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Stop Dreaming About Your Side Hustle

Nov 10, 2021 9:00:00 AM


pexels-julia-avamotive-1097781There’s nothing wrong with diversifying your income streams. In an era that has left a lot of people uncertain about their employment, a side-hustle just makes sense. But the real question is this:

Is your side-hustle taking you somewhere?

The best side-hustles are passion projects and big ideas. But if they’re just to fill in an income gap, that’s all they’re likely to ever be.

Consider your side-hustle a dead-end when: 

  1. The opportunity cost doesn’t make sense. Your time is valuable. Is your side-hustle distracting you from maximizing your potential in areas that really matter?
  2. Working hours become excessive. You will come to neglect your friends and family, your stress levels, and your health for the sake of making extra cash.
  3. There’s no long-term focus. Hustling just to get by doesn’t cut it. These second jobs are a symptom of a struggling economy, not true entrepreneurship.

Your side-hustle only has potential to become something more when it’s something you’re passionate about. It gives you the option to truly be your own boss. You can see yourself doing it for a long, long time. It combines your passion and your purpose.

Making Moves Beyond the Kitchen Table

If you’re going to take the leap and turn your project into a small business, here are some things to keep in mind: 

Think Like a Start-Up

business

It’s like the phrase, “Dress for the job you want, not the one you have.”  It’s easy to think about your side-hustle as a hobby, like it’s not that serious. But if you don’t take it seriously, it’ll never become serious. Treat it like a business from the start - no freebies. Conduct yourself professionally always. Register your business. 

Plan Ahead

Get it in your head that you’re going to have to put in a lot of hours building this business. In all likelihood, you’ll continue working your day job while you start something new. Plan not only for your time, but also your finances, and other needs. How are you going to get to where you want to go from where you are now? What resources, equipment, or extra help do you need to level-up?

Know Who You Need

One of the biggest differences between the side-hustle and the small business is the people involved. On your own, you can only do so much. What aspects of the work will you need to export expertise - like writing, designing, programming, funding, or managing? As your business grows, these needs will grow with it. Even if you aren’t able to hire people in the beginning, freelance services like Fivver can assist you with outsourcing work.

Don't Rush

Scaling too quickly spells disaster. Don’t burn money on your new business before you need to. Put off buying what you don’t need, and upgrade as you scale up.

Protect Your Assets

Do you have insurance for your side-hustle? As soon as you begin taking on new teammates - even freelance ones - you’ll need it. That goes double for startups. Manage your risk by investing in insurance and filing as an LLC. It’ll both protect your assets and add legitimacy to your business.

 

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