Most people with a day job don’t think about running a side hustle. The reason is quite simple. They simply don’t have the time to allocate to a side gig. Or at least they think they don’t. However, at Hustle Domain, we think that having a day job should be the best reason to start thinking about a side hustle. You think about the advantages of being your own boss but as well as building something on the side while having a safety net.
Not only does a side hustle provides extra income, it can also lead to opportunities you wouldn’t have normally found at your full-time job. You will find your strengths and weaknesses, build useful relationships, and lifelong friends in the process.
That being said, building a profitable side hustle while having to split time with your day gig and other priorities, is not easy. It takes immense drive, prioritization, and a determined mindset. However, that is precisely what we preach here at Hustle Domain and it’s likely the reason you are here is because you already possess these traits and are ready to make a change in your life.
In this post we will share some of the things that will help you plan for your journey towards financial freedom while you manage a day job. We will discuss some tips and highlight some no no’s to keep in mind as you build and run your side hustle.
Be Ready to Put In Work
This is something that we already highlighted in the introduction but be prepared to put in work. Regardless of what kind of side hustle you decide to build, it will take a lot of work and effort. Your determination to succeed is what’s going to make all the difference in the end. Therefore, before you dive into this, ask yourself, how serious are you? Do not expect to become rich overnight or else you will definitely be setting yourself up for disappointment.
Realize the sacrifices you will have to make along the way. You will need to be consistent with the number of hours you put into your side hustle. This may come at an expense of spending time doing things that you enjoy. In order to be successful, you will have to become extremely disciplined. Setting up a routine and strictly following it will also be helpful. But only you will truly know whether you possess the grit to make it all work. Be honest with yourself here as it will save you a lot of time in the long run.
Play to Your Strengths
Think about the strengths that you possess. What are your skills and experiences? What are some things that you love and enjoy doing? Knowing your strengths will not help you identify a side hustle but also succeed at it. For instance, if you enjoy writing, try starting a blog. Or if you play music, offer lessons online. You can be a graphic designer or setup an online store for any sort of hobby that you may have. Having the relevant skills and interests will help you make your side hustle succeed.
Idea Validation
Before you get too deep into your business, see if you can validate your idea first. This requires doing some leg work up-front. This would vary based on the nature of your side hustle. The best validation is a paid one, i.e. finding a paying customer or two for your product or service. For instance, you can create a landing page for your website and start taking pre-orders. This way, not only can you validate your idea but you can also get money upfront to fund your venture. For less tangible ideas, such as a blog etc, you can research trends using Google Trends and look up what are some of the terms people are searching for. The higher the demand, higher the chances for your business to succeed.
Competitive Advantage
It’s very likely that when you run a side hustle, you would have some sort of competition. Be it direct or indirect, competition is a healthy thing as it will drive you to be better. It also should give you a sense of security knowing that you aren’t the only one who thinks that your idea is a valid one. You can also learn from the competition and see how you can do things better.
There are a number of ways you can distinguish your side hustle from the competition. By offering a better product, a better price, greater customer experience and employing better sales techniques, you can get far ahead of competition. That should be precisely your goal.
Setting Goals
If you are working full-time and trying to start and run a side hustle, then goal setting is vitally important! Knowing exactly where you are and where you need to get, will help you set goals and attach timelines to them. Not only will this keep you laser focused, it will also help you keep yourself honest. Do keep in mind that setting realistic goals is vital, no matter how small they may seem. You will be surprised what they will add up to over time. Also make sure to do a periodic inventory of your goals where you ask yourself whether you have achieved the goals that you have set yourself and if those achievements have made an impact. Change and adjust accordingly.
How to NOT Get Fired
Eventually your side hustle might replace your day job. But until that happens, you must ensure that you don’t jeopardize your daily grind. Working on your side hustle while you are on your company time – is a big no no. Also, do not use your work laptop or any other resources to build your side hustle. This may be against your employment agreements but more importantly, it would be unethical. Not only can you lose your job but this is something that can also tarnish the reputation of your side hustle if you eventually succeed, many years down the road.
When to Quit Your Day Job?
You must never quit your job until your side hustle replaces your 9-5 entirely – at least. I would even say to keep your day job until your income from the side hustle exceeds your income from your day job. You never know when things can potentially turn sideways and you don’t want to risk the well being of yourself and your family. Make sure that you have saved an emergency fund for both your personal and business expenses before quitting. Also ensure that you leave on good terms. Do not ruin your relationships and connections at your day job when you exit that door.
Conclusion
Running a side-hustle can be rewarding in more ways than one. But building an a side hustle is a long grinding process which cannot be done overnight. However, if you have the chops and patience to do what it takes than the rewards of being able to be your own boss and quit the rat-race can be beyond satisfying. But until you are ready to reap those rewards, it is vital that you keep your day job and be the best that you can be at it. It is the most reliable safety net that you have in case your side hustle goes sideways.