24. How to Start a Online Side Hustle Without Quitting Your Day Job (video)
Monday’s back and that means it’s time for a new episode. This week’s featured guest is yours truly, as I will be sharing information on how to start an online side hustle without quitting your day job. As a self-proclaimed “master of side hustles,” I believe I’m more than qualified to speak on this topic. I’ve literally had either a side hustle or part-time job for more than decade.
In this episode, I give a brief snippet of all of my side hustles and part-time jobs, how some have evolved into other projects, and the reasons why I chose to let go of a few. I also provide guidance on the things you should consider in the preliminary phases of figuring out what your side hustle should be and then I follow up with things you should do once you settled on your business.
There’s also links to a few videos and worksheets that I have created that will hopefully serve as resources to help make your side hustle dreams a reality. Enjoy folks!
Decide What You Want To Do
Sometimes this can be the hardest step. My best advice to you is choose something you enjoy doing. Take a look at what you do in your free time or what types of things bring you enjoyment. From there, you can determine what might make for a great side hustle.
To help you get started check out this article: The Ultimate Side Hustle List: 100 Ways to Earn Extra Money in 2017.
Determine How Much You Want to Make
In my opinion, people want a side hustle for two reasons. Either to make money or to have a creative outlet that breaks them out of the day-to-day grind. Sometimes people want a side hustle for both reasons. Regardless, you need to figure out how much you want to make.
If it’s zero or next to nothing because you’re doing it out of pure enjoyment, you should still figure out how much you could potentially make if your side hustle were to take off. Start out with monthly goals. You first month might be zero because you’re just starting out, but by the next month, it should steadily increase.
Calculate How Much Time You Can Dedicate To It
If only we could control time, life would be perfect. However, there are only 24 hours in a day. You need to figure out how much time you actually can dedicate to you side hustle.
For a free sheet to help you plan your time check out: How To Organize Your Life To Make Time For Your Passions (video + worksheet).
Determine The Cost
Depending on what you decide to do, there will probably be some type of cost associated with it. Make sure you’re comfortable with and can afford the start up costs. Things to keep in mind:
- Materials: Are making a physical product? How much will materials cost? Are you able to charge enough to make a profit?
- Software: Do you need software subscriptions to help you run the business? How much do they cost per month?
- Hardware: Will you be selling at a market? Do you need to upgrade your technology, i.e. purchasing a newer phone or a tablet?
- Labor: Don’t forget to charge what you are worth. If it’s one-on-one counseling, make sure it’s worth your time. My philosophy is that it shouldn’t be less than my current hourly rate. If you’re selling a product, remember if you decide to sale wholesale you’ll be selling at 50%. Can you sell and make a profit at 50% once you factor material and whatever else in? If not, you need to increase your prices.
Decide On a Name For Your Business
Now that you’ve determined this is doable, you need a name. Don’t take forever to chose one. Come up with a few options and ask a ton of people that you trust and a couple of strangers to help you make your choice.
You should also Google the name you choose to make sure it’s not already being used in whatever your industry is. You want it to be unique.
Also check and see if the domain name has already been taken. When choosing a name, remember to always keep the following in mind:
- Does it make sense for your brand/idea?
- Is someone else in your industry using it?
- Is the domain name available for purchase?
- Are the social media handles available?
Create Social Media Handles
- Try to have all of them be the same name.
- Create handles on social media sites you don’t plan to use just in case you change your mind later.
Determine If You Need a Website
When you first start a side hustle, you may or may not need a website. It really just depends on what you decide to do. For example, if you’re selling items on Amazon or Etsy, you can just use their platform. Or if you plan on being an influence on Instagram, you might just need a ton of followers and an email address.
If you do need a website, you need to determine how simple or complicated it needs to be. Check out this article on How To Choose The Right Website For Your Business.
Develop a Marketing Plan
Admittedly, I sometimes suck at this. Especially when it comes to media, but have had a plan for every business I’ve started.
You need to figure out how people are going to discover you. Most people start with their Facebook friends or friends on other social media platforms. From there, it’s about sharing, tagging, and engaging with communities that are interested in what you’re offering (be careful not to be to “salesy”).
Use tools like Buffer and Hootsuite to plan content, if that’s relevant to what you’re trying to do.
Also, remember in-person marketing is also important. Don’t be afraid to promote yourself and give out your business card. I’ve connected with a ton of people this way.
I’ve also connected with people virtually by just sending a friending email or DM message.
Just Do It
Don’t take longer than a month to execute your plan. An online business is organic, it does not need to be perfect when you start it. You don’t know if something is going to work unless you put it out there to the universe.
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Podcast: Studio 78
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