustle pays you more than what your day job pays or more before you can quit. In case your business isn’t going so smoothly, you still have your day job to sustain you.
Before you quit your day job, ensure you have reached your maximum goal, made enough income and planned towards sustaining your business. All these takes a lot of courage if you’re not articulate in it, you might miss a turn.
Many entrepreneurs started as full-time employees before they decided to branch out and start their own company. Nobody ever said it was an easy ride, but it is worth it.
[Also read: How to come with a side business idea (you can do along your day job)]
