In the current world, having a permanent job is not enough. I believe one needs something else to do called a side hustle. Being a teenager is not easy at all, It is great when you stay with your parents all bills are catered for but when you move away life becomes tougher and forces you to look for greener pastures. The following are tips to effective side hustle in the 21st century
Do what you are passionate about
Imagine investing your time, energy, and money in something you do not like or not passionate about! It is a tragedy. If anyone decides to start a business, and they are passionate about it they will still do it even when the business is not performing. Passion will also keep you in the business after money influx since money was not the only drive. I like computers, therefore, I enjoy advising, selling, and consulting on technology. Make your passion your side hustle.
Develop saving habits
One of the reasons that hinder people especially the young from starting businesses is lack of capital. Sometimes it is because their idea is capital intensive or they do not have any penny saved. The former is understandable for example when starting a business that requires expensive machinery, but the latter is something one can change. We are advised to develop saving habits so that one can at least finance themselves in the beginning. A Sacco is a good place to start.
Do not invest what you cannot afford to lose
We all have varying levels of risk appetite. For the most aggressive, this is a hard message to consume but the idea is that you should not start a business at the expense of your basic survival at least. Invest an amount that resonates with you.
Do not start a side hustle similar to your main Hustle
It can be very tempting to start a business that is exactly like that of your employer, probably because you have learned the trade, and the clients know you more than your boss(es). Your employer’s clients, therefore, become ripe, low hanging fruits ready to be picked. Conflict of interest should be avoided as it can lead to termination and in some cases criminal charges.
Develop the skills of managing people
Seasoned entrepreneurs have been telling us that the success of any business is highly dependent on the people working there and how they are led. Therefore, it is important for one looking at starting a side hustle to learn the skills of managing and leading people. This starts when hiring to developing a culture, and instilling values.
Develop accounting skills
In the beginning, one might not be able to hire a professional accountant and this is why learning at least basic accounting skills come in handy. Among other reasons, learning the skills will help in keeping track of cash flow, understanding cost concepts, and business “well being” using various financial statements. Accounting skills will also help in detecting frauds and theft by customers, employees, and suppliers. Finally, bankers and investors are more confident in dealing with business owners who understand their numbers.
Take advantage of tools that will make business easier
Imagine that your side hustle is a barbershop and you are not at the business until the end of the day. You do not have a way to tell if the recorded number of customers is correct. You can counter this by installing CCTV cameras so that you may refer to the footage whenever in doubt. If you are in the delivery business, installing vehicle tracking devices can help in scheduling and ensuring minimal or no time wastage. Automating processes using technology such as custom software and applications will also make the handling of the business easier. Since businesses vary in form, one needs to look at the tools that make sense to their business and employ them.
Being patient is a virtue and the numerous challenges in business will bring learning opportunities that will build and strengthen one in business. Eventually, one becomes mature, “not lacking anything” in their business. Success, in other words.
What else do you believe one should consider when starting a side business? Free to share in the comment section.
I hope that this has educated and inspired someone to start their side hustle or encouraged those who have started to make theirs better. Go forth and prosper.