Don’t Start That Side Business or Hustle Until you Read This
- January 20, 2021
- Posted by: Funmilola Sanya
- Category: Accelerators
In the past years, we’ve witnessed a rise in the number of entrepreneurs across the world. People are leaving the 9-5 lifestyle to start their businesses. This might be because most people are now more driven by their passions and want to pursue their dreams, or salaries are no longer sufficient to take care of the many bills and responsibilities – an extra source of income seems to be a great solution. It could also be a rise in non-conventional jobs, such as social media management, events planning, consulting, coaching, food processing, content writing, and the likes.
Whatever passion fuels your drive to dive into the entrepreneurship world is fine – as long as you have the right reasons for it and do it the right way.
Now, there’s really no right way to be an entrepreneur.
If you’re thinking of starting a side business or hustle as people love to call it, and you are clueless on where to start from, this article is for you. Here, we look at the things you need to know before you launch your business.
There’s a difference between a side business and a side hustle
Side business: A side business is any type of employment undertaken in addition to one’s full-time job. A side business allows you to be your own boss.
Side hustle: A side hustle is any type of gig undertaken to supplement their income. A side hustle is mostly freelance with lots of freedom.
Side business and side hustle might sound like the same thing – since they both have something in common: to make some extra cash – but there are key differences you should know before you start one.
A side hustle puts some extra spending money in your pocket. The good news is you don’t have to leave your job, as it offers you the flexibility to work on your terms. Selling fashion items, tutoring, making and selling handicrafts, babysitting, writing, baking are some side hustles you can do while working full-time.
A side business is not for the fainthearted. Most times, people quit their 9-5 to focus on their side business. Running your business is naturally time-consuming, and you’ll be calling for a wreck if you run it alongside your 9-5.
Entrepreneurship is not cheap
We can’t say how affordable it is to start a side business or side hustle, but it will cost you money. Before your launch, you need to look at your disposable income to see how much you can afford to invest in your side business or hustle.
You need skills
Just like you needed skills to get your job, so do you need skills to startup. Although your side business gives you the opportunity to build your skills and level up over time, you should not start a side hustle if you lack the necessary set of skills needed to run your side business.
You’ll need lots of time
You need to know that your time is no longer dedicated to your 9-5. Now you have a side business that equally needs your attention too. You need to ask yourself how much time you are willing to invest in your business and plan out how much time you’ll be giving it.
It is hard work
This is not to scare you, but to start a side business or hustle calls for a lot of sweat. It is fun and exciting to imagine your idea blossom into a money-making venture, but the imagination can only become a reality if you plan to do all the hard work needed for your business to succeed.
Failure is inevitable
You will fail, not once, not twice, maybe thrice. Studies have shown that 9 out of 10 startups fail. At some point, you’re going to fail – it is a risk you should be willing to take to succeed. The question is: would you be able to handle it? Most entrepreneurs take lessons from their failures and don’t let their failures define them.
These are some of the things you should know before you start your side business or hustle.
Scale My Hustle has a community of growing entrepreneurs across different sectors. In the community, you can get all the advice, tips, and encouragement you need to start your side hustle.
Your business should be one that you enjoy doing, and makes you smile.
Read more about our exclusive community here and how we can help you reach your business goals.
Image credit: istockphoto