We love side hustles here at The Comic Accountant. Every great business venture in existence was born out of someone’s side hustle that grew into its own thing. Heck, The Comic Accountant started out as a side hustle as well. So if you’re keen on starting a side hustle, we have some tips for you:
Get a side hustle that excites you!
I think the biggest cliche is to find something that you are passionate about – and then monetise it. This is not good advice. I mean, I love playing PC games, but I don’t feel like monetising that passion by working 80 hour weeks streaming PC gaming on top of full time work. Ugh. Sometime monetising that passion takes the fun out of it.
Instead, do something that excites you. I find talking to people about finance and money exciting. Hence how The Comic Accountant was born. Think about what excites you and just do it! Often the money comes along in unexpected ways.
Do your research!
Before you get started, make sure to do your research. This might include learning about any legal requirements or regulations, researching your competition, and finding out what kind of demand there is for your product or service.
Check what othe people are doing. Do a search on who you think will be your competitors. Figure out the pricing on the market. Don’t spend too much time on research though as it can cause analysis paralysis. Learn all that you need to know to get yourself going, then GO FOR IT!
Have a plan
It’s important to have a clear idea of what you want to achieve with your side hustle. Do you want to make a little extra money on the side? Or do you have bigger dreams of turning your side hustle into a full-time business? Whatever your goals may be, make sure to write them down and keep them in mind as you get started.
A business plan will help you stay organized and focused as you get your side hustle off the ground. It should include details about your product or service, your target market, your pricing strategy, and your marketing and sales efforts.
You should also have a contingency plan for your business in case things go south!
Start Small, Think Big
It’s important to start small when you’re starting a side hustle. This will give you the chance to test out your idea and see if there is demand for your product or service. Once you’ve established a customer base, you can then start to scale up and grow your business.
No one business started out as a multi million dollar operation. You need to start somewhere. Starting small is better than not starting at all.
By the end of the day, you just need to start!
Don’t wait until you’re ready. You’ll never be ready. Business is all about going in with a plan and having to sometimes wing it as things change. What is important is that you start. You miss 100% of the shots you don’t take. If you have an idea, put it out there. Put it into action and see what your efforts bring you.
Best of luck!
Stay positive!