It’s in your best interests to have multiple income streams as opposed to depending on the salary from your main job. The economy can take a turn for the worse prompting your employer to lay off a number of people and just like that you could be in a financial hole.
A side hustle is wonderful way to add to your income without affecting your main job. Like any business, you need to have some starting capital to get your side business started. Getting an investor to finance an idea is difficult so you’ll have to dip into your savings to set up the business. Other investors can only come in if you are up and running and the business model looks promising.
Build your business around your knowledge/passions
Rather than venturing into uncharted territories, start a business around something you are well knowledgeable about. This could what you currently do or something you learned in college or a passion project. This saves you the cost of having to hire a professional to take care of the business since you already know that the business is about.
The other advantage is you won’t have to strain too much to keep to keep the business afloat since your already have the skills needed to run the business.
Market around your social circle
With limited funds it can be difficult to have an elaborate marketing campaign for your products and services. Chances are your business is also not ready for a massive customer base so exploit what you have – your friends and family.
Market your business to your friends and family and encourage them to recommend you to their circles and so and so forth. This how you build a business with limited resources. Referrals is a powerful marketing tool than any money you could spend on advertising.
Keep a lean operations expenditure
You could save a lot in operations cost by embracing technology. There are software like the Dm Payroll that automate the salaries of your staff, if you have any, saving you the cost of having to hire a professional account to do the job.
More importantly, avoid the temptation to be grandiose. Save where you can since it might take time before the business becomes profitable and you will have to keep things running until then.
Be ready to learn
Even if you start a business about something you know quite well, you will be surprised by how much you get to learn on the job. The business environment is dynamic and you have to be open-minded and flexible if you want success.
Accept that you can’t know everything and seek and receive advice from more experienced business owners.
Patience is an important quality in business. You will put in the work and the money but the profits won’t come immediately.
Be patient enough to build the business systems and develop a quality product that meets the market demand and then wait. Rushing into things could see you make bad decisions for the business or even get yourself conned.