So You Want to Start a Side Hustle

1. Define Your Life Vision to Guide Your Side Hustle Journey

Your Life Vision provides you a target, something you can begin to develop real, tangible goals around.

Holistic approach. A Life Vision is not just about financial goals, but encompasses all aspects of life including spiritual, financial, relationships, health, and recreation. It serves as a GPS for your journey, providing clarity on where you want to go and why you're building a side hustle.

Practical steps:

• Identify your core values (e.g., family, adventure, impact)
• Envision your desired future state in 5 and 10 years
• Set specific, measurable goals for each life aspect
• Revisit and refine your vision regularly

By aligning your side hustle with your Life Vision, you ensure that your efforts contribute to your overall life goals, not just financial gain.

2. Leverage the Power of WHO: Mentors and Community Are Critical

Our experience is most people lack real clarity on what they truly want and are often unwilling to plan, commit, and clear enough things of lesser importance out of their life.

Mentorship is non-negotiable. A great mentor provides a real-life example of success, customizes advice, calls you out on your BS, and empathizes with your challenges. They can significantly accelerate your progress and help you avoid common pitfalls.

Building a community:

• Seek associations within your niche industry
• Join mastermind or referral groups
• Participate in volunteer organizations
• Attend networking events and conferences

Surrounding yourself with the right people not only provides support and accountability but also exposes you to new ideas and opportunities. Remember, your network often determines your net worth.

3. Choose the Right Side Hustle Aligned with Your Goals and Resources

We believe it is one's mindset—how and what one thinks—that is a primary driver of one's ability to succeed.

Assess your situation. Before choosing a side hustle, evaluate your current resources, skills, and constraints. Consider factors like available capital, time capacity, marketable expertise, and risk tolerance.

Evaluation criteria:

• Alignment with Life Vision
• Potential for passive income
• Required startup costs
• Scalability
• Your passion or interest level

Don't feel pressured to create something entirely new. Many successful side hustles leverage existing systems or platforms. The key is to choose a venture that fits your unique situation and goals.

4. Develop a Strong Lifeset: Optimize Your Career and Finances

We believe going through life with only one way to make money is risky, and having only one way to make money in the twenty-first century is arguably irresponsible.

Career optimization. While building your side hustle, it's crucial to maintain and optimize your main career. This provides stability and potentially extra capital for your venture.

Tips for career success:

• Find a flexible role that allows time for your side hustle
• Maintain integrity and perform well in your job
• Manage your manager effectively
• Work efficiently and stay focused

Financial management. A strong financial foundation is critical for supporting your side hustle and overall life goals.

Key financial practices:

• Develop and stick to a budget
• Track all business expenses separately
• Invest in both systematic savings and your business
• Be mindful of lifestyle inflation

By optimizing both your career and finances, you create a stable platform from which to launch and grow your side hustle.

5. Master the Inside Job: Grow Your Self-Image and Communication Skills

Self-image is not just one ingredient of the side hustle; it is the magic ingredient.

Develop a growth mindset. Believe in your ability to learn and improve. Embrace challenges as opportunities for growth, not threats to your competence.

Experiential learning. Take action and learn by doing. Don't get stuck in preparation mode; implement and adjust based on real-world feedback.

Communication skills:

• Nonverbal: Pay attention to appearance, body language, and energy level
• Verbal: Practice active listening, ask thoughtful questions, and minimize negative talk
• Public speaking: Observe effective speakers, convey more in less time, and practice regularly

Improving your self-image and communication skills will not only boost your confidence but also enhance your ability to influence others and grow your business.

6. Navigate Common Pain Points and Make Decisions Like a CEO

Opportunity cost as a result of indecision is not always this painfully obvious, but a strong standstill in daily operations and mental momentum can happen when one is hovering over a decision for too long and with too much emotional and mental energy.

Common pain points:

• Ineffective time and task management
• Reverting to employee mindset
• Mistaking revenue for profit
• Underinvesting in growth
• Neglecting personal relationships

Decision-making strategies:

• Trust your gut and take action
• Know when to stop seeking more information
• Delegate or outsource when appropriate
• Revisit your WHY and Life Vision for clarity

Developing the ability to make quick, effective decisions is crucial for business success. Remember, taking imperfect action is often better than perfect inaction.

7. Build Your Inner Circle and Fund Your Venture Wisely

WHO you choose to go into business with, take council from, and hire can make or break you.

Selecting your inner circle:

• Evaluate character, financial resources, and motivation
• Seek complementary skills and personalities
• Consider both personal and professional fit

Funding options:

1. Personal cash injections
2. Borrowing (e.g., bank loans, family/friends)
3. Selling equity
4. Creating new revenue sources

When considering funding, always weigh the costs and benefits carefully. Sometimes, innovative revenue generation or cost-cutting can be more effective than external funding.

8. Create a Compelling Brand and Market Your Side Hustle Effectively

Your brand is what people say about you when you're not in the room.

Understand your audience. Identify your target market's needs, pain points, and preferences. This information will guide your branding and marketing efforts.

Build your story. Create a compelling narrative that communicates your brand's personality and values. Use personal anecdotes and be authentic.

Content creation strategies:

• Amplify your differentiator
• Generate content in bulk
• Add value consistently
• Include calls to action
• Develop a regular posting cadence

Remember, effective branding and marketing are about creating a consistent, authentic message that resonates with your target audience and clearly communicates the value you provide.

Last updated: August 11, 2024