Gone are the days of settling for single paychecks and 9-5 routines. In fact, data shows that side hustles are becoming increasingly popular, especially on Tik Tok, with the hashtag #sidehustles having an astonishing 15 billion views on the social media platform.
As more of us consider a side hustle as a way to make some extra money during the current cost of living crisis, Ed Johnson, CEO of online mentoring platform PushFar, shares his eight top tips to help make your passion a business success!
1. Identify your passion.
The first, and most obvious, step to starting your side hustle is to determine what it is going to be! Take this opportunity to reflect on what motivates you and be sure to choose something that you are not only talented at, but deeply passionate about also. This will help keep you on track and motivated.
2. Find your niche.
Once you’ve discovered what it is you want to do, identify what sets you apart from the crowd and your unique selling point that will make people want to pick you. A blog on The Fractional OS talks about how it’s important that you position yourself as an expert in your chosen field, and work to ensure you have a unique offering compared to competitors and the rest of the market.
3. Set clear and achievable objectives.
Determine what success looks like for you. By writing down your goals, you can recognise all of your achievements and keep yourself on the track to achieving overall success.
One of the best strategies to use when setting aims and objectives is the SMART strategy. This involves identifying your Specific, Measurable, Achievable, Relevant and Time-bound goals, allowing you to stay on track and ensure your goals are also realistic and achievable.
4. Celebrate the small wins.
There are many pillars to success and often people focus on the overall end goal, neglecting the little wins along the way which can be demotivating in the long run. Be sure to give yourself credit where it’s due by celebrating all your steps to success, no matter how big or how small.
5. Expand your skill set.
Upskilling yourself is something that will really boost not only the success of your side hustle, but your confidence too. By doing this it will help set you apart from other people offering similar services as you’re constantly updating and widening your knowledge.
A great way to enhance your skill set is to find yourself a mentor who can guide and advise you, help you overcome challenges and ultimately, achieve your goals.
Whilst most people are under the perception that mentoring is an expensive method to learn, PushFar has an open network of over 100,000 professionals, looking to help their mentees, completely for free.
6. Learn from others.
It can be tough maintaining a side hustle alongside a 9-5, which is why it’s important to surround yourself with like-minded people who are in a similar situation. Whether this be in person during day-to-day life, networking events, or even online via platforms such as LinkedIn, it’s crucial to have a network of equally motivated and ambitious people around you.
Ultimately, the main benefit of networking is career progression. To really take your side hustle to the next level, you need to be building your network filled with opportunities to interact with professionals on a regular basis.
Finding a mentor is another great way to meet inspirational and wise individuals. It’s someone to share ideas and motivation with, as well as being a great support for your progression.
7. Identify your sacrifices.
In order to succeed, you’ll need to make time in the evenings and weekends to dedicate to your side hustle. This might mean sacrificing time in front of the TV, or skipping your weekend café trip – whatever it is, be sure to work out where you’re going to get this time from. You don’t have to become a robot who never takes a break however it’s crucial that you use your time wisely.
Try setting aside certain hours of the day for focused work or breaking up your day into smaller, more manageable chunks. A great strategy to try is time-blocking.
Time blocking is a time management technique that involves you dividing your day into specific blocks of time, usually ranging from 15 minutes to a few hours, and assigning each block to a specific task or activity. This can help you prioritise tasks, manage your time more efficiently, and stay focused on the task at hand.
8. Stay Motivated
Last but certainly not least, staying focused and motivated throughout your side hustle journey is a must. Turning a successful side hustle into a business won’t happen overnight so it’s important that you’re doing everything you can to stay motivated and committed to achieving the end goal.
One of the best ways to keep motivation high is to regularly review your goals, while continuing to set new ones. This allows you to recognise the progress made so far, resulting in feelings of fulfillment and motivation, while also continuing to stride towards further progression.