If you’re anything like me, you’ll have started 2019 with a whole suitcase of ideas. With side-hustles on the rise (According to Deloitte over 60% of people in their twenties want to have their own business) it’s the perfect time to talk about which strategies will help you succeed.
In this article I’ll be addressing some of the key things to consider when it comes to starting a shiny new side-hustle (or business in general!).
Lack of market need is the number one reason that start-ups fail.
We have brilliant ideas, and we’re convinced they’re brilliant, so we go ahead and dump all our money and time into them. But if other people aren’t convinced, our extra income schemes can quickly transform into headaches and empty pockets.
So no matter what you plan on doing, you need to make sure there’s an actual want and need for it. Find out if other people think it’s a great idea too!
You can run surveys, ask potential customers, and critically analyse the market.
If no one is biting at your idea, you might need to reformulate and rework it, or ditch it and start fresh.
Even if you’re currently only planning to work on your own business on the weekends, it’s important to start with a clear UVP, or Unique Value Proposition.
In 2019, chances are someone else has already created your dream business idea. Instead of being disheartened by the competition, take it as a challenge: create a UVP that will make your business stand out in the crowd.
Work out what you can offer that no one else can, and why people should buy from you and not from someone else.
Your UVP could be related to any element of your business: it could have to do with pricing, or marketing tactics, or customer service methods, or your product itself. How will you stand out?
It goes without saying that when you start your side-hustle, you shouldn’t be working on it while at your day job. You can run into all kind of legal issues if you do, and even run the risk of losing your 9-5 before you’re ready to leave (if you ever decide to take your own business full-time).
So you’ll need to work on your own projects after you’ve clocked off the day – which can mean long nights. That’s why it’s essential to think smart when it comes to your time management.
There are a whole number of time management systems which work for different people, including the:
There are many others, and it’s well worth researching them to help identify whether any could help you manage your time.
We have brilliant ideas, and we’re convinced they’re brilliant, so we go ahead and dump all our money and time into them. But if other people aren’t convinced, our extra income schemes can quickly transform into headaches and empty pockets. Validation is essential!Click To Tweet
Once you start earning, it’s essential to manage your money. You might be faced with multiple revenue streams, from sources such as clients and customers, to social media, to guest speaking and posting.
It’s important to know just how much money is coming in through each of these funnels. Don’t treat them as one big income – break them up and identify exactly what’s working and what isn’t.
That way, you can put your energy towards the tasks that are actually giving you great results. This is especially important if income from one part of your business is covering another: you might not even realize the discrepancy until you look a little closer.
Knowing exactly where your money is coming from can also help you set clearer goals when it comes to your hustle!
By validating your business idea, finding a unique value proposition for it, and thinking smart when it comes to your time and money you’ll be off to a great start to 2019. Let us know what your plans are in the comments!