A side gig or what I prefer to call a side hustle since the definition of “hustle” is an accurate description of full time knowledge workers that find themselves starting a business while working. No longer an option or lofty same day dream corporate employees feel forced to move hurriedly in the direction of entrepreneurship, (even if part-time) to supplement their income.
Stagnant wages and lack of promotion opportunities may not be the only reason to start a side hustle while keeping your day job. You may have a desire to eventually turn that side gig into a full time business that fits your lifestyle and offers you more career fulfillment. Here are 5 ways to hustle your way out of your day job:
Identify Your Minimal Viable Product or Service
Focus on one unique product or service for one ideal person. There is no need to make a splash with fancy branding or even a website. Spend more time than you think you need researching and testing the market. Find the gaps in the market that you can fill in your own unique way. When you master this, (which most people don’t because it’s not the most glamorous part of business) it will make marketing your business easier. Learning how to speak to the people that need your product or service the most doesn’t require capital but it does require time. A repeated message that resonates with the right people will turn into repeated sales!
Make Your Day Job Your First Client
If consulting or starting a business based on the expertise you currently use at work and they dig you as a person then you should negotiate transitioning from full time employee to a consultant. This is a win-win opportunity. If you are valued employee, they get to cost effectively keep you on the team while you have the flexibility to build your business. This is a great approach for working mothers, (or fathers) that have a partner with health insurance.
Become a Weekend Warrior (in business)
In fitness circles a weekend warrior is a term that describes a person that uses the weekend to focus on their fitness goals, (usually because their week is over extended). Since the lack of time is often an hindrance to starting a business this approach allows you to commit small chucks of time on the weekend to growing a lifestyle business you can manage. Let me be clear that you don’t have to work seven days a week to get your business of the ground! You can start by scheduling three hours on a Saturday afternoon investing time in your business. You will be surprised how much you can get done in a month by dedicating a few hours a week to your business. Newly minted entrepreneurs tend to spend time on problems they don’t have. There is no need to start a LLC or hire someone to design a logo. The legal structure and branding is necessary after determining that you have a viable business. Again, as mentioned earlier most of your time should be spent on getting to know your people.
Reinvest in Your Business
If your goal for starting a side gig is not to supplement your income then it’s important to reinvest revenue back into the business. Putting the money you earn from a part time business is a sure fire way to make your business a full time thing! Again, no need to make a splash with new money by paying for a full out branding. Well spent revenue is anything that will make you more money. Your safest bet improving customer experience or increasing quality leads.
Step Out on Faith!
You won’t be the first or the last person to say peace to your day job and go all in. Starting a business is not for the faint at heart. For some, the benefits out way the risk. If you don’t have anyone to take care of but yourself, you have at least one year of savings, and you’ve done the work in the dark (market research, testing, soft launch), then go for it! You can be encouraged by the countless stories of people, (like myself) without trust funds that have taken a leap of faith and made their side gig THE gig!
Whatever direction you take, know that work and how we earn a living are evolving. Having a side hustle is no longer a taboo activity that needs to be hidden from employers; in most cases, they expect it! If you want to thrive off the corporate ladder and maximize how you contribute to your bottom line, the side gig is for you!
