Why is everyone suddenly talking about side hustles?
Because for many they deliver the purpose and profit that isn’t fully being provided by their day job.
A side hustle is a passion-driven product or service that you create and sell without leaving your day job. The benefits are multiple. It gives you the opportunity to grow through experience in an area of passion. You add to your income. And — most importantly — it tends to boost happiness because you spend a little bit of time everyday creating something you love.
Sound like a side hustle might deliver what’s missing in your current day job? Here are 5 steps to help you get there:
The passion component is what makes a “side hustle” different from traditional moonlighting. It’s for everyone who ever said something like, “I work as an accountant, but I’m really a jewelry designer.”
Whether you love dogs and decide to launch an evening dog walking business, are an artist and sell digital greeting cards, or you make the world’s most delicious pot pies and become the Pot Pie Lady, the commercial aspect to the side hustle forces us to get better at what we do in a way that a hobby never will. We have to figure things out because people are paying for it.
If the side hustle isn’t passion-driven, then we quickly run out of the energy and enthusiasm needed to build our skill enough to make it successful.
Side hustles are particularly vulnerable to “paralysis by analysis.” Because side hustles are so uniquely personal, there are few templates. You will be building the bridge as you walk on it.
The best way to launch a side hustle is to put your product or service out there and begin testing ideas. You are looking to launch what Eric Reis defines in the Lean Start Up as a “minimum viable product.” Do the least amount of work necessary to get your offering in front of people so you can start testing what sells.
In our dog walking example, this is the difference between waiting to launch until you have a perfectly designed website, matching leashes, and promotional dog biscuits, or just ordering business cards from Moo.com and distributing them in your neighborhood. Start the work, then let the trappings catch up with you.
It probably goes without saying that working on your side hustle at your day job will get you fired. But what you may not realize is that you need to set those boundaries ahead of time. Pursuing a passion can easily win your affections and make it hard to keep it out of your normal work life.
Define when you will work on your side hustle and carve that time out. You might get up an hour earlier or go to bed an hour later. You might devote every Saturday morning or every Sunday afternoon to the side hustle.
Make the decision of how it fits in your life at the beginning, then defend those timeslots as essential.
One of the best parts of launching a side hustle is that the scale makes it easy to test ideas and respond to market feedback in real time. You then, pivot your strategy until you find what works.
For example, if you launch a line of personalized leather bracelets on Etsy but find more men buy them than women (or that women are simply buying them for their husbands) you might shift your designs toward more masculine styles. Or if you are a copy writer selling resume services, you might find you have more clients interested in recrafting their LinkedIn page than formal resumes and can tailor your website feature that service more effectively.
The thing about side hustles is that they usually evolve. In the beginning, you probably won’t think much about tracking expenses or keeping the income separate from your personal funds, but there will come a time when that becomes advantageous.
Once you break $1,000, set up a separate bank account for deposits from your side hustle and begin to track expenses. Whether you use a spreadsheet or a service like Freshbooks which delivers real profit/loss statements and makes it easy to invoice clients, separating your business funds as a real business allows you to make intentional decisions about the extra income and can save you money in dealing with taxes.
The beautiful thing about side hustles is that they don’t require a big investment to get started. So, decide what you want to offer and start experimenting. You might discover that not only do you reconnect to purpose, but you also fund a nice vacation!