Whether you’re starting a new side hustle or launching your own business, it is important to know what you need before you begin. There are 4 things that you need to have in order for your side hustle or new business to be successful: good ideas, the right resources, time and money. In this blog post we will discuss each of these elements and give tips on how to develop them!

What is a side hustle anyway?

Before we dive into the four things, let’s take a moment to see what we really mean by a side hustle.  There’s plenty of variations but generally, it is a business that you run either alongside your main business or alongside another job.  Sometimes it is even used to describe something that a full time parent might do in their spare time.

4 things to know before starting your side hustle

Keep in mind, these four things aren’t the only things you need to know but they are at the top of the list.

Know what you are going to do

The first place to begin is knowing what you are going to do to make money in your new business.  For example, will you be starting a blog, starting a freelance business or starting an online store?  Knowing what you are going to do is important because it will determine your resources and timeline.

You will also want to do a little research while deciding this to make sure there’s a market for what you want to do.  You might really enjoy something but will people pay money for it?

Know what you need to get started

To know how much time and money your starting a side hustle will take, it is important to know the resources that are necessary.  For example, if you want to start an online store then you’ll need enough money for starting inventory plus shipping costs or other related fees.  You might also need a website or other resources to get your business started.

You might also need to think about things like insurance, business licensing and stock insurance.  Starting some types of business such as working as a freelancer requires the least in the way of preparation.  Starting a business selling products that you stock and store at home will probably take the most.

Know how much time you have available

Running a side hustle is not an easy task so it’s important that you know if starting one will derail the life goals you’ve set for yourself, like spending more time with family and friends while still working towards certain financial goals. 

You might also want to think about starting a side hustle that can be run from your phone.  This will give you the freedom to work when it’s convenient for you, like in small blocks of time throughout the day or while kids are at school.

Be prepared for work

Lastly on the list of things you need to know before starting your side hustle is being ready for work!  Yes, this sounds like a no-brainer but starting any type of business is work.  If you have a history of being in the habit of starting new tasks, abandoning them halfway through and then starting something else without finishing anything – it’s probably not going to fly this time!

Bonus – Check it is okay with your employer

If you already have a job, it is a good idea to check with your employer that you aren’t breaking any terms in your contract with them by starting a business of your own.  

This is also a great starting place because it will help you know what type of side hustle to start with.  For example, if your boss tells you that they don’t want you starting anything in the evenings or on weekends, then starting a business would probably be out of bounds for them. If they are more flexible or simply care that you get your job done, then you don’t need to worry.

Side hustles can be a great way to earn some extra money on the side, but starting one requires plenty of research and planning. There are more things to consider but once you have these in place, you have a foundation to start planning! Need a little extra help? No problem! Reach out to us today.