Yes, It’s Time To Start A Sidehustle
No doubt, you’ve heard all the buzz about sidehustles and how the gig economy is here to stay. If you haven’t done something to be a part of that, it’s time to start a sidehustle before another month, another year, passes you by.
Putting together your own sidehustle is a great way to create a better financial future. But if this is one of your first company formations, you might be a bit unsure of how to proceed. If so, here are the first things you’ll need to do to get started.
Market Research
So, you have a great product or service in mind. But just how great is it? Most people tend to over-estimate the market and financial value of their idea. You can begin by getting feedback from friends, but that’s just the first test.
Brain storm all the related keywords and phrases you can think of that are related to your idea. Google each of them and see what’s already out there. Check sites like Amazon and Ebay for similar products. If your idea is something that’s going to require a substantial investment of money or time to launch, you may even want to consider obtaining commercial market research before diving in.
Claiming A Name and Identity
Once you’re reasonably sure you’ve got something that’s got real potential, it’s time to give it a formal name and identity. In most jurisdictions, there are online resources to assist with naming your business and doing the initial paperwork.
Remember that getting market identity correct is critical. It can make the difference between success and failure. Check out this article on Ms Career Girl for some tips on naming your business.
Establishing An Online Identity
In today’s world, virtually every business needs an online identity. Even your new sidehustle. That includes not only a website but also all relevant social media.
The name you chose, or a close iteration of it, should be the same name you use for all of your online visibility. Consistency is part of branding, and is essential for future growth.
Marketing
“If you build it, they will come.”
No, not necessarily or even likely. More often, it’s “if you build it; and impress and entice and sell them; they might come.”
Marketing is about setting real expectations on demand for your product or service, and then putting together all the pieces to bring customers and produce sales. The absence of an effective marketing plan is what leads to a room or garage full of unsold product. And a pile of bills, regrets, and broken dreams. Prepare yourself to properly market your business, or be prepared to have a professional do it for you.
Care and Feeding of Your New Sidehustle
In many ways, launching a business is like raising a child. It takes patience, commitment, and nurturing. The good news is that it doesn’t have to mean you’ll never have a life again. As Patrick McGinnis said in “The 10% Entrepreneur,” just 10% of your time and/or resources, applied consistently, will almost certainly lead to success.
Your future doesn’t care if you show up there with your own business, or not. It’s up to you. Why not get started today?
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