More people than ever are wanting to make their own money and start their own businesses. There is no harm in this, and it is only natural to want to be successful. One of the best ways to eventually become in charge of your business is to start a side hustle and build your income whilst still working. This allows you to create a business, but still have the security of your current job.
Not only does starting a side hustle help to improve your monthly income, but it also opens your life to many more opportunities that you would not come across in your day job. Most side hustles lead to better jobs or even an opportunity for you to work for yourself. The main issue with starting a side hustle combined with your job is the fact that it is gruelling trying to fit in time to work on your project outside of your normal working hours. It takes a special mind switch that encourages you to be ruthless with your prioritisation and a willingness to make sacrifices.
There are many benefits to having a side hustle, the first is obviously the fact that you could have the opportunity to make a lot more money than you are now. The other benefit is that you could be tailoring your side hustle to something you love and love doing. Whilst most will have the ambition to create a side hustle, only 10% of the businesses are a success. In this article, we will go through some tips for starting your own side hustle in 2023.
Prepare For The Long Process
Having a great product or service will only get you so far. It also takes a lot of time, dedication and willpower to succeed in the market of today. You need to identify what your product or service is going to help solve. If you don’t already know how badly you want this, then your startup isn’t going to last very long at all. There is no such thing as getting rich quickly, so remember that you are in this for the long haul.
Starting a side hustle is inevitably going to take time away from things you want to be doing such as spending time with your friends and family. Between this and having to put in time for your existing job, it is essential that you put in the effort, as you will not succeed if you are not willing to make some sacrifices.
Identify Your Skills and Areas of Interest
Something that is seen a lot is people starting a side hustle or business where they don’t have the experience required to run the business smoothly. You should never start a project without the necessary tools, experience, industry knowledge and skills. It's important to understand that your business will only succeed if you love doing it or you are good at it.
A key example of this would be a graphic designer. They are great at what they do and can make extra money on the side by going freelance. If you don’t have the skills required to do the job well, then this is a great opportunity to learn the essential skills required. If not, then outsourcing could be a valid option to cover some areas. For example, going back to being a graphic designer. If they have a client that needs brand guidelines or identity before creating the logo, the designer could speak to a branding agency Manchester or Leeds based and they will be able to work together on creating the perfect work that the client needed.
Get Your First Paying Client For Validation
You may have the most innovative product or offer the best service around, but this doesn't mean that your potential clients will see it this way. The chances are high that they will more than likely ignore your business, just like they do with most businesses. With the numerous style of advertising people are shown every day, it is no wonder that your business gets washed out. To disrupt the natural order of business, you need to put some budget into marketing, but before doing this, you need to validate your business.
The main reason to validate your business with a paying customer is to determine whether the project is worth putting more time and effort into it. It is also there to understand whether your product or service is solving a problem, or whether you are creating a solution to a problem that doesn't exist. If there is not a need for this resolve, it could be worth looking into other business ventures.
Differentiate From Your Competitors
Almost every business has a competitor. Unless you have designed a product or service that is in its own niche, then chances are you have a couple of competitors that you need to position yourself between. Competitors will always try and outperform your service or product and will take as many of your customers as they want. They will also be aiming to look for innovative methods in gaining that competitive advantage.
To prevent this from happening to your business, it's essential to have clear branding that outlines your value propositions to gain that competitive advantage by differentiating. Whether this is low price points, amazing customer service, sales tactics or even offering the best features. There are many key points that you should be changing and updating as you learn. By understanding your audience, you will be able to determine what they want, which will give you that competitive advantage.
Build A Sustainable Flow Of Clients Before Leaving Your Job
With uncertain times, it’s more important than ever to remain secure with income streams. For this reason, you shouldn't leave your current job until you have a constant stream of income from your side hustle. A sustainable and growing cash flow is a sign that you are ready to take on more work and leave your current position.
To be able to quit your current role, it is essential to have at least 6 months' worth of saving in the bank for both business and personal purposes. For example, if you are leaving your current role, then have enough to pay for rent and bills whilst you are growing your business. It's all very exciting starting a business and having your first month of success, but this won’t be every month, so have a clear plan and understand the first year is always the most difficult.
Final Thoughts
It is well known that most new businesses fail within the first year, but this shouldn’t deter you from starting your side hustle business. Whether it’s aligned with your current job, or helping you whilst being a student, it will allow you to put more into savings, or at the moment help to pay for the energy bills. Keep pushing, follow these simple tips and you will be well on your way to improving your chances of success.