How To Start Your Side Hustle Like A Boss (10 Steps)
How do people develop a side hustle?
It feels like everywhere you look, someone you know has a side business of some kind.
You have a stable full-time job that pays your bills, but you also have a passion you’ve always wanted to build into something larger.
But how do you jump from wishing to reality?
There is so much information out there that it’s hard to know where to start looking, so you never do.
If that sounds like you, we are here to help!
Side hustles are the best of both worlds because they give you the security of extra income and, for talented folks like you, the freedom to do what makes you happy.
In fact side hustles have become so popular, nearly half of Gen Zers and Millennials have one.
If this sounds like music to your ears, we’ve compiled a comprehensive 10-step guide to get you started today.
Let’s get busy.
What is a side hustle?
A side hustle is something you do off to the side of your full-time job. It is a side hobby or a part-time job that allows you to make extra money, do something you love or try something new as a business idea without leaving your primary job.
Sounds simple right? So how do you get started already?
How can I create a side a hustle?
Follow these ten steps.
1. Start With What You Love or Can Do Well
Your side hustle should be something you enjoy, whether it’s something you have found fun as a hobby for years or a professional skill you happen to excel in. You will take the ‘hustle’ out of the additional tasks to your day because you will be having fun while you work. What’s more, you’ll stay motivated and even look for ways to perfect your craft, eventually working yourself into your hustle full-time! Consider all the activities you can spend hours doing or things you get frequent compliments on, like cooking, baking, sewing, woodwork, etc. Side hustle magic happens when your passion and skill set collide.
2. Deciding How Much Time You Have
What type of hustle you have depends largely on how much time you have at your disposal. Dive into your day-to-day/ week-to-week schedule and see how much time you can carve out for your side hustle, keeping in mind that you must not compromise your current job or personal relaxation time. Remember to maintain a balance for a happier, healthier you. A few hours every week for 52 weeks goes a long way. Choose a time slot that works consistently week after week, or move items on your calendar around so you have blocks of time available for your hustle. Consistency is key in business, so always make time for your side gig for optimal success.
3. Research the Market
Before you start, learn about the market for your side hustle. Find the key trends in your industry and check what your competitors are doing and the saturation of businesses like yours within your area. It will assist you in identifying where there is a gap in the market, something that you can concentrate on that will make you stand out. You want to ensure there is a market and demand for the services or products you plan to provide. Find industry reports, or forums that you can join to get the inside scoop. The more you know about your industry, the better your choices will be moving forward. 
4. Find Your Target and Define Your Services
Now that you have done your research, it’s time to decide on what products or services you will focus on. But first, let’s talk about who your ideal customer by creating an avatar. An avatar is a clear picture of your buyer: their age, location, hobbies, pain points and wants. Take all this information and write it down, even find a picture of someone you know that fits that description. Offer services that they need and will make their life easier; remember to use that unique element that you offer that others don’t. Survey buyers that fit your avatar and ask for feedback! This will help you polish your hustle so that it caters to all your customer’s needs and wants.
5. Build a Strong Business Plan
A good business plan is like a map to a treasure. Elaborate on what you want to accomplish and the steps you must take to get there. Components of your plan should include:
- a detailed description of your business
- a thorough market analysis
- marketing strategies
- financial projections, and
- an action plan.
This is not an exhaustive list, and plans vary depending on the industry. Research samples so that you will have the appropriate information for your business. This not only helps you stay organized and on track, but it will also save you a lot of time in case you are planning to raise money or look for partnerships down the line.
6. Figure Starting Costs and Earning Goals
It is critical that you understand the financial side of your hustle. Estimate how much it will take to start and maintain your side business to determine funding and help you calculate your potential earnings. This will give you the information you need to make sound financial goals and create business practices to help you achieve them. Monitoring your financial journey over the first weeks and months of your first year, will show you how your business is performing compared to your expectations. This will allow you the time to correct the course when necessary and build a healthy habit that will keep you and your business in the green.
7. Secure Funding
You may or may not require some fixed capital, which solely depends on your side hustle, many of which don’t need a substantial startup cost. You can use personal savings, loans, or crowdfunding platforms. If your side hustle has a unique value proposition, you could pitch it to investors! Ensure you have a well fleshed-out business plan and explain exactly how you will utilize the funds, and what their return of investment (ROI) is expected to be. If you have a physical product, pre-sales are an excellent way to build a little cash before your official launch and can generate buzz for you. Always make financial decisions that keep you from incurring unnecessary debt. 
8. Learn the Law
Even though you are working a side hustle, you must be aware of the laws pertaining to your type of business. Depending on your industry, there will be certain regulations that you will have to abide by; these involve business licensing, tax requirements, intellectual property law, and so on. Make sure you diligently find out if any of these apply to you. Being compliant from the outset will save you a lot of legal headaches later on. The more you know about the law, the more confidently you can operate your business, and if in doubt, seek professional help.
9. Get Required Licenses and Permits
If you found previously that you need special permits or licenses, it’s time to get those. Depending on what it is, you might need one (or both) to operate your side hustle legally. This may mean an investment in time, in the form of classes and courses or cold hard cash. Contact your local government or industry association to see what you need to get. Though it can be intimidating, having your licenses and permit before the start of operations is extremely important to avoid legal disputes and hefty fines that will put you behind on your goals before you’ve even begun.
10. Set Up Business Accounts and Insurance
Keeping business and personal finances separate is good practice. Open bank accounts for your side hustle so that expenses and profits come into and out of those accounts. This ensures that recurring necessities like water and electric bills still get paid even if your hustle goes belly up. This is also an excellent time to apply for insurance if you can be liable for damages to your customers. Before serving your first customer, ensure you are financially and legally covered.
FQAs
How can I start a side hustle with no money?
It can be challenging for people with little or no capital to launch a side hustle, but possible. Make use of the available free or low-cost resources at your fingertips. Use social media and other online platforms to market your services. Trade services with relatives and friends for recommendations and seek barter arrangements with other professionals for trade of services. Stick with side hustles requiring very little investment upfront, such as freelance writing, consulting, or virtual assistant work. By getting creative, you can start a side hustle with very little funds up front.
How to start a side hustle with no experience?
Launching a side hustle with no experience is an opportunity to experiment and innovate. Learn from taking online courses and tutorials and following industry blogs. Ask colleagues in your professional network for advice and mentorship. Start by performing small projects or asking for test clients (at a discount) to build your portfolio and get hands-on experience. Better yet, offer your services for free for some time to accomplish both. Consider it an investment in yourself and your side hustle that will come back to you tenfold when you succeed.
What are some side hustle ideas?
There are numerous side hustle ideas available, catering to various skills and interests. Popular choices include freelancing, selling handmade products, tutoring, pet sitting, and online coaching. The ideal fit depends on your strengths and passions.
To get started, research what appeals to you. Shopify offers a comprehensive list of potential side hustles, from starting an online store to providing personal services. This list is an excellent resource to explore opportunities or to help you brainstorm new ideas that fit you. Whatever you choose, do your research to start your hustle, knowing you will succeed.
Common Reasons for Failure
The reasons why side hustles fail run the gamut.
Poor planning, terrible time management, or insufficient market research are the most likely to destroy a side hustle.
Overestimating the financial outcomes and underestimating the time commitment can also be detrimental.
And not understanding the legal and financial sides is also asking for compliance issues and financial trouble.
This is why it’s so important to take the time to plan appropriately, set realistic expectations, and stay educated on your industry and market. Doing your homework ahead of time will save you a lot of wasted time and energy later.
A New Dream
Starting a side hustle can be a great way to earn extra money and explore new interests. It allows you to turn your hobbies or skills into a profitable venture. Whether you’re good at baking, designing, writing, or tutoring, there’s always a way to monetize your talent. A side hustle can also teach you valuable business skills, like time management, budgeting, and marketing.
Plus, it can be a fun and rewarding experience that boosts your confidence. By following our ten step guide, you will be well on your way to establish a solid side hustle that can be just the start of a new dream.
What will your side hustle be?
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