Day job getting you down? Have a burning passion to do something else, but you’re not quite sure what? You’re not alone. 25% of full-time workers in the UK have a side hustle.
The temptation to escape the rat race and the 9-5 can be very attractive. No more commutes, no more bosses telling you what to do, and complete autonomy to do things your way, on your schedule.
However, the reality of side hustles may be a little different. In this article we share what to do (and what NOT to do) if you’re thinking of setting up your own business.
First up, make a list of what you’re good at, what you enjoy – in fact, what makes you, you. As we all know, when you’re passionate about something, it’s usually easier to make a success of it, so dive deeper into what makes you tick.
Once you have your list, drill down into the one thing that shines out amongst the rest and start thinking about whether there’s a need for this kind of product or service. Where’s the gap in the market? How can you differentiate? Time to do some market research to avoid building something that nobody wants.
Gather opinions from your network
Once you’ve done your own research and come up with a gap in the market, it’s time to widen the net of opinion. Ask 10 people you trust what they think of your idea, how well-suited they think you are to this new venture and what they think your product or service should be priced at.
Armed with this information, you can start to put a business plan together.
Don’t rush to quit the day job
While you may completely head-over-heels in love with your new idea, take a moment to do the maths. Know what you need to earn, and plot out how quickly (or long) it will take your new product or service to reach that figure, before transitioning your side hustle to a full-time operation.
Be prepared for ups and downs
Despite your best intentions, be prepared for setbacks. No business journey is completely linear Just take a look at someone like Sir Richard Branson who would be the first one to tell you that tenacity and pure grit is absolutely key.
Get the marketing ball rolling
One of the quickest ways to get to market, even before you have a website, is social networking. Register your profiles (don’t forget to check if your preferred domain is available) and start creating brand guidelines. This will include things such as colour palette, tone of voice and values. This will form the basis of your content strategy. Once you have this in place, you can then start putting together a content calendar and getting yourself out there online very cost-effectively.
Go for it!
Having your own side hustle can be extremely exhilarating and rewarding. Once you’ve got the foundations in place, you’ll have the benefit of planning your own future, and reaping those entrepreneurial rewards. Good luck!
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