How to start a side hustle business ✨

Can you believe today is the last day of April?

Wow, 2024 is flying by so fast.

I’m excited to reconnect and I hope your year is going great so far 💕.

I wanted to start by thanking the many of you who have subscribed and taken the opportunity to reach out to me with feedback, input, and questions! It’s been energizing and re-affirming to hear from you all, so this time around I wanted to take my cue from you!

That being said, I’ve taken the inspiration for this newsletter from some of your messages and questions.

As we enter the month of May and go deeper into the Spring season, I wanted to continue with the theme of growth, but, more specifically, I wanted to speak to many of you who’ve shared an interest or desire in starting your own businesses and embarking on journeys of entrepreneurship.

And along with that desire, many have also expressed uncertainty regarding how or where to start. Which brings us to today's “topic”.....

How to kickstart your entrepreneurial journey!

After all, entrepreneurship is one of the best tools for expansion, growth and stepping into your next level. So if you would like to start a business one day, today’s message is for you. Keep reading!

How to Start a "Side Hustle" Business

Starting a business, if done well… is an opportunity to thrive, even in our current economic climate. Entrepreneurship, even if it’s part-time, can be a way to access and maintain control of financial stability for yourself and loved ones.

Like so many of you, I’ve always had the dream of being an entrepreneur. In 2020, I finally took that leap of faith and started a consulting agency. These last four years of working full-time and running a business on the side have been busy, and admittedly challenging at times, but have grown to be fruitful and rewarding! In fact, one of the many reasons why I started this newsletter is to share my business lessons and strategies with you.

So whether you’re an aspiring entrepreneur or currently have an existing business, I hope that in sharing some of these insights I’ve gained along the way, I can help to move you forward.

1. Consider your expertise, passions, and skill sets.

I’m sure you’ve heard this advice before, but I 100% wholeheartedly believe that the best way to make money is to simply start with the tools and resources in front of you!

We’ve all seen people out there pitching different “get rich quick” or “make money fast” business models. And I’m not knocking them, but I do believe that the best, and most organic path to success is to utilize your own unique background, expertise and network. Nothing compares to the natural transition of creating an additional income stream by simply monetizing what you already know, can already do, or what makes you... you!

For my side business, I offer business growth consulting services for mid-size retailers. Helping retailers compete against big box players is a space I have experience excelling in. And since I’m extremely passionate about this industry, it doesn’t feel like work. It just made sense.

So if you find yourself stuck on what type of business to start, grab a pen and pad or journal and try this exercise…

Step 1: What are you naturally good at doing without much effort or thought? Write down and list everything that comes easy to you (without censorship or judgment). **Aim for quantity and variety with your list, knowing that refinement will come later. Nothing is too big or too small. List them all!

Step 2: What do OTHER people believe you’re great at doing? What do people compliment the most? Create four columns for your 1) family, 2) friends, 3) co-workers or industry colleagues, and 4) boss or hiring manager. Think of skills, projects, hobbies or interests that you receive positive feedback for. If you happen to receive tons of praise from strangers, add a fifth column. The goal here is to brain dump in the appropriate columns. Don’t overthink it. Let your pen and mind flow.

Step 3: Now, for this step, let’s reflect on Steps 1 & 2. Do you notice any patterns or trends within your lists? If yes, make note of the commonalities!

Step 4: Next, highlight every item on your list that excites you, lights you up or that you feel inspires.

Step 5: And lastly, zero in on the items that meet all of the above: comes easy to you, excites you and that you’re constantly receiving positive feedback on.

Step 6: Now, step back to reflect. Which areas or fields do these strengths readily lend themselves to? Is there a shortlist of business ideas that jump out at you? If yes, what value can you provide? How easily can this be monetized? These questions may help unlock the potential to building a lucrative side hustle that if you should choose, could become something to transition into full-time later on.

2. Identify your niche.

Ever heard of the saying, “There’s riches in niches”? Well, it’s true. Whether you desire to have a product-based or service-based business, it’s critical to identify a niche, or prospective gap in the market to “fill”. Ensure that you have a strong sense of the potential demand for what you’re offering, so that this operation has a higher likelihood of becoming a lucrative business for you. Lastly, don’t forget to do the proper research on the industry and run a competitive analysis, looking at comparative businesses and organizations so that you can assess your potential for a competitive edge.

3. Establish pricing.

This is one of the most critical steps to ensuring that you’re building a profitable business, so don’t rush this step. Allocate plenty of time to establish your pricing. The rule of thumb for product based businesses is to maintain at least a 50% margin rate. For service-based businesses, it is a bit trickier as there are several variables that exist in terms of your charge rate and model. In this case, I recommend researching similar businesses and accessing their rate cards to help develop the best model for you.

4. Build an online presence.

A strong online presence is critical to establishing trust and legitimacy as a business. Whether yours is a service or product-based business, when a potential customer/client hears about your business, and assuming you’ve generated some interest, they will usually “Google it” to learn more!

Here’s a tip: Don’t feel the pressure to build a strong following on social media immediately out of the gate. Social media is great, but it’s important that you have a branded website domain that links to a landing page that speaks to your offering – at minimum. And before you launch, generate early interest and capture potential customer information with an opt-in form or waitlist.

And lastly, select the right tools to help you launch your online presence and run your business. Here’s a shortlist of my favorites:

• I use SquareSpace for my service-based website. If you’re a DIYer, they have plenty of drag ‘n drop templates to help you easily create a professional website. If you’re looking to hire a web designer, I’ve found that most designers are familiar with SquareSpace’s platform.

• For my custom business email address, calendar, video meetings, documents and so much more…I use the ever-so-popular Google Workspace (formerly G Suite).

• For accounting, I use Quickbooks. It’s pretty much the gold standard and widely used by accountants, bookkeepers and tax professionals.

• For my newsletter, I currently use ConvertKit and will be transitioning to Beehiiv.

• For project management and team collaboration, I use Asana.

• And lastly, here are a few favorites from my team: Toggle (time tracking), Loom (screen-share and video messages) and ChatGPT (an AI chatbot).

5. Tap into your network.

To date, the majority of my clients are referrals. Word of mouth is the greatest and least expensive way to capture new business. For service-based businesses, it’s important to position yourself as an expert of the service you’re providing. This goes back to Tip #1 of choosing a business that you’re passionate about and excel in. When you have a track record of producing great work, it makes it easier to tap into your network for people to vouch for your abilities. And for my product-based entrepreneurs, tapping into your network is even more critical to drive brand awareness during your launch.

6. Position your business for growth.

Like the old saying “when you stay ready, you don’t have to get ready.” So true when running your own business. It is important that you are always thinking one step ahead. As my business grew, I knew that I could not continue to manage all required tasks on my own. Luckily, I identified contractors early on that I would have a high interest in hiring when the time presented itself to execute on specific skill focused tasks. I also had conversations with them to gauge their future interest in joining my team. It is important to think through your business needs and identify solutions early on so when it is time you are already prepared.

7. Find balance.

Having a full-time job and a side business is a balancing act for sure. And I’ll be honest with you – it will be challenging, but it’s very do-able.

Warning: you will be tempted to work around the clock with little sleep, but it’s unsustainable in the long run. Being unhealthy physically and mentally will negatively impact the growth of your business. Instead, establish hours to dedicate time to your business that won’t compromise your health or cause burnout. During your business hours, stay focused as much as possible on efficiency, optimal productivity, high impact tasks and revenue generating activities.

8. Take the leap of faith.

And finally, my last and most critical tip to starting a business is to just TAKE THE LEAP OF FAITH. A lot of times what stands in the way of you and what you want….is YOU.

False self-doubt, fear, imposter syndrome, anxiety, negative self-talk and overthinking can cripple your dreams and potential. Yes, it’s a big step but you have this business idea inside of you for a reason…right? So go for it. Launch your business. Even if you don’t have all of the answers…because who does? No one knows everything up front. I sure didn’t. The key is to start and to believe in yourself and what you’re capable of.

So tell me, were these tips helpful? Please feel free to post a comment below. I’d love to hear from you.

And as always, thank you for subscribing!

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