Starting a side-hustle can be daunting especially when you are working full-time, part-time or a stay-at-home mum.
This is why a lot of people just stop at taking their plans into action or just give up on their entrepreneurial dream.
What are the things that you need to know in order to successfully start a side-hustle and make that extra money eventually letting go of the other employment as quickly and effectively as possible?
Watch on or read below to find out!
5 Tips to Starting a Side Hustle
You need to be honest about your capacity.
We need to be clear about what your capacity is and I don’t want you setting yourself up so that you only have space for 3 hours sleep a night, you’re burning the candle at both ends, and you’re not showing up in the way that you truly want to. I don’t think that’s necessary at all for starting a business. And in fact, for the people that I see who do jump into business in that way, they can often end up burning themselves out creating a very inefficient business and not focusing on the important activities. You may be familiar with Parkinson’s Law, that a project will expand to take up the time that you allocate to it. If you allocate that you have 2 hours a day to work on your business, guess what it takes two hours a day for you to grow your business. Now, of course, there are some nuances here. But I want you to come back to the core principle here. And that is, be very honest about the capacity that you have. Don’t try and jam it into every hour of every day. Don’t overextend yourself and expect to have no life for the first six months of growing your business. The days of that being a prerequisite just a goal. That’s not a requirement these days.
It’s not a forever thing to be working and parenting and have your kids at home at the same time.
For I’m not a parent myself, but for most women that I see creating businesses and growing businesses, one of the things that they need to get clear on is at what point does it make sense for you to start pumping your kids into care, or get some help in the home to look after the children whilst you start your business? I don’t want to go on a bit of a feminist rant here about the expectation of women being primary childcare is but if a man was starting a business and needed to have four hours a day, two days a week to work on that business. Chances are that we wouldn’t automatically expect him to also be trying to entertain and look after the children in the background and juggle both of those actions at once. The only reason that we expected of women is because we’ve been doing it for so long. But at some point, chances are if you are if the reason why you’re doing this on the side is because you’re looking after your children, then you’re going to need to come up with other childcare arrangements so that you can be fully focused on your business for those short periods of time. All I’m saying is that if you are growing a business and you’re creating business, you’re starting to get clients and chances are that you’re not going to be able to look after your children and see clients, for example, at the same time. This is probably the number one area where I support people who are starting a business on the side and that is that a lot of people when they start a business focus on the wrong activities. They focus on actions that keep them very busy, that on the surface look like they’re growing their business, but ultimately have a very low return on investment in terms of your time.
Know your tipping point.
If you’re in a job, at what point would you be willing to let go of that job? If you are looking after the kids full time, as I said, at what point would you be willing to get some home base help or pop the kids into care so that you can be focusing on your business for an extended period of time or in some larger chunks? At some point in time, your business is going to need more time from you in order for you to make more money. And at what point are you able to free up some of that time? The other tipping point to think about is at what point do you hire help?
Get help sooner.
If you’re starting a business and you’re like me, I was working my business full time, I didn’t really need help in my business or around the home, because my business was my only other big responsibility. I was able to build my business around looking after the house, doing the washing, preparing all of our meals, doing the cleaning, and you know, being a great partner to my partner, and I was able to build my business in a very flexible way. So it didn’t require a lot of help in my business when I first started because I had a lot of time on my hands and so have a think about your situation, if you are starting a business on the side, then for most people particularly saying on the side of a full time job for most people, I would say, hire help in your business before you quit your full time job. That way, you’ve got the money coming in to be able to keep paying that person in your business even if your business doesn’t have great sales results for that week or that month. You can start building your business in a very efficient way and make it a well-oiled machine and the things that you get someone to do to help support your business are the things that are going to help bring in clients and grow your business long term. So it’s always a great idea to get that stuff happening as quickly as possible. So have a think about what your tipping point is. And then number four is get help sooner rather than later.
Don’t move the goalposts.
A lot of people who are starting a business say ‘if my business can bring in $1,000 a week consistently for a couple of months, then I would feel very confident in letting go of my day job.’ And then the business brings in $1,000 a week for a few weeks, they starting to feel like, ‘Oh, I am getting to that tipping point.’ And then they move the goalposts. ‘I know only $2,000 a week for my business. No, I’ll need $2,000 a week for my business for at least a year. No, I need $2,000 a week for my business. And I need $10,000 in the bank, and I need to have been making that income consistently.’ They end up moving the goalposts and stretching it out. Have conversations with the people you need to have conversations with, get clear on what that tipping point is and when you reach that tipping point if you’re feeling like you need to move the goalposts have more conversations about it, get real on why you feel like you need to move forward. Pause. And where possible, don’t move the goalposts, you set a challenge for yourself, you set the tipping point, you got clear on what you’re going for you achieved it, it’s time to start ramping up your business.
Make sure to come and post in the Heart-Centred Soul-Driven Entrepreneurs community and share your comments and questions using #podcastaha, and mention the episode number (180).
Until next time, I cannot WAIT to see you SHINE.
Hi, I’m Tash. And I am so excited that you’re here. As you may have noticed I’m a total business and marketing strategy geek and I absolutely love helping women to create online businesses and courses that are perfectly aligned with THEIR zone of genius, AND that have a super-specific and strong value proposition for their ideal clients. Connect with on social media (links below) and come join the #ladyposse on Facebook.