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Creating a Side Business

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Steps to Take Before Finding Your Side
Hustle

Looking to bring in more income? Side hustles can be a phenomenal way to boost your budget, but it’s important you find the right one for you and market yourself appropriately. There are a ton of opportunities for gig work out there, and many people just go with the first one they find for the sake of speed. However, your best bet is to take some time and really find the side hustle that plays to your strengths.

The reason why is simple: If you find a side hustle you’re great at and you love, you could conceivably turn it into a full-time career. Here’s a look at how you can make extra money on the side and, just maybe, discover your future along the way.

Greater Concepts by Design provides advice to small businesses to help them increase their productivity and enhance their overall performance. For more information, call (630) 948-3137 or send us a message!

Approach From a Place of Ownership

As you begin your side hustle hunt, approach your search with a sense of ownership. This is a visualization tool, but it’s a powerful one. If you wind up going with a gig job such as food delivery or rideshare driving, you could think of yourself as an employee of a larger company, or you can think of yourself as self-employed

Strictly speaking, the latter is true, but it’s easy to fall into the trap of the first way of thinking. Why is it a trap? Simply speaking, as FlexJobs points out, the whole point of gig work is flexibility, self-motivation, and agency. Once you think of yourself as a cog, rather than the machine itself, you’ve relinquished that agency.

Of course, one of the absolute best ways to approach your side gig with a sense of ownership is to literally own it. Some forms of contract work lend themselves well to starting a home-based business. Look into naming your company, registering as an LLC, and approaching your work with the entrepreneur mindset. These move go a long way toward legitimizing and recognizing the value that only you bring to the table.

Evaluate Your Strengths

Another vital step in your search should be an audit and evaluation of your strengths, talents, and weaknesses. Remember, it’s not always easy to see these things in yourself - consider turning to a trusted friend, colleague, or mentor for an outside view. Use a notebook or journal to physically list out everything you do well, your interests, and what has been a challenge for you in the past.

One important thing to consider during this process is the difference between a talent and a strength. It’s easy to be good at something that’s not right for you. For example, you might have a very easy time calming upset customers down, but that doesn’t necessarily mean you enjoy or take any satisfaction from it. Think carefully about the skills you’ve acquired and ask yourself: Do I actually like this? Forbes notes the most effective side hustles are the ones you love, so don’t sacrifice your own happiness for the sake of pursuing just one of your many talents.

Take a Look at Your Budget

Finally, take some time to look over your budget before you search for your side hustle in earnest. This is your absolute best tool for setting goals and figuring out how much you actually need to make. It’s easy to run yourself ragged in a side hustle because you’re making money. If you’re not giving yourself any time to unwind, relax, and actually enjoy the easier life you’re making for yourself, however, it’s not worth it. Now, this isn’t to say you should never work above your minimum needs or for the joy of working, but you should stay mindful of how you’re using your time and whether or not it will be effective in the long run.

Once you’ve taken time to cement your mindset, assess your skill, and clarify your goals, you’re ready to dive into your side hustle hunt. Remember, the best side hustle is one that plays to your strengths, brings you joy, and inspires you to grow.