You know what they say about money? That it’s power. That you have to spend a lot of it to make a lot of it. That it has both the ability to talk and make the world go round, but not to grow on trees. That it isn’t everything, but it is time. That you should know that you can’t take it with you when you die, it won’t buy happiness, and it’s evil. Yeah, though it might not be able to talk, people have certainly talked a lot about money.
What is less well documented are the ins and outs, ups and downs, of the elusive ‘side hustle’. Because whilst so many of us are doing our best to stay afloat with just one kind of gainful employment, a brave, fearless few are trying their hand at a second, or even third, revenue stream. She who dares, wins, hey? With that in mind, here are 4 tips for making your side business a success.
HAVE A SET OF SOLID RITUALS
Time management and self discipline are just so crucial if you’re to continue making a success of your usual employment while simultaneously making progress with your side hustle.
Set the tone of the day right, each and every day, with an effective waking up and going to bed ritual. When you first wake up, consider making a small prayer or the bed, documenting your gratitude, or engaging in a yoga session or some stretching exercises. The point here is not the outcome, but more to get your mind accustomed to a chain of activities, rituals and motions which all lead to results and a particular frame of mind. Without a proper consistent ritual, you indiscipline can develop and you risk getting into a mindset which de-prioritises your work goals.
The same goes for the evening. Rather than ploughing on late into the night in an increasingly scattergun manner, work smarter, not harder. Get what needs to be done each day and then ceremoniously close down your computer, work and thoughts so you’re able to properly recharge for the next day. You’ll notice by working less, having a proper bedtime routine and sleeping restfully, your efficiency will, in fact, be increased.
A FINE BALANCING ACT
Listen up; you’ve decided to embark on a side hustle, and as such, you’re pretty much accepting that that much-fabled work-life balance is going to be a little lop sided for a while.
But that shouldn’t mean that you completely let your personal life go, in favour of your professional one. If you barely have time to eat, sleep and look yourself, then chances are you’re not going to have the energy to start up and maintain a successful side hustle.
Be realistic and dedicated with your time; consider how much of your week a side job will take up and when you’ll be able to work on it. Then, multiply that figure by two; realistically it will take up a lot more time than you think. Create a genuine, honest schedule, setting time aside in the evenings and weekends and stick to it, neither going over or under the allotted time frames too drastically.
Though you, of course, want your side project to do well, if its success is causing your full time job to suffer, then you might want to rethink how you’re approaching both those endeavours. This thing needs to make sense financially.
On that note, it’s important to check in with your current employer to see if the company permits you dedicating some time to a side project. Many companies don’t like their employees having something on the side, fearful that the employee will not give 100% to the business. So review your contract, company handbook and anything else you’ve signed; rigorously read all of the fine print and check there isn’t any potential conflict of interests.
WHERE THE MAGIC HAPPENS
Where the magic happens is, without doubt, online. For a successful side project which brings in the bacon and a feeling of satisfaction, you should be harnessing the power of the internet at every turn, opportunity and moment. It’s almost certain that your new business or project will take place online, and the internet presents chances to engage and expand, so do make sure you’re making the most of it.
If you’re being paid to take surveys, spread the net far and wide, research different channels, and double your speed via software which helps you complete them in a speedier fashion. Should you be creating content, prioritise quality over quantity to ensure your creativity gets noticed and has greater longevity in a competitive field.
KNOW THAT SUCCESS DOESN’T HAPPEN OVERNIGHT
How we’d love to settle down for the evening, close our eyes and wake up rich. But success most certainly doesn’t happen overnight and favourable inroads into the market are incrementable and oftentimes slow.
Don’t let this dishearten you; so many side hustles and projects fail because expectations were too high for quick, easy money, and folk get discouraged when profits aren’t immediate. Know that prosperity is a long game; play it dexterously and intelligently, and one day you may well have a side business which turns enough of a profit to become your main focus. Good luck!