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Research shows that 55% of freelancers in the world still keep their full-time jobs. This means that if you are thinking of starting a side hustle while keeping a day job, you will not be the first person to do so. Starting a business while retaining your day job is a great way to becoming self-employed. This is because you will not have to worry much about cash flow as opposed to someone who quits their job and goes all in when starting a new business. However, building a side hustle to the point where it earns profit is not a walk in the park. You will have to invest your time and put in a lot of effort as well as make a lot of sacrifices.
A side hustle is important because it can enable you to gain financial freedom in the event that you decide to quit your day job in the future. Your business can be based on your hobby. It can also allow you to concentrate on things that you are passionate about. You can use the extra income from the side hustle to travel around the world, donate to courses close to your heart, or take care of the environment.
Identify Your Interests and Skills
In order for your side hustle to succeed, it must be based on something that you are good at and enjoy doing. You should have industry knowledge, experience, or relevant skills if you want the side hustle to thrive. For example, if you are a creative, you can become a freelancer and offer services such as writing fiction ebooks or doing graphic design. If you are a teacher, you can create an online course and sell it. If you do not have the skills that you need to start a certain side hustle, go to platforms such as SkillShare and learn them. Identify your passion and just start.
Use Your Free Time Wisely
There is a misconception that entrepreneurs set their own time, but in the beginning this will not be the case. Entrepreneurs are known to work long hours, so this is what awaits you if you are planning to start a side hustle. You must work whenever you get time otherwise your business will fail. Satisfying the customers’ needs and studying the market should always take priority over relaxing.
Make sure that you use your days off from your day job and holidays wisely by working on your business. Work during your lunch hour; multitask by eating while doing small tasks for your business such as replying to emails, posting on social media, and researching on new strategies to improve your business. You also need to wake a bit earlier than usual to work on your accounting books or restock your products. You will also have to dedicate your evenings to your new business to ensure that it stays afloat. Also, learn to get a lot done within a short time. Success does not come easy. You will need to make great sacrifices to see your dream come true.
Outsource Work When Necessary
Identify your strengths and capitalize on them. The reality of the matter is that you cannot be good at everything. Know what your weaknesses are and find the right people to do the job. Some of the tasks you might outsource include web designing, balancing the books, marketing, or blog writing. When you do this, you will free up your time and use the extra time to focus on what you are good at.
Find Time for Self-Care
Do not neglect your health for the sake of having a successful side hustle. Find time for exercise whenever you can since it will help you cope with the stress you are going through due to your tight schedule. Also make sure that you eat healthy because you need all the energy you can get to balance your day job and side business.
Find a Partner or Create a Team
Most people who have been successful in having a side hustle while doing their full-time job have done so with the help of others. You can choose to find one partner who can help you share the burden of running the business and bring more people on board as the business grows or build a team right from the beginning. This will allow you to have more time which you can use to focus on making more profits.
Differentiate Your Business
If you are creating a new service or product, you will not have to worry about differentiating, but if not, then you will have competitors who have been in the industry longer than you. To avoid getting edged out of the market by your competitors, you must have a great competitive advantage over them. This can be anything from excellent customer service, low pricing, amazing features, higher profit margins and effective sales techniques.
Set Goals and Milestones that Will Push You to Work Hard
For you to achieve your bigger dreams, set small and incremental ones first. Ensure that your goals are SMART, which is an acronym for Specific, Measurable, Achievable, Relevant, and Time-bound. Lay out major milestones and deadlines that will lead you from the beginning to the launch date. Adhere to your deadlines and do the activities required to go from one milestone to the next.
Statistics show that about 20% of new businesses fail in their first year of existence and only 30% will make it past the 10 year mark. However, this should not discourage you from starting one. Beginning a side hustle when you are still employed is beneficial because it will cushion you from financial difficulties by covering your living expenses.
Have any more tips on building a side hustle while keeping a day job.
This article originally published on GREY Journal.