There are a large number of people in the world that work for themselves. Why? They have found something profitable that they love to do. Some don't like working for other people. And some may have a hard time holding down a 9-5 job. There is also another set of people that do have a 9-5 job but have a side hustle too. I've done both! You have heard my struggle and the reason that I went back to work. If you own and operate a small business, you know how important it is to make the most of every second of each day. There is just never enough time! And you have to account for every penny. Some experts estimate that half of all new small businesses will fail within the first year. And, of those businesses, the majority fail because of cash flow issues. Being an entrepreneur and running a small business is not for the faint of heart. And if you are doing it alone, it may be even harder.
Choose Something That You Love
You would think this is obvious. Why would you start a business doing something that you don't like? However, people may do that for a variety of reasons. Just like a 9-5 job, they may be good at doing something, but not necessarily enjoy it. Choosing something that you truly love to do can keep you motivated, working, and making money. Consider turning your favorite hobby into a business.
Choose Something That You Know
Again, this should be obvious. But, you would be surprised how many people start a business doing something that they do not really know. They then fumble through completing projects. Choosing something that you are naturally good at will help your business be successful. There is always room to learn new skills. However, you don't want the first time you are learning to do something to be in front of your client. This sends that wrong message and may not result in a favorable review or recommendations.
Ease Into It
If you are currently working and hoping to quit to run your business full-time you may want to ease into it. Instead of rushing into it and quitting your job, consider doing both for a while. Start by marketing your new business as available on weekends. Put in a few late nights during the week. This way, if money is not flowing immediately you are not struggling. You will have your 9-5 paycheck as a backup plan until things really take off.
Outsource or Automate Your Marketing
This one can save your sanity. A business is not a business if no one knows that it exists. Marketing is important to get your business off the ground. With the advent of social media, a lot of this is easy. You can post on your Facebook page, send some tweets, and build a website. But, this takes a lot of time!!! When you are first getting started there are some great free tools that will allow you to schedule some posts. But, as your business grows this may take on a life of its own.
Many small business owners attempt to manage their own social media accounts, but they may not have the know-how or skills needed to maximize their time on the several social media platforms. It also relies on the business owner being familiar with multiple social media platforms and savvy enough to keep up-to-date with their uses and changes. You could hire a social media manager, but that can be a big expense for a small business. Instead, look into tools that can help. Some of my favorites are Hootsuite, Coschedule, and Buffer. There are a few others that I want to try. I will let you know when I do.
Keep It As Your Side Hustle
There is absolutely nothing wrong with having a side gig while keeping a 9-5 job. In fact, I think a huge number of my friends have side-gigs… myself included! I know photographers, bloggers, travel agents, those that sell products, and those that do more than one… all when we are not at work! It's a way to do what you love for the love of it, and not feel the pressure of making ends meet just from your home-based business.
Having a side hustle also allows you to take breaks when needed. Burn out is real! If you find that you need to pause and refocus, don't be afraid to do that.
Do you have a hustle? What is it? And how is it going?