With the hardships of today’s economy, you may need an additional stream of income besides your paycheck to sustain your family. Bringing your side hustle to a level where it generates enough to supplement your regular income is easier said than done. However, with a strong understanding of the market and the right amount of focus, your side hustle can become a lucrative venture.
Figure Out Goals:
Key to the success of any business is putting down a list of objectives the entrepreneur sets out to achieve within a given timeframe. Your side hustle’s goals need to be achievable. Setting unattainable objectives will leave you always falling short, dimming your entrepreneurial flame. On the other hand, if you set targets that you achieve with minimal effort, you could end up undermining your potential.
To set realistic goals, you need to look at what you have already achieved in terms of the size of your customer base and the rate at which you’re closing sales. The number of people who show interest in your products will also help you project more attainable revenue targets. Use these numbers to propel you to the next level.
There are many avenues available to you to help spread the word about your brand. You can reach out to potential customers through Facebook, YouTube, your website, and banners, and other offline media. Knowing which platform to use and effectively reaching you target audience calls for a carefully thought-out marketing strategy.
Your strategy should contain details of how you will:
- Differentiate your message from the competition
- Win the trust of your intended customers
- Keep your audience interested over the long haul. How will you ensure you always have something fresh to keep customers and potential buyers engaged?
- Make it clear to whoever is listening to or reading your messaging how they will benefit from using your products or services.
Developing an effective marketing plan requires a certain level of expertise and experience that you may not have, being in the nascent stages of entrepreneurship. You can plug this knowledge gap by bringing onboard NYC marketing agencies like Crafted. They have a deeper understanding of the market and can free up your time to focus on other aspects of the business.
Getting your side hustle started is not easy, but things don’t get any easier after that. Growing your venture is often more difficult than launching it. This is because it requires consistency, both at your 9 to 5 and your side hustle. You should be able to excel in your day job while still giving your new venture all the attention it requires.
A great way to accomplish this is to set aside a fixed amount of time every day to dedicate to your side gig. If your regular work hours end at 5 p.m., you can commit the two hours between 6 and 8 p.m. to your business venture. During the weekend you can complete the more time-consuming tasks. The best way to ensure this time pays off is to stick to your schedule.
It is equally important to make sure all your time is not just spent planning, but also actually implementing these plans. You should also continuously research your industry. Find out what trends are affecting the market now and what will affect them in the future.
Listen to Podcasts:
By listening to the stories of other entrepreneurs, especially those in your line of business, you will gain insight as to how to streamline your operations and attract more customers. You will also know what pitfalls to avoid when seeking to grow your venture. Podcasts by fellow side hustlers can motivate you and open your mind to new ideas.
Some will even give you tips on starting your own podcast if you’re interested in using that platform. Podcasts like The Fizzle Show and StartUp dive deep into how to start and run a successful blog or business. Side Hustle School, by renowned entrepreneur-traveler Chris Guillebeau, offers precious nuggets of startup wisdom delivered engagingly.
Hustling Your Way to Financial Freedom:
Wouldn’t it be great if you could turn your side hustle into your main hustle? Your side hustle could be the key to your financial independence. Many successful corporations started as garage or basement side gigs. Set your goals and make a detailed plan of how the steps you will take to achieve them, milestone by milestone. Then make a timetable for daily action and make sure you follow through until you see success.