You’ve been thinking about starting a side hustle for a while, but you don’t know where to begin? Follow the roadmap we’ve put together and you will be making extra money in no time.
1. Decide what side hustle you are going to pursue. If you are looking for ideas, we recommend you check out our Ebook The 2019 Ultimate Guide to a Solid Side Hustle. Trust us, if you are interested in a side hustle – the guide will give you plenty of ideas of how to start making money, now.
2. MVP your side hustle. We’re not only talking about building the Minimum Viable Product for your business but asking you to adopt the MVP attitude for your business – what are the basic minimum resources you will need in order to start making money?
Time: How much time will you need to spend doing this side hustle? Is it variable depending on the season/week/time of day? Can you build that time into your regular work-life schedule? Will you need help with your other daily tasks like childcare, cooking, cleaning, etc?
Tools: Do you need a website to sell your products? Do you need tools and a workshop to build your products? Do you need transport, marketing materials, hardware, software, paper clips?
Paperwork: Do you need a business license to do your side hustle? Do you need permits, insurance, contracts, certifications?
Money: How much money will you need to get started? Do you need to spend on building a product, website, marketing, getting a business license, freeing up time? What’s that initial capital going to look like based on all your other requirements? We’ll help you figure all this out!
3. Build a calendar. For the first 3 months of running your new side hustle, you’ll need to make time and schedule it in. This calendar should take into account your regular work hours and any other daily work/life task, and the required minimum side hustle commitment. We help you learn from those who have done it before!
4. Fill your toolbox. Find out where to source the most affordable tools. If you need a website to sell your products, our guide has an entire chapter on tech and affordable, effective steps to put together a website. If you require actual tools to make your products, you can borrow them from a friend or someone in the industry, before actually purchasing your own. Maybe you can even rent the tools to start out. When it comes to your inventory, perhaps you could get it on consignment (don’t pay until you actually sell the products). These are all ways you can minimize the initial cost.
5. The paperwork. Find out what paperwork needs to be completed to make it legal for you to do your side hustle. Our guide covers the basics of business licensing, so make sure you check it out. For each license, permit, or a legal requirement, find out exactly what is needed (what documents, how much money, certifications, etc). Gather all required documents and sort them, so you can apply for each permit and license simultaneously to expedite the process as much as possible. Find out how much time it will take to apply and get approved before you can launch. Don’t forget to add these time blocks to your calendar and use our online filing cabinet for bonus organization points.
6. The initial budget. Put together a simple budget that includes your initial capital expenses. This budget should include (money you will need to spend to set up your side hustle) + (recurring expenses you will see until you start making money). What do we mean by that? For example, let’s say you want to start selling essential oils using your Instagram account. In order to do that, you will need to put together a list of products with descriptions and photos that you can display on your account. You don’t need to buy a lot of products upfront, but you will need some samples. The cost of those samples is how much money you need upfront to get started. You are also going to be advertising on Instagram. If you think it will take a couple of weeks to make those ads work, before your essential oils are flying off the shelf, you need to include your ad budget for the 2 weeks in your initial capital.
7. Make money! Our guide covers the calculator for figuring out how much initial capital is required to start your business and where you can get it from. Set yourself a deadline of when you are going to have that amount aside. Ideally, this deadline will be parallel (or before) the date of your license or permit approvals (if required).
8. Adopt a growth mindset. While you are waiting for the permits and licenses to complete, while you are working on gathering your capital, you can use that time to learn everything there is to know about your side hustle – become the expert!
This summarizes your plan for the next 30 days. During this time, you will get your side hustle set up. Then what? Well, before you jump straight into execution, let’s see what that will look like!
Running Your Side Hustle
De-risking your business. This includes both personal and business risks. With respect to the personal side of things, think balance in life, relationships, expectations. Our guide will help you learn how your life will change with a side hustle and how to manage it. When it comes to business risks, think insurance, incorporation. In our guide, we cover the risks and the best ways to mitigate them.
Taxes. Yes, taxes. What is the best way to claim your taxes on this new source of income? Our guide will teach you the tips and tricks so you don’t have to fear the taxman every night. Remember, it’s not about what you make, it’s about what you take home.
Crafting your business identity. We’ll give you the best tools to give your business personality and identity. We have tried and tested everything, from finding the perfect name for your business, registering a domain, building a website, creating a logo, preparing business cards, and even finding a working space.
Marketing. It’s time to get out there. Prepare your first marketing plan and learn to use proven tools to automate email, social media and content marketing. We have a template waiting to help you.
Simplify with tools. Simplify your day-to-day processes with tech tools. This includes accounting, scheduling, internal and external communications, payroll, productivity, time tracking and more. Don’t let the numbers side of a business scare you, we will show you exactly how to use technology for your day-to-day.
Evaluating your side hustle. You’ve been in the trenches running your side hustle, but it’s important to take a step back and analyze if your business is actually worth doing. Learn what to look at when evaluating the profitability and overall success of your new venture.
Alright, now that we’ve reviewed everything required to set up your side hustle, and what will be worked through to run your business, let’s get to work on setting up your side hustle! The first step – click below to buy “The 2019 Ultimate Guide to a Solid Side Hustle” and start making money doing what you love!