“Please help me; I need urgent 20k. My salary won’t sustain me until payday. I think I want to start a side hustle. How can I do that? Help me with some side hustle tips, please!“
Is this you? You are in good company.
Social media has made side hustle a glamorous thing to do. Far from what is pictured, it takes a lot of grit to get it off the ground. For this reason, we have created this article to help you ask the most important questions before investing time and resources.
In this article, we will delve into the following questions you must answer before starting a side hustle:
- Do I have a passion for it?
- Can I give enough time to make it happen?
- What goal do I have for this?
- Am I genuinely entrepreneurial?
- Am I ready to start?
- Do I have a passion for it?
Passion is watching Chelsea, or Barcelona fans follow a game to the end.
To start a side business or ‘hustle’, you need that exact level of football devotion to get it off the ground. Because new businesses require time and resources to grow, you need extra patience while things slowly pick up.
You also need to bear in mind that you will carry many responsibilities in the first few months of your business without necessarily making as much money as you hoped. Genuine passion will come in handy during this period. You need to ask yourself if you have what it takes to stay with your new business in its formative stage without getting a sufficient monetary reward.
- Can I give enough time to make it happen?
As with everything else, your side hustle needs time to grow.
You would agree that if you did not show up every day and pay attention to your current role in your 9-5 job, your department and, by extension, the company would suffer for your neglect.
That same amount of attention you give to your 9-5 role is the same that will be required for your side business if you genuinely want to see it grow. When starting a side hustle, you need to ask yourself whether you are willing to sacrifice most or all of your free time. Answering this will help you know how to draw up a structure that ensures you have a healthy balance between both responsibilities.
- What goal do I have for this?
Beyond the desire and need to make more money, you need to have more goals for your side hustle. Are you planning to grow it into a more significant business? How long do you intend to run it for? How do you want your customers to perceive your business? Do you want your new business to be the first name that comes to mind whenever a particular product or service is mentioned?
Setting attainable and realistic goals for your side hustle helps you to stay motivated and focused. Knowing what you want out of a business is a pointer to being ready for it.
- Am I genuinely entrepreneurial?
A famous school of thought opines that everyone should have an active alternative source of income. Contrary to this opinion, not everyone is built for entrepreneurship, no matter how hard they try.
Everyone dreams of financial freedom, but some people are only wired for a corporate lifestyle. While both are perfectly fine, you need to know where you fit in before spending money on a new business venture.
If you find out that you are not cut out for entrepreneurship, there are other passive sources of income that you can explore.
- Am I ready to start?
The build-up to this point has shown that starting a side hustle is a big step. While you may have every other box ticked, you must be confident that you are ready to start this journey.
Have you saved up enough capital? Have you sorted out logistics? These point to the fact that you are ready for the next step.
Finally, If you have considered starting a side hustle, you need to ask yourself these vital questions, be honest with yourself, and set the ball rolling.
Also, do not forget that great bookkeeping is necessary to measure the success of any business. As you start your small business, keep all your records with Dukka. We provide small businesses with the essential tools to record financial information, keep customer details and measure business performance.
Have you successfully started a side business? Let us know how you did it in the comment section.
