Seven Ways to Advance Your Side Hustle
- Side hustles are a great way to make extra money.
Whether you just started or have been working on your side hustle for years, these seven tips will help you develop, grow, and monetize your hustle.
1. Plan for your money.
Have a plan for your money. Financial understanding is essential for managing individual and business expenses. You will have to manage your clients' payments, equipment needs, and other important items to the sustainability of your business.
2. Write your vision on paper.
There is power in vision. If you can see the success of your business, others will see it too. It's vital to have a dream, but a dream without a plan is just a wish. So, write down your biggest and smallest ideas. Your ideas are the fun part. Be as creative as you want and embrace all your ideas. Ask yourself realistic questions along the way, such as, what sets my business apart from the rest? What makes my business unique? How will I push forth my idea to execution? What is my mission statement?
3. Decide on your rates.
The reason to want a side hustle is to make extra income for yourself. Plan for every possible service and list your rates accordingly. If you have no idea where to start, take a look at what others in your field charge for similar work. When deciding on your rates, consider materials that you have to buy to deliver the service or product. This guide gives a deeper dive into how to price your services.
CapWay Tip: You are being paid for your time and expertise. Don't undervalue yourself.
4. Brand your business.
Create graphics through free software such as Canva or Bazaart. There are plenty of templates that you can use if you don’t know where to start. Be as creative as you want while remembering the central theme and mission for your business.
Create a social media account(s) for your business if you are ready to get online. Post often about your company, what it offers, and how your business can help the lives of others.
Furthermore, websites such as Wix and WordPress offer free websites.
5. Build a network.
Your network determines your net worth. Build relationships with prospective clients and others who can further your business. Word of mouth is one of the best possible promotions you will have. You are a businessman or woman, so you must be a walking brand at times.
6. Budget for your company needs.
Ask yourself what you need to bring your idea to fruition or advance your business. If your side hustle requires equipment, such as a photographer who will need a professional camera, write each item down along with a price estimate. This way, you can have a plan for your equipment and your money. Then, when you are ready to buy those items, you won't be surprised by how cheap or expensive your equipment truly costs.
7. Make it official.
Invest back into your business. Nail down the correct business structure and strategize. If you've worked on your side hustle for years and you are ready to take it to the next level, learn about the four common types of business structures - Corporation, Limited Liability Company (LLC), Partnership, and Propertiership. Choose the right one that will fit your business structure.
Your side hustle can turn into your full-time job, especially if it is your true passion.