Many of us would like the freedom to have a side hustle, but it's not always easy to start one.
There are so many things that can prevent us from being able to take on a second job or side project: we don't have time, we don't know where to find clients, and in rare cases, our employers won't let us work for someone else.
Luckily, there are some great tips out there that will help you get started with your own side hustle, and we've compiled a few of them here.
Identify your business idea
First, you'll need to figure out what your side hustle is going to be. This can be a little tricky, but it's important to think about what you're good at and what you enjoy doing. Maybe there are services that you offer for free on the side – like tutoring or pet-sitting that you can start earning money from.
Write a business plan
One of the most important things in starting a side hustle is planning. Make sure you set goals and deadlines so you don't get too overwhelmed. Remember, if something doesn't work out how it was supposed to or the way in which you were expecting, it's ok to shut it down.
When you're starting out, it's always a good idea to start small. This will help you get used to the work involved in running your side hustle and also help you avoid any potential burnout.
Come up with an income goal
If you're working on starting up a side hustle, it's important to set some income goals for yourself. These goals should be reasonable and attainable – if they aren't, then setting them will just cause unnecessary stress! – and you should be sure to track your progress along the way.
Create a budget for yourself
Once you have an idea of what your side hustle is going to entail, it's time to create a budget for yourself. This will help you keep track of your spending and make sure your side hustle is still profitable.
Reassess after running your side hustle for a bit
If your side hustle turns out not to be as fulfilling as you expected, make sure you cut your losses and move on early!
Network, network, network
The best way to find success with your side hustle? Networking! Get out there and meet people who may be running a side hustle of their own. You may be able to share your learnings and help support each other. Who knows? If you have complementary products or services you may be able to collaborate.
One of the best ways to ensure your side hustle is successful is to upskill yourself and become a subject matter expert in your field. This will help you attract more customers and make sure you're always providing value.
Thinking of starting your own side hustle this year? MiTraining offers a Certificate III in Entrepreneurship and New Business which will assist you to develop the skills and confidence you need to start your own business. Or select from our extensive range of short courses and micro courses for a specific skill upgrade.