Steps For Starting a Side Hustle Business While Keeping Full-Time Job

You have many ideas and want to implement regarding business. On the other hand, you are still working full-time 9 to 5. Today, employees start to look for other methods to make more money. Working only gives enough for food, bills, transportation, insurance, mortgage, and others. In this situation, you need something that makes more money but does not disrupt your work and routine. This is what people call a side hustle.

What Is Side Hustle?

The term side hustle might be a little bit strange. You may refer to this one as a side job or anything you do outside your main job. The side hustle is initially for extra cash and you use the money for hobbies. However, there is an opportunity to expand the side hustle into a full-time business as long as you know what to do. It starts just for fun and you make enough cash. After that, you put into serious mode and a side hustle is not a side job anymore. 

Some people have a business mind but lack capital and support. They might not have the confidence to start a new venture. As you know, a startup business is not what most people think. More than 70% of new businesses will struggle in the first year and only half of them can survive. The survivor will face great danger in terms of competition, market, product, trend, and unknown factors. With such uncertainty, it is common for employees to choose side hustle instead of the complete business. From work and employers, they learn that maintaining a business is the most exhausting job. They decide to start from small, test the water, and see if there is good profit in the future.

Business Idea and Planning

Even though side hustle is kind of like a part job, you must prepare properly. The first step is a business idea. Everything starts from the idea that you choose to be your side hustle. The problem is people see too many ideas from trends and popular products. 

You should understand that side hustle does not have to be business-related with selling goods or services. You can explore your interest and skill. Some people like photography and enter this field with a business mind. If you are good at cooking, foods and beverages seem to be the best idea.

After deciding on the business idea, you must create a business plan and proposal. A side hustle is not a side task anymore if you put serious action. Developing a business plan is an interesting task because you learn thoroughly about your idea. The plan includes production, market analysis, financial projection, competition, marketing, and sales plan. 

If you prepare a side hustle with a partner, the plan will be a roadmap and guideline on how the business is supposed to be. From a business plan, you make a proposal to attract potential investors. People will read, check, inspect, and analyze whether your business is reliable or not. Writing a plan indicates your capability to know your own idea.

Financial Aid and Safety Net

The primary problem in the startup business is financial. You put aside salary and have enough money for initial capital. From the plan, you project how the financial aspect will be done. However, that’s not enough without a safety net and support. 

Everyone wants to be rich and successful when starting a business. However, you should see the reality and prepare for the worst. A safety net is money that you allocate when the situation is out of control. You may consider some options to finance your business such as credit card and loan. Both are the most common way to gain more money. A safety net is also available from friends, partners, and family. You use what you can get. 

Learning from Mentors

You decide to open a business because of seeing someone who does the same. He or she shows you how to manage and make sure everything is in the proper order. You should ask him or her to be your mentor. It is hard to walk alone without support from a person who had the same experience in the past.

You learn directly from the source. Even though the business is different, there is always something you can get as a reference. Wisdom and experience are valuable lessons. You can get both after starting a new business and you will become the mentor for others. A mentor is like a guide to ensure you are on the right path. 

If you have this opportunity, prepare notes and ask important questions. The mentor might not have time to provide regular lessons. You must understand this situation and only everything that needs to be known. There is no time for fun because you start a side hustle with serious planning.

Invest Minimum For Maximize Profit

The next thing you should know is the minimum investment for maximum profit. The common mistake from beginners is they spend more money on something not yet necessary. For example, you hire a marketing specialist and accountant to handle some tasks. This is not a big deal if you have enough money. Unfortunately, hiring professionals is expensive, especially for new ventures. You may try some tools with the same functions and at a lower cost. 

For marketing, you should try social media and the online marketplace. Email, newsletter, website, and forum are great sources of marketing. For an accountant, several open-source software will handle this job. In this step, you spend as low as possible to gain more benefits and profits. If you do not have this kind of thinking, a side hustle is just about you spending money, not earning it.

Ready Product and Feasibility of Business

The next step is you prepare the ready product. The sample is enough to ensure the idea is feasible. If you run a food business, create or make the product directly. Everything has been explained in the business proposal but that’s only the thing you write. Investors want to know the real service or goods you sell.

You may conduct surveys to find what people say get this product. As usual, you pick the right respondent based on the market analysis you have done. Ask something and put the answer for consideration. You think the product is excellent but people may have different opinions. In this case, you use the result to revise and make an improvement. Making the perfect product is impossible but you produce something that can be done perfectly.

Prepare Legal Document

One aspect you cannot forget is legal documents. As an employee, you still have an obligation to fulfill your duty. Employers might ask about your commitment after knowing that you start a new venture. If the business is completely different from what you work at today, there is no significant issue. You just prepare legal support to avoid the expected situation.

The problem arises when you enter a business that is closely related to your full-time work. Even though you are not a direct competitor, the company and employee will see you as a minor nuisance. In his case, the lawyer comes to the right solution. Investing in legal and lawyer is worth your money and time. You cannot expect what happens in the future. Preventive measure is better than solving the problem.

From the above explanation, the side hustle will be serious business if you are ready to allocate more resources. Start from small and something you know. After gaining experience and skill, you are ready to dedicate full time and switch from an employee into an employer. 

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