There are a great many side hustles you can do. It allows you to make a little extra money while still holding on to your other job. There are some things you should consider before you start a side hustle however. If it consumes too much of your time and you’re stretched too thin, it might not be worth it. You want it to be successful, but you also want it to be easy. You want your plan to be realistic and of course successful. The most time-consuming part of it should really be in the developmental stages. Make sure it’s viable, that the world wants it, and that you have the necessary resources to make it happen.
When you can honestly answer these questions, you’ll know for sure if your side venture will be lucrative and fulfilling. It will give you the clarity you need to go forward or perhaps think of a different venture that will suit you better. There are a number of different hustles you can start. But before you do, here are 10 questions to ask yourself.
1. How much time will this cost me?
If you’re still working at your day-to-day job while starting out on a side hustle, you’ll want to consider how much time it’s going to take. Even if it’s just a small endeavor, any start up no matter the size can be highly time consuming. However, to get it going, you’re going to have to give it the time it needs to see the success from it. Make sure you have the time to get your side hustle going without overdoing it.
2. How much do I want to make with this side hustle?
Having a goal in mind with how much you want to make for your side hustle should be a consideration on your overall plan. You’re likely going to have to invest in some products/services or education to start your side hustle. Consider how much you want to make in order to have it worth your while to start your new idea. By putting a price tag in your mind, you create a plan that puts you in alignment for that financial success.
Knowing what your expected rate of return for your efforts will help you decide what kind of side hustle you want to pursue. If you want to make some extra income monthly, maybe it will be easier to start a delivery side hustle by using apps like Uber or DoorDash. However, if you are looking to replace your full-time income and have no salary cap, starting your own business may be the direction you choose to go.
3. How long do I want to do this side hustle?
A side hustle isn’t a new career move for most people. Maybe you just want your side hustle for a year while you save up for something. Unless it’s passive income, you may not have the energy to continue working full time and keeping your side hustle. Before you start, think about how long you want to keep it up for. You may want to continue developing the side hustle into a business at some point. These are all things you want to reflect on so you can figure out how to maintain your side hustle for the desired amount of time.
4. What Am I Willing to Let Go Of?
Most of us are already full up when it comes to responsibilities in our life. You probably have a lot going on with no space to take on anything else. If this is the case, adding a little side business to your life might run you into the ground. It’s likely you’re going to have to let go of something else in your life. This is good practice anyway, as many times we have committed to something that no longer gives us any fulfillment.
So what is in your life that means less right now than the possibility of having a side hustle of your own. Most of us won’t be able to leave our job to start a part-time job and that’s not the point anyway. So you need to reduce something else to make the time. Maybe you like watching Netflix for hours at a time after dinner. Maybe you say “yes” to everyone and overcommit. Figure out what you want to eliminate to make your side hustle happen or you risk total burnout.
5. Is My Business Idea Exciting to Me?
Starting a business is hard work, so you really need the passion behind you to keep moving forward with it. There’s a lot of effort you have to put in and if you’re heart isn’t in it, you’ll just feel exhausted and uninspired. Do you truly love the business you’re looking to get into or are you just concerned with the money it will bring you? There will be challenges and if you don’t love what you’re doing, you’re more likely to drop it. Even the process will seem exciting when it’s a concept that speaks to your heart. It will feel like a labor of love to do the work which will keep you going even when there are challenges. This is an important question to ask yourself,
“Would I still want to do this 10 years from now?”
6. How Much Money and Resources Are Available Right Now?
Have you somehow already started with the groundwork without realizing it? Maybe it’s a hobby you’re thinking of turning into a business. This means you know where to source what you need. You already have some of the inventory available. Do you have money? Do you have the connections? If you have a business partner, you can split the cost on certain things. Do you have a mentor who can help you? Write down all the assets you have and figure out how to use them to get you started with your business.
7. What Resources Do I Not Have Yet?
Once you know what assets you do have, you can figure out what resources you still need. Hopefully the large bulk of resources you need, you already have. That leaves you to focus on how to start your business with minimal investment. The best practice is to make a list and include all the thing you think you need. Consider the expenses and figure out how to finance the costs. This will allow you to see if the business is financially viable.
8. Who Will My Customers Be?
It’s so important to do the market research when you’re starting a business. If there are many companies offering a similar service or product with a small customer opportunity, it’s going to be an uphill battle to stay afloat. You want to stand out and have a niche. You also want to know how your customer ticks so you can reach out to them with the right words. Know the demographics, what motivates them, and what their characteristics are. What time do they buy online? What age are they? Is it gender specific? What do they love? When you know the depth of their desires and passions, you can speak directly into their hearts. You’ll gain a loyal customer base this way.
9. What Will My Business Solve?
When you research your customer base, you’ll learn what their problems are. Can you be the one to solve those problems for them? Figure out what their motives are for wanting to solve a specific problem, and understand what they’ve tried in the past. For example, if your customers are looking to have better skin, what is the underlying motivation? To become more attractive so they can get more dates and eventually find true love. Many times, your customer base won’t even realize their own underlying motives, so it’s up to you to figure that out and let them know. This gets their attention too because they feel like you know them.
10. Will this side hustle affect my full-time job?
There are several things you shouldn’t do with your side hustle. Risking your full-time job is one of them. Break down the amount of time and energy it’s going to take to do your side hustle. Is it going to affect your full-time job? Things to ask yourself would include when people will require your product/service. Does it cut into the time you’re working? Is it going to be a demanding side hustle where you have a hard time focusing on your “real job?” Are you going to have the energy to do both? If your side hustle is going to negatively affect your full-time job, figure out what steps you can take to do both.
A side hustle shouldn’t take a lot of your time or energy away from you. It should be something you love to do. There shouldn’t be a huge investment made at the beginning either. Nice, slow organic growth will ensure the longevity of your business. Eventually you may be able to quit your job but for now, test the waters and have fun with your idea. Many people will start up a business based on their hobby or passions in life. It doesn’t suck away at your energy, because you’re happy to do it. Do the research at the beginning so you really know your customers. Enjoy the process and make yourself a little extra cash along the way.