A side hustle can be a great idea for a variety of different reasons. While some people start new businesses as a way to earn a bit of extra cash, the others use their side hustle to test an idea that they are passionate about. It does not introduce too much risk, however, if it works out, it could become the start of something truly special. So, in this article, we will guide you through 3 simple steps of starting your own side hustle!
Pick your niche
First and foremost, you will have to decide on what is it that you want to do in your side hustle. Ideally, it would be something that you already have knowledge and skills in or, perhaps, something that you are very passionate about.
Ask yourself questions like what are my strongest skills, what do I enjoy the most about my current work, and what do I dislike a lot? Additionally, think about the amount of hours you can devote to your side hustle, as well as whether you will be doing it by yourself or with a partner / friend.
Lastly, once you have a couple of different ideas, don’t forget to do your market research. Look up any gaps in the market, that your product or service could potentially fill, and the current competitors doing a similar thing. If you think you have something unique or currently in high demand, this could be your winner idea!
Build a brand
The way you brand your business can make it or break it, so make sure to think it through.
Start by deciding on the name of the business – it can be something fun and playful or more serious, depending on your specific niche. It’s important that the name is easy to remember and stays in the consumers’ minds. Don’t forget that you will have to purchase a website domain with that same name, so it must be unique too. You can check available domain names with IONOS to see if it is already taken by another business.
Next, start building your website, which can be used either as an eCommerce platform or simply as a place to get information about your business. For this, you will need to think about your logo and the overall design of the website. It can be helpful to make a vision board with your chosen color palette and the layout, to better visualize what the final website should look like. What you choose now will also be used in your marketing activities later down the line, so take your time with this!
Sort out the finances
Once your business is starting to take shape, you will need to sort out the financial side of things. Make sure to follow all legal requirements, registering yourself as a new business or a self-employed person with your local government. Doing this early on will help you avoid any issues when it comes to paying tax later.
Moreover, consider how you will be taking money from your customers. You will have to set up payment systems on your website – offering a good selection of options will ensure more people can use your business. You may also need to open a separate business bank account to help you track your earnings and, therefore, do your accounting.
Final word
Starting a new business involves a lot of different things, some of which may be completely new and scary. But, all you have to do is take it one step at the time and learn as you go, enjoying the process!
