An Extensive Guide to Start a Side Hustle

 

There is a myth that prevents people who want to start side businesses from pursuing their dreams. It's a myth that's not only false but also harmful to the small business community. It's not true that every entrepreneur in Silicon Valley lives in a run-down apartment, eats boxes of cheap mac-and-cheese, and stays up all night building the next big startup. Most entrepreneurs aren't starving, hoping to one day sign the papers for millions of dollars in funding, only to have their ideas become the next global craze. The reality of entrepreneurship is far different and more common than the model depicted in movies. According to a Kauffman Foundation study, entrepreneurs are more likely to be between the ages of 45 and 54 and of minority descent. They do not fit the stereotype, even if they are starting businesses as a second career.

Another common misconception is that businesses must start with a "bang," which translates to a lot of time, quitting your day job, sacrificing family time, and taking a significant personal and financial risk on a dream that may fail and leave you in a lot of debt.

 In fact, many entrepreneurs start their businesses as side projects. They don't quit their day jobs, but rather use the skills they've learned to start a side business. They do not expect these businesses to pay their bills, but they also do not want to restrict their growth. Starting small saves money in the long run. They will have lost very little if it fails. What is the best way to get started with a side hustle? Here are a few suggestions.

How to Launch a Side Business

If you're short on time, here's a quick look at the steps to starting a side business, which I'll go over in detail later.

·         Make it expandable.

·         Limit Formal Marketing Segmentation

·         Don't expect it to be simple.

Make it expandable

So you like to cook? You could open a restaurant, which would require a full-time commitment and a significant investment, or you could start a weekend catering business or a mobile food truck. A business where you provide small services on your own schedule can grow as much or as little as your time allows. Look for those opportunities when you're first starting out.

Restriction on Formal Marketing

You want to increase your sales, but investing in large marketing campaigns could result in one of two outcomes: you could waste a lot of money on a campaign that produced very little business, or it could produce so much business that you don't have time to handle all of the orders. Instead, focus on word-of-mouth marketing and let the company grow debt-free.

Compartmentalize

Avoid combining the two businesses if you intend to keep your day job. Even if you've lost some enthusiasm for your job, the one that pays the bills, offers health insurance, and a retirement package deserves the majority of your time and energy. Focus on your side business when you get home from work.

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