It is no secret that everyone is feeling the financial pinch since the end of the pandemic. So, you won’t be alone if you have ambitions of starting a side hustle to bridge the financial gap. If you are going to achieve that goal, however, rather than rush in like a bull at a gate, you need to take time and get things set up correctly from day one.
If you are in a position where you have considerably more enthusiasm than experience, then you might be at something of a loss about how to do this. However, You will find that if you think about the most important areas, you give yourself the best chance possible.
#1 Your internet connection
Whatever your side hustle entails, it will involve the internet in some form, so you need to make sure that you have a robust and reliable connection to the digital world. You might already have a provider for normal domestic use, like streaming TV, but you will need to reassess this now that you are looking to build a business. By reviewing the internet providers in Dallas, TX, you can find the right provider to give you the connection, security, and service you are looking for to build a solid foundation for your side hustle.
#2 Admin and budgeting
Of course, you will want to get started, but like everything in life, there is paperwork that you will need to complete before you can get the ball rolling. You need to think about what shape your business is going to take – not just now but in the coming months – and decide on whether to stay as a sole trader or if you need to form a more formal company.
Regardless of what you decide, you will need finances and a budget. This will involve writing down everything you need to spend before you can start taking money and what it will cost to keep the money rolling in thereafter. You might find that your plan and the money you already have don’t quite match up, so you could find yourself approaching investors or financial institutions for backing. If this is the case, then a solid, well-written business plan is a must.
#3 Social media
Even if your side hustle is still very much at the concept stage, you should start building your online profile. A company website might strike you as a little over-ambitious this early on, but you can still establish your brand and find followers for free on social media. A bit of research into the demographics of your target market will show you which are the best platforms to start on. Once your accounts are up and running, you should concentrate your posts on information about what you do, how you do it, and why people are going to need you.
Building a small following of loyal followers can create a snowball effect as you start to trade, so if it is slow going at first, don’t be disheartened, as it is like this for the vast majority of people.
#4 Physical networking
It’s not just on social media where you can build important connections, as you can create a local following, too, by meeting people face to face. You could attend local events for small business owners and make important connections there – as well as find people to help you, like web designers, leaflet printers, and distributors. You could also volunteer at charity events where you will meet other important people in your local community who it could be extremely advantageous to know.
#5 Keep one eye on the future
You might have just started, but you need to think about where this might all lead. This is not just picturing yourself relaxing on a beach as a millionaire with a cocktail, but the practical steps on how you might get there.
- Scalability – as you create your product or service that will form the basis of your side hustle, you need to think about making it scalable so that if demand increases tenfold overnight, you will not be left caught short.
- Physical space – you need to think if your growth will be restricted by the space you have available and think of a solution. This could be a friend’s garage or basement that you could use in an emergency.
- Future-proofing – with technology moving fast, you need to look at whether any of these advances could make the service that you supply redundant. If that might be possible, think about how you could adapt what you do to still make your side hustle a viable proposition.