Before you start a side hustle, know what you want from it. Whether it’s an extra income stream or a way to phase out retirement, it needs to be something that will fulfill you and add value to your life.
You also need to determine if it’s a good fit for your personality and skills. This is important because you won’t be able to effectively do it if you don’t like what you do.
1. Know What You Want
Knowing what you want is an important part of building a successful side hustle. Many people wander aimlessly through their lives without a goal, and this can lead to frustration, anxiety, and even depression.
The first step to finding out what you want is to be clear on your core values and beliefs. This can be difficult, especially if you have been hurt by a negative experience in your past, but it is important to figure out what you really want.
Once you know what your goals are, it is time to put together a plan for how to achieve them. This will involve taking action and establishing deadlines that you can follow.
One way to do this is to make a list of your priorities, goals, and values. This will help you focus on what is most important to you and guide you in determining the best way to go about building a side hustle.
Another way to get clear on what you want is to look at your current lifestyle and identify what it is that you do not like. For example, if you do not enjoy the feeling of being trapped in a job that you don’t love, it may be time to switch careers.
Finally, you should take stock of your financial situation and determine how much money you need to earn on a regular basis. This will enable you to set realistic and attainable goals for your side hustle.
Ideally, you should be making enough to cover all of your living expenses, but this will vary depending on your income. For example, if your 9 to 5 job pays well, you might need more money for some months and less for others. Having this in mind will allow you to avoid falling into the trap of trying to create a side hustle that is too profitable, which can quickly erode your savings.
2. Set Goals
Goals are a powerful way to set your priorities, focus your efforts and build a positive mindset. They provide you with a vision for your future and trigger greater effectiveness, motivation, and better planning so you can achieve faster progress in your business or career.
If you’re not sure what your goals are, it’s a good idea to start by asking yourself what you want from life in general and what you need to do to achieve that. This will help you connect with your true passions and purpose.
Having clear and specific goals is a great starting point for building your side hustle. They will help you set aside time, create a plan and determine your budget for success.
Once you’ve identified your goals, it’s a good idea to break them down into smaller steps and assign tasks to achieve each step. This will make it easier to stay on track and achieve your side hustle goals.
When you’re working on a new project, it’s easy to become distracted by social media notifications or other things that distract you from your work. Try to avoid these distractions by leaving your phone in another room or completely turning it off while you’re working on your side hustle.
It’s also a good idea to set a schedule for your side hustle so that you can track your progress and see what you’ve done. This will give you a sense of accomplishment when you reach your goals and motivate you to keep going.
It’s common for new business owners to have lofty goals for their businesses. These can be difficult to achieve without putting in the work to get small, incremental progress every day. However, if you set goals that are realistic and aligned with your company’s mission, values, and long-term objectives, it will be easier to achieve them.
3. Create a Plan
Side hustles are an excellent way to make extra money and build a business that could eventually replace your day job. They’re also a great opportunity to learn new skills and meet new people who can help you grow your career. But before you can start a side hustle, you need to create a plan for success.
A plan is a diagram or list of steps with timing and resources that you need to achieve your goal. It can be anything from an ambitious plan for achieving energy independence to a blueprint for reorganizing your company.
When you’re developing a plan for a project, you’ll want to use Gantt charts to help organize your thoughts. This tool helps you see the big picture of your plan and allows you to add start and end dates for each task. It also lists the estimated duration of each task and the costs for each one, so you can get a clear idea of what your budget will look like.
Once you’ve created your plan, you need to take action! Whether it’s setting up your website, posting on social media, or starting a blog, you’ll need to set aside some time each week to get things going.
You may need to put up a small investment upfront for things like hosting and marketing, but it’s well worth it in the long run when you make money. The key is to deliver a lot of value and stay consistent with your efforts.
Another important part of a side hustle is finding the right audience. You’ll need to understand your niche and find the types of problems that people are struggling with in order to provide solutions to them.
4. Create a Budget
Budgeting helps you see where your money goes and makes it easier to save for long-term goals.
Everyone should have a budget, whether they’re struggling with debt or just trying to stay on track. Creating one takes some time, but it can also be a very rewarding experience.
The first step in creating a budget is to make a list of all your regular monthly expenses. That includes both fixed costs, like rent or mortgage payments, and variable expenses, such as food, entertainment, and gas.
You can do this by using a spreadsheet or online service, but you can also create a simple sheet of paper. It’s a good idea to keep your expenses in a visible place so you can see them every day.
Once you have your monthly expenses, subtract those from your income. This will give you a better idea of how much you have left over for your side hustle.
A budget can help you find ways to save for your side hustle or other big goals. It will also help you avoid spending on frivolous items that don’t contribute to your goals.
Expensive coffees, convenience store candy, and one-click deals are all examples of mindless spending that can really wreak havoc on your budget. The best part is that once your budget, it’s easy to track your spending and see where you can cut back.
The next step in creating a budget is to create an outline of your goals. This can include short-term goals, such as earning a college degree or saving for a vacation, as well as long-term goals, such as buying a home or car. Putting your goals in writing is a great way to set them apart from your personal wants, and it will also allow you to map out the steps needed to reach those goals.
5. Schedule Time
If you want to build a successful side hustle, it’s important to schedule time for it. This may mean that you have to get up earlier, sacrifice free time on the weekends, or make other changes in your routine.
You’ll also need to set aside time for your relationship, family, and other personal commitments. This will help keep your sanity when the going gets tough and you’re working on building your business.
One of the biggest mistakes you can make is to try and squeeze your side hustle into an existing schedule. This can be extremely difficult if you have kids, a spouse, or another person who needs your attention.
Once you’ve got a good idea of what your side hustle is, you’ll need to figure out when to work on it. This is often the hardest part of the process, but it’s essential if you want to build a successful side hustle.
When you’re creating a time schedule for your side hustle, you should be very specific about what you plan to do. For example, instead of saying, “I’m going to work on my side hustle for an hour,” you could say, “I’m going to research social media marketing strategies.” This helps prevent the possibility of spending a lot of time doing something that doesn’t result in tangible results.
Similarly, you should avoid distractions like TV and Facebook. It can be tempting to check these sites while you’re on a break at work or commuting, but doing so can actually be counterproductive.
The key to finding time to work on your side hustle is to make it a priority in your life and treat it like a real business. If you do this, it will be easier for you to fit your side hustle into your busy life and make progress toward your goals.