A lot of new businesses begin life as a hobby or side-of-the-desk project that you tackle in your spare time. This is often referred to you as your side-hustle – you’re still holding on to a full-time job to pay the bills, but you’re hoping that your side-hustle will become profitable enough that you’ll soon be able to concentrate all of your energy on it.
But, how do you make that leap from passion-project to profitable side-hustle? I caught up with mindset coach and business mentor, Joseph James, to talk business.
What leads people to start side businesses or projects while also holding down a full-time job?
From experience with coaching clients, I’ve noticed that now more than ever, people want to feel like they are doing something that they love rather than just going to work.
Another reason is to create additional income streams for themselves.
Is starting a side-hustle the best way to tackle a new business? Wouldn’t it be better to focus on it full time if you’re serious about it?
It totally depends on a person’s unique situation and the nature of the business that you’re looking to launch.
More often than not, people come to me for mentoring because they have a business that they want to take to the next level. They hire me to help them put packages together, structure their marketing campaigns, and help them to map out their income streams.
As you’re building up your side business, set yourself a realistic goal that feels good for you and gives you the lifestyle that you want. Once you’re nearing that number, you’ll know it’s time to make the transition.
There’s only so many hours in a day – how do you balance a side-hustle and a job? How do you prioritise?
One of the best pieces of advice I can share is to plan. At the beginning of each week, plan out your activities for the next seven days so that you know what you’re working on and why, and batch your tasks up-front.
Instead of trying to come up with social media content on the spot, plan your content for the week and “batch” it. If you offer any kind of 1-on-1 client work, like sessions or done-for-you services, then I’d advise batching those as well – so, you would do all of your sessions on a Saturday, for example.
This allows you to manage your time a lot better and gets you in the flow of doing things, rather than doing them sporadically.
How do you know if your side-hustle is worth your time? How do you know it’s working?
One of the first things I do with my clients is set clear goals with them and create a customised plan that feels good for them.
Working on your business without having a clear plan or goals is a great way to stay “pretend busy” without really making any progress.
One of the best things you can do for yourself is to set goals, create a plan, and get expert help. Regularly check in with yourself against your goals and assess how you’re doing with them.
When should you make the jump and quit your full-time job in order to focus on your side-hustle?
Each person’s situation is different, but I’d usually advise someone to set themselves some clear income and savings goals. Once those are achieved, you can comfortably move into your side-hustle full-time.
What advice or guidance would you give to someone who was thinking about starting a side-hustle?
I’d look at what you’re naturally good at, and how you can turn that into a product or service that helps people. Then, get some help on structuring it into a business.
One of the most important things to keep in mind when starting a side-hustle is to treat it like a business, and give it the time and care that it deserves.
Getting expert help is also a great idea. Instead of trying to figure it all out as you go along, invest in yourself and your growth.
Another piece of advice is to listen to your intuition and follow your instincts. Ask yourself – “What feels right as a next step for me right now?”
A lot of new businesses begin life as a hobby or side-of-the-desk project that you tackle in your spare time. This is often referred to you as your side-hustle – you’re still holding on to a full-time job to pay the bills, but you’re hoping that your side-hustle will become profitable enough that you’ll soon be able to concentrate all of your energy on it.
But, how do you make that leap from passion-project to profitable side-hustle? Let's break it down.
Why start a side-business while also working a full-time job?
People want to feel like they are doing something that they love rather than just going to work. A side-business or a side-hustle is also a way to create an additional income stream for yourself.
Use a side-hustle to test your business ideas
Most business ideas need to be tested and refined before securing further investment. Having a full-time job can give you security while you use a side-hustle to test theh potential of your ideas.
As you’re building up your side-business, set yourself a realistic goal that feels good for you and gives you the lifestyle that you want. Working to a plan gives you measures by which you can determine whether it's time to give up the full-time job and focus all of your energy on your passion project.
Avoid feeling overwhelmed
If you're holding down a full-time job and also trying to build up your side-hustle, you're never going to have enough time to do everything that you want to do.
You're going to need to prioritise.
At the beginning of each week, plan out your activities for the next seven days so that you know what you’re working on and why, and batch your tasks up-front.
How do you know if your business idea has really got potential?
Set clear goals.
Unless you have a business plan that allows you to track your performance against targets that you've set, then you'll just be feeling busy without knowing if you're making any progress.
Set time aside to review your business performance against your business plan.
Turning your passion into a project
If you think that you'd like to be working on a side-hustle, spend time assessing what you're naturally good at. You want something that you're passionate about that you can then find a way to turn that into a product or a service that other people will value.
It's also important that you follow your instincts. If it feels right, then you're probably heading in the right direction.
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Now over 70. If I even thought of going online with my "side hustle, ' my SO would have my jewels on a platter for dinner tonight. He wants me all to himself. Personal, not business.
Seriously, the most important thing to remember in planning ANY oline business is check out the competition first If you aren't offering a totally unique servie, and who is these days? then it won't be making you much more than pocket money, and even at that if you are really lucky
Common sense must prevail.
This is postedWith rthe utmost espect, DANN
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