4 steps to make a side hustle work for you


4 steps to make a side hustle work for you

‘Side hustle’ is a phrase coined to mean a stream of income that complements one’s main source of money.

In an article by Ryan Robinson in ‘The Balance Small Business’, the best way to become your own boss is to start a side hustle while still keeping your day job.

However, many find they are unable strike a balance between their day job and side hustle.

In many cases, they are forced to let go of their side hustle lest they lose their main job.

If you are one of those trying to figure out how to make it work between the two, here are a few tips:

  1. Prepare for the long haul

According to Robinson, it is important to prepare for the long haul. If one decides to provide a product or a service, there are chances that it will take an awful amount of time to make the first sale leave alone profit.

So be ready for any eventuality, especially in the psychological sense as success is not instant.

2. Focus on interest

Get relevant skills. It is important to understand the industry you want to get into; challenges, rules and regulations as well as taxes involved so you don’t get into a financial mess.

3. Survey the industry

This helps you identify a niche. Very rarely do we re-invent the wheel so the key is to do something differently: uniquely. You can also decide to cater to those that your survey has discovered are ignored in the industry.

4. Define your goals clearly

There is nothing wrong with dreaming big but having only the end goal in mind creates many blind spots. For this reason, having a plan segmented into stages is very essential.

It also helps when you set goals for every stage: you will gradually gravitate towards your end target.

 

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Story By Duncan Mutwiri
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