Getting a college education, having a steady job, and retiring with benefits used to be the dream…in the ’50s. This image is something most of Generation X has grown up with but is it still relevant? Can the Millenials and the Generation Z really rely on a single income to live by?
The answer is clear but not simple at all! According to a study by Business Insider, “the difference in the median income among millennials and baby boomers ranges from about 25% more in Iowa to 65% more in Alaska.” This dire wage gap is exactly why the younger generations cannot rely on a single income and must find the means for a side hustle in order to live under prosperous conditions. With that being said, you can’t just drop everything and start a business. Many people can’t afford to place all their eggs in a single basket and even if you can afford it, doing so is NOT a smart move. So let’s cut to the chase and find out how you can own a business without quitting your day job.
Carefully Consider & Select What to Do'The best way to choose your niche is to look from the inside out. Take a close look at your likes, dislikes, and expertise.' - Mahnoor Arif, HTML PRO Click To Tweet
The best way to choose your niche is to look from the inside out. Take a close look at your likes, dislikes, and expertise. Is there a hobby you already have that can be commercialized? This can prove to be the best case scenario especially if your hobby can sell as well! Having a hobby or expertise on its own may be productive but whether it can turn into a business or not entirely depends on how well it sells.
A primary feasibility analysis is compulsory to establish a business that can last the test of time and competition. Identify what you want to do and then research whether there are supply and demand for that product or service. The accuracy of your research and analysis is going to determine the future of your side hustle.
Focus on Products, Not Services
Usually rendering services that you are already performing at your place of work seems to be the easiest solution for a side hustle. Your skills are improving at your place of work and you can utilize them to gain extra. Eventually, however, you will realize that there is only so much you can do yourself within a span of 24 hours. Overexerting yourself can cause a severe burnout, affecting productivity on all ends. So, the best option is to be patient and invest that initial hustle into developing a product and launching it into the market. This will allow you to sit back and reap the benefits in the long-term. If you are a writer you can develop a course for your area of expertise or write a book! A software developer can always develop an application or a website
Delegate or Outsource
Once you are done with the initial feasibility analysis and have your eyes set on a niche, it’s time to plan. Initially, you may have to put in a significant extra effort along with your regular job but the key to success is accepting and recognizing your limitations. Plan your duties and processes in a way that allows you to outsource responsibility until you are in a position to develop a team. Delegating responsibility does not mean relinquishing control or giving up it means to allow others the ability to progress with you as you work ON your business!
You’re Never Too Old for Timetables
Timetables or planners are not just something that you taped to your closet when you were 10 and never followed. All the greatest and most successful businessmen in the world adhere to a meticulously planned timetable that allows the most productivity. This is THE one thing that every successful person has in common. In fact, any person beginning a side hustle must invest time in organizing their self because working on two things means you are going to be more occupied, your attention more diverted! So it’s better to plan ahead and lay it all out so crucial aspects of your job or business are not neglected.
Make the Best Use of Technology
Throughout this article, you might feel that whatever I have suggested comprises of pushing yourself harder and making it work; however, by leveraging technology, you can automate processes and increase your efficiency. Making use of technology to optimize your processes is the key to juggling EVERYTHING that you have to do. A properly implemented system will save you a lot of time, money and energy. So my suggestion is to think long term and invest in technology if that is what you have to do!
In order to have a life that is different and better than others you will have to work a little bit harder and a little bit longer than the rest of your peers who have chosen to settle. As Anais Nin said, “Good things happen to those who hustle.” Happy Hustling! And good luck to all those embarking upon this entrepreneurial journey.