You may be eager to ditch your day job and I understand you. Internet technology has demolished barriers to entry across industries and opened up a plethora of lucrative possibilities. At the same time, I have to tell you that there could be a more prudent course of action. I am talking about side hustles you can start while working at the office. They do force you into fighting on several fronts simultaneously, so you want to take a deep breath. Here is how to translate your dreams into reality and attain financial security and independence.
Plan ahead of time
First off, come up with a solid game plan. List all the obligations and activities you need to perform during the week. Designate how much time you need to commit to each item. See if you can reduce your involvement in some areas (free time is the first sacrifice) to prioritize tasks related to the side hustle. That should help you put together a realistic schedule and manage your time effectively. Moreover, you will maintain work-life balance and start pivoting slowly and steadily.
Do your homework
Your business idea may seem brilliant on paper, but does it hold water in practice? You cannot afford to be wrong about this. Thus, conduct thorough research and confirm that there is a real market need for what you want to offer. Establish your target audience and ask it for feedback. Ideally, there is not much competition aiming at the same market segment. Once you validate your idea, you can move forward with full confidence and set your S.M.A.R.T. goals.
Take advantage of online resources
It is crucial to know where your strengths and weaknesses lie. So, identify a skill set that your side hustle is going to require. Bear in mind that overcoming the learning curve is easier than ever before. You can tap into a wealth of affordable online education resources such as the General Assembly. Use them to grasp new concepts and hone your skills. And if you are still lacking in some departments, outsource tasks to talented freelancers out there.
Get smart with funding
Funding the new venture is one of the trickiest aspects. There are two basic options to consider: self-funding and external funding. The latter one is more common, but you probably do not want to go all-in right away. Start small and see where that leads you— opt for affordable, income-based options. For example, check out payday loans geared towards those who need a small amount of money fast. You can also explore unconventional like crowdfunding, creative entrepreneur grants, and bartering.
Go full steam ahead
Upon successfully fueling your operations, you can begin making profit. Allocate sufficient funds toward marketing, customer service and hiring new recruits. Likewise, invest in a distribution network, dedicated office space (instead of a home office) and strategic relationships. At this point, you are transforming your side hustle into a full-fledged business. Therefore, it is high time to leave your 9-5 behind, attract customers, and outpace your competition.
Operating on dual tracks is challenging. But, provided that you think things through, it is definitely doable. Start by working out a roadmap to developing concepts and getting operations off the ground. Make the most of digital platforms and tools that stand at your disposal. Always go step-by-step: Gradually build a self-employed career and witness steady income elevating you financially.
You will no longer struggle to make the ends meet and eventually, you will be in a position to completely drop out of the tedious 9-5 loop.