7) Create A Plan
Where do you see yourself with your business 10 years, 5 years, 2 years and 1 year from now? Write these goals down. Review them daily. Doing so will make it more likely for you to structure your daily goals accordingly. Set monthly or quarterly milestones and targets. Create systems around your goals to set you up for success. For example, if your side hustle is to have a website that provides services to people, in addition to having an annual monetary goal for the website you should also develop a system you can carry out daily to help you reach that goal. A system in this case could be dedicating 3-4 hours of your day everyday to customer acquisition, product/service enhancement or anything else that will help you reach this goal. Your system will serve as a guide that keeps you on track. Set financial targets and work hard towards it. Creating a feasible plan will serve as a pathway for you to side hustle your way into a big venture.
6) Keep it Simple
What is the true goal of your side hustle? To make millions? To give you more time? To change the world? Answer this question for yourself. Then when making decisions about your side hustle keep them strategic and simple with these goals in mind. Most staples of turning a side hustle into a business can become complicated quickly and easily. It’s your job as a founder to keep things simple with the final goal in mind. Simplify and target your services to be as specific as possible. Create a niche for your hustle that people will know you for. Resist the temptation to spread your business goals and vision too thin. Work on mastering your specific business and then marketing this to a specific niche of customers. Build customer loyalty over time. Before your know it your customers will be promoting your business for free.
5) It’s not a Sprint. It’s a Marathon…
Approach building your side hustle into a business as such. Olympic marathon runners train and prepare themselves very differently than Olympic sprint runners. Learn the difference between these two and prepare yourself accordingly. Sure you may need to incorporate a sprint in there now and then if you have a deadline to meet. However, always keep the big picture in mind. Start small, think big and grow fast. Avoid comparing yourself with others. Take it one day at a time. You may be bursting with passion and energy. This is great. Learn to channel this energy and spread it over time. Keep your eyes on the prize. Again, always keep the big picture and the goal in mind. You have to as the founder. If you don’t, no one else will.
4) Work Hard and…
…smart. Hard work pays, but coupled with smart work, both pay even better. Turn your side hustle into a successful business by getting smarter with your work. Your side hustle is just that, a side hustle because you have a day job. As you invest more time in growing your side hustle you will have to become an expert at time and resource management. Utilize tools available to you to maximize your productivity. Read books on time management. There are only 24 hours in a day, so make most of it. Reducing your hours of sleep may work for a while but it will eventually lead to burnout. Save time and energy by working smart.
3) Get Mentors
A good mentor can help propel your side hustle to a big venture. Making efforts to surround yourself with like-minded successful business people will keep you motivated and focused. If you don’t have access to successful millionaires or billionaires, read their books. Books by people who inspire you can be a great way to learn from their mistakes and grow your business. Having a mentor is one of the Top 7 Habits Of Self-Made Millionaires.
2) Avoid Burnout
As mentioned above, growing your side hustle is a marathon not a sprint. In addition to pacing yourself, learn to take breaks. For some it may just be a walk in the park at lunch time to clear your head. For others it may be a week-long vacation to recharge. Find out what works for you and use it. Give yourself a break when you need it to recharge. Stay in the game. Avoid burnout.
1) Sell The Right Product
Make sure you are selling the right product or service. Test your side hustle against the market. The market never lies. It doesn’t really matter how passionate and eager you are about this side hustle. If there is demand for it, you’re off to a good start. If there is no demand, look for a way to create demand. If you can’t find one, your hustle is not a business but a hobby. This may be hard to accept but to make it worth your time, your side hustle must have the potential to make money. Be clear and realistic with yourself early on so you don’t waste precious time. If your goal is to make money with your hustle, make sure you have a hustle that will do just that. If it won’t, change to another hustle sooner than later. You can learn more from the Top 7 Mistakes To Avoid For Young Entrepreneurs.