Move Your Side Hustle to Center Stage

side hustleHave you thought about starting a business side hustle?  Maybe something to compliment your traditional day job or something to hedge against economic uncertainty. A side hustle also gives you an opportunity to highlight untapped skills.  Often this side business starts as an expansion of a hobby or a passion you hold dear.  Regardless, this endeavor can offer more financial potential than you initially planned.

The expansion of the gig economy has encouraged approximately 44 million US workers to engage in a variety of side hustles.  Examples include catering, dog walking and pet sitting, delivering groceries, renting their homes, and tutoring online.

Starting and growing a side hustle offers many benefits that can enrich your lifestyle and your income.  Having a side hustle helps you diversify your income (not a bad thing in this economy), pay off some debt, and build you savings account.  According to a recent Bankrate survey, 45% of working Americans report having a side hustle.  That amounts to roughly 70 million people. Among millennials, that statistic rises to 50%.

Long term benefits include building your ska’s, building opportunities for transitioning from job that has restrictions and limitations. Many of these emerging entrepreneurs start a side hustle to achieve more personal freedom and simultaneously earn extra income.  The extra income can be used to save, invest, make ends meet, or pay off debts.

Embarking on a side hustle that will produce positive results takes careful consideration, strategic planning, and sequential implementation.  Here are the key components of building a dynamic and successful side hustle.

Understand the why.

Be brutally honest with yourself.  Why are you starting the endeavor?  Do you need extra money to make ends meet or prepare for retirement?  Do you have a burning passion to support a social cause?  Do you want to expand a hobby you enjoy?  Whatever the reason, make certain that the purpose is deep enough to give you the inner drive to follow through even when times get tough—and they will.

Assess available resources.

Take a solid look at what resources you possess that you can rely on as you build this side hustle.  Consider everything including cash reserves, sources of materials for products, intellectual understanding of the industry you are joining, and available space to work on this emerging business.  One important factor to keep in mind.  Women are less likely to pursue business loans or investor support.  A necessary resource that is often overlooked is a group of advisors who can help with the business development.  Having a banker, lawyer, financial advisor, and CPA are all necessary for utilizing their guidance as you move forward.

Choose with your heart.

Sometimes building a side hustle feels like a calling.  This is the “passion” aspect.  It is not something to be ignored.  The entrepreneurial rode from side hustle to emerging sustainable business is a bumpy road with many challenges along the way.  Pursuing an endeavor that you love will keep you motivated when the times are tough and celebrating when you experience success.  For many, choosing the best side hustle idea is the most difficult part of starting. And moving forward.  Take time and consult with others in your circle of friends and family to consider both pros and cons.

Build your side hustle roadmap.

Pace setting is important.  As the saying goes, “Rome wasn’t built in a day.”  Be aware of how much time you have to devote to your side hustle each week—be realistic.  Many times, people are challenged with time optimism, which translates into thinking they can get more done in the time they have than is humanly possible.  We are not magicians.  Again, be realistic.  If you need help building a strategy on building the business, I have a Business Sphere of Excellence business model available that provides a step-by-step process for creating a side hustle that transforms into a sustainable business.  Contact me and let’s talk.

Believe in yourself

Lastly, confidence matters.  Confidence beats self-doubt every time.  So don’t be too hard on yourself.  You have the ability to succeed.  Growing a business is not easy.  You are probably juggling many functions in your life from family issues to economic concerns, to working.  It’s not easy to add a side hustle, but the rewards out way the challenges if you stick with it. If you are honest about dealing with limited time and or resources and take the time to come up with the best side hustle idea, you are more than half way toward creating a rewarding business that brings a great deal of pride.

Dr. Ann Gatty is president of Strategic People Solutions, a business consulting firm, helping businesses add value-assets to their businesses. For the past twenty years she and her husband, Gene, have been providing leadership development programs, business implementation strategies, and solving HR employment issues. Ann has recently created The Business Sphere of Excellence® a strategic business planning model used to construct annual and long range business plans helping businesses run more efficiently and profitably. Dr. Ann Gatty is an expert in understanding and creating a diverse workplace culture. She currently focuses on improving workplace productivity, leadership development and women entrepreneurs.
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