1. Become Educated
Whatever your new side hustle might be, become extremely educated on the subject. Knowledge is power, and power is money.
2. Devote one day off to your new side hustle
Pick a day you are scheduled off from your day job to devote to your side hustle. During that one day focus completely on building your business.
3. Consult with a lawyer
Believe it or not, starting a business is more than just advertising and physically working. You need to make sure you are legally on track to running your business successfully and obtain all licensure to do so properly.
4. Develop a strong social media presence
Social media is the way of the the future for businesses. To promote your business, you need to have a strong social media presence to get your business name in the eyes of consumers.
5. Develop your brand
Branding is one of the most important aspects of your new business. Create a strong logo and slogan that will stand out to consumers. Your logo and slogan will set the tone of your brand, choose wisely.
6. Cross market with others
Starting out be sure to cross advertise with other local companies. For example, if you are a landscaping company ask your local hardware store where you purchase your tools to display your business card at all registers.
7. Carry an idea journal for your new venture
Sometimes the best ideas will come to mind when you are doing generic things such as driving or at a dentist appointment. Be sure to write those ideas down to elaborate on later.
8. Devote six months to working really hard
Work as hard as you can for six months on your side hustle to get it started. Spend every extra moment doing something to improve your business and you will be surprised how much you can accomplish in six months.
9. Look for insurance and 401k
More than likely when you give up your day job to fully devote yourself to your side hustle you will lose employee benefits. Make sure you have a stable back up plan for health insurance and a retirement fund.
10. Start small, very small
If possible, start your side hustle small and work your way up. Sometimes starting online just to see how it goes gives you a strong foundation for a large business later.
11. Don’t hire right away
Unless you need the extra help immediately, try to do everything yourself for the first few months to cut down on payroll. This will help with keeping your startup cost more affordable.
12. Secure financing
More than likely you will need to obtain some type of business loan to start your new business. While looking for a loan be sure to shop interest rates for the best financing option available.