Relying on a single income in 2021 is becoming increasingly difficult.
Starting your own side business could help you make ends meet, save for your dream vacation or have savings in the bank to take care of emergencies.
Here are 4 expert tips to consider when getting your side hustle started.
Take a look at your financial situation
Set aside a day where you ask yourself tough questions about your finances. Review how much money is coming in, how much you have in the bank, and how much is going out every month. You then have to decide how much money you are willing to put into your new business venture. Once you have made all the calculations and answered all the hard questions, put a plan in place and start working on it.
Take the time to put everything together
Isn’t it odd how people will say they’re “so busy,” but then they find the time to binge-watch six hours of Netflix shows? Schedule time for your side hustle. Block off time on your calendar and treat it like any other appointment. Making time for your passion project will energize you when you have to return to the daily grind.
Identify your goals
It’s commendable to dream big. But when it comes to actually making your side hustle a success, you will get absolutely nowhere with no goals in place. In order to make things happen, you need to start with very small, incremental goals. After bringing on one satisfied customer for your new side business, it's time to get your second. Then your third, fourth, fifth and so on.
Start small and don’t invest right away
Once you have singled out the trade you want to pursue and put a plan in place, the next thing is that you should identify all the equipment you will need to kickstart your business. If finances are tight, before you go on a shopping spree and buy all the things you need, give some thought to trying something different. You could, for instance, get hold of the equipment you need for your side hustle on a rent-to-own basis, such as that offered by Teljoy. This will give you all the equipment you need on a month-to-month contract with the option to take ownership after the predetermined rental period. Paying for it monthly means that the outlay financially is way easier.