Starting a Side Hustle in 2020? 5 Things You Must Know Before You Start.
Side hustles are increasingly becoming a norm. With the rise of the gig economy comes the need to position oneself to make passive income.
Moreover, the internet and technology have made it easier to join the gig economy. Previous barriers of transacting business globally and serving customers worldwide have been shattered by the internet, payment gateways and international delivery services. Once you are determined enough and ready to work hard, you can start and excel at your side hustle.
Regardless of if you aim to transition from your side gig into a full-time business or just enjoy having an alternate 'job', there are a few things to note before diving in.
Consider Your Passion, Skills and Interest.
Although there are a thousand and one side hustle anyone can start from the comfort of their homes the goal is to start something meaningful. Depending on your current skills and expertise you can easily start a side gig to make money or even learn new skills off YouTube, online learning platforms or on social media. It's worthy to note that these can easily be others side hustles too.
What services are you currently offering to people for free? What marketable skill do you have? Are you going to sell a product or service?
What comes to you easily? If you've always dreamt of starting an eCommerce store, what products will you sell?
Monetise to Validate
Your passion, skills and interest should make you money before you can boldly say you're in business. If you want to spend time writing proposals and essays, make sure people want to pay for your services. It’s not enough to want to solve a problem. You must ensure that the people who face the problem will pay you for your solution. Validate your side hustle by getting a paying customer.
Since your full-time job takes a chunk of your weekdays, you need to manage the rest of your time well to attend to the clients from your side hustle. Give yourself to your regular job wholly and be fully present while at work. This way, you will not have to carry your work home to finish. Then you will have time to handle your side gig.
Block out early mornings and time after work and weekends to attend to your side hustle with planners and calendars. Delegate and automate processes which can be done by tools and other people. Employ tools which make your life difficult. Use accounting tools like QuickBooks, Wave and Tiny Invoice to manage your cash inflows, invoices and expenses. When it comes to side hustles, automation is key.
Put Yourself Out There
Once you're sure people will pay for your product or services, you need to start making noise about your business. Starting a side hustle means putting yourself out there and proving to people you're worth your salt.
Market your services to colleagues, friends, family, on social media and event. Whenever you can, let people know of your business and ask them to recommend you to their peers. You can use cold calling, direct emails, social media organic and paid posts or simply ask people face-to-face. Don’t be shy of speaking about your business. Go all out to win big.
Deliver Great Customer Experience
One client is worth all her network. That's how you should operate your business. Treat every client special, giving your utmost best performance. You have to keep your clients rooting for you, buying from you again and again and recommending your business to their friends and families. Show that you care about them.
Communication is key. Be sure to communicate your expectations every time. When you’re unable to meet a deadline let them know. When you anticipate a delay in delivery, give them early notice. Whatever hitches may occur, readily communicate with them and let them know how much you're working towards delivering a great experience for them.
Are you ready to put in the work? Make a list of 10 side hustles you will like to start based on your passion, skills and expertise. Check out the ones which will require low capital yet yield great results and go all out. To succeed you need to take chances. What chances are you willing to take today?