If You Are Starting A Side Hustle, Try These Lifestyle Tips
If you have even started a business or dreamt of doing so, maybe you want to pursuing your passion and turning it into a viable dream business, you are probably scratching your head wondering how you are going to finance your start-up.
Do you ever wonder how the entrepreneurs that you see on ABC TV’s Shark Tank ever got their ideas up and running? You probably wonder just how did those entrepreneurs they how did they survive the years and months of the start-up phase, and you’ll be amazed how many of them managed to finance their businesses.
In these days of lockdowns, record unemployment claims and misery, getting conventional finance can be tougher than ever - for those of us who look back with misty eyes at our 800 plus credit score before the Wall Street 2008 crash debacle, the problem has at times seemed insurmountable.
It should come as no surprise, then, that many people are now looking to start a side hustle - once they have found how they are going to finance it, of course. For many, making money by investing in cryptocurrency is their chosen side hustle. But for others, this could be simply a way to finance a different side hustle. The information in this Cryptobank test article will be useful if you are considering this avenue yourself. Whilst this is a very popular route to take, that doesn't necessarily mean it is an easy one.
Getting ahead as an entrepreneur can be really difficult, especially in those early stages, when no-one seems to see the worth in what you are creating in your business.
Here we hope to give you some insight into how side hustles are helping millions off Americans to not only make ends meet, but how they are turning their passions into a profit.
What Is A Side Hustle?
A ‘side hustle” is a way to find extra cash, so as to enable you to find the time, flexibility, and sometimes even the financing, to pursue your dream or passion, and maybe to turn it into a profitable business. Many of Generation Y individuals (the 80 million young adults that were born between 1976 and 2001) can only find part time jobs, and they are facing a combined $1 trillion in student loan debt, so they are increasingly creating a side stream of cash.
So much in fact, as many as 35 percent of millennials are currently involved in a side business of some description.
Side hustles can take many forms, as a product or service that you offer or sell on the side of your current full time job to earn extra income on the side.
Maybe you like the idea of creating an online course, or perhaps you enjoy writing, clothes design or crafting ornaments. The list of possible side hustles is endless
So What Do You Need To Create a Side Hustle?
Well fundamentally, you need a good idea for a product or service for which there is demand in the marketplace. Then to ability or will to use your skills outside your everyday work in order to build a business, and be committed to use your spare time to grow the business, rather than binge-watching Netflix!
The actual needs will vary greatly according to the type of business you want to create. But a great advantage of launching a new business idea in a small way, is that you are creating a proof of concept.
So here are a few pointers to get you started:
1. Focus on just one thing initially, and examine how it grows, as it is inevitable that your plans will change in time
2. Allocate a schedule to attend to your side-hustle business, and keep it organized
3. Network as much as possible, via social media, and look to build an email list as quickly as possible, because this is key to growing any business in this internet age
4. Build relationships with other side-hustlers in your field – there’s usually plenty of work to go around, and you may be able to share referrals and facilities
5. Once you start to scale your side hustle, outsource for help if you need it, from sites like Fiverr and Brickwork India
The Goal Of A Side Hustle Is To Give Up Your Day Job
The $64-million-dollar question – when is the right time to give up your day job, and purse your side hustle full-time?
Consider making the switch if:
1. You feel like you are working two demanding full-time jobs
2. You have enough savings to have ‘rainy day’ money for 3-6 months
3. It is feasible that you could live on the side hustle income
4. Consider if you really want to make the lifestyle change, especially if you have a family. Maybe you could use Bekins Moving Solutions to relocate to a less expensive family home
5. Work smarter and use automation to free up time from small time-consuming tasks
6. Keep your overheads as low as possible – for example, keep your energy usage costs as low as possible, and for tips how to save money on that crippling power bill, click here.
Conclusion
Obviously, much will depend on your personal situation and family responsibilities, but perhaps your best approach can be best summed up by this quote from an episode of Shark Tank: “"In entrepreneurship, you decide to give up your day job at the point where either (A) the hobby or new business is at least making some form of ends meet, or (B) you feel that you need to dedicate yourself for a certain amount of time to it and give yourself the last hoorah." - Daymond John.
In any case, in addition to the hard work, don’t forget to occasionally enjoy the fruits of your side hustle labors, so learn more how to give yourself a well-earned reward when the income starts to come in – but don’t overspend on your gift! You are not a billionaire yet!
If you choose to build your side hustle into your full-time business, and you become your own boss, give it all your attention and enjoy the journey to success will be your only income, and your business will seem like another child! Never take your foot off the gas and go for it!