Are challenging times the perfect opportunity to launch a side hustle? Additional income can be beneficial. Here’s how to get started smoothly.
Many are still feeling the effects of job losses from 2020, and it’s clear that the stockpiles of toilet paper from last March are long gone. If you’ve contemplated starting a side business, you might question whether now is the right moment to jump in, especially with the current job market challenges.
A Vistaprint survey found that 55% of Americans are now considering a side gig. In times of job insecurity, generating extra income can be a wise choice. While initiating a side hustle poses its challenges, there's no better time than now. Here’s some insight from those who have successfully built their side hustles. We hope you draw inspiration from them as we step into the New Year!
Think big, start small
Kirsten Penaloza, a deputy director for donor support at a nonprofit by day, runs her eco-friendly soap and skincare brand, Bodhi Leaf Designs, by night. She emphasizes the importance of focusing on one manageable aspect of your side hustle at a time. For her, it began with safely testing ideas, products, or services by involving friends and family. Setting aside small time blocks can make a significant difference. “You don’t need to dedicate four hours daily,” she advises.
Nick Loper, host of a podcast and Chief Side Hustler at Side Hustle Nation, echoes the idea of taking small steps. “Launching a business can feel overwhelming, so break it down into the tiniest actionable steps,” he suggests. “This way, you’ll make consistent progress without feeling overloaded.”
Manage your time effectively
Julia Zhu, who works in investment banking, took two years to earn her yoga teacher certification. Initially, she often found excuses, primarily a lack of time. “Time is our most precious resource,” Zhu shares.
So how can you, a busy person, tackle this? Zhu advises taking charge of your time. “I carefully considered how I utilized my hours.” Once she committed to her side gig, she communicated her needs to those around her, seeking their flexibility.
Rochelle Porter, who initiated her lifestyle brand while employed full-time, also acknowledges the time challenge. “Balancing a full-time job with a side hustle is daunting and requires sacrificing leisure time,” she states. “It’s certainly not for everyone.”
To find the time you need, set clear boundaries with your main job and cut out activities that drain your energy without fulfilling you. Time must be cherished and used wisely.
Assign value to your side hustle
While it’s rewarding to follow your passions, ensure you don’t neglect financial viability. If your aim is to earn money rather than merely occupy time, the bottom line matters.
A hobby can serve as an excellent starting point for your business idea. “However, you must determine how your enjoyment translates into income,” Loper points out.
Porter advises organizing your finances while you still have income from your full-time role. This is the ideal time to establish financial limits for your expenses. Before launching your venture, “create a clear monetization strategy for your efforts,” she recommends.
Persevere through challenges
Resilience is crucial when starting a side hustle. Expect hurdles and unexpected challenges. At one point, an injury nearly derailed Zhu’s yoga teaching aspirations. Reconnecting with her motivations helped her stay the course.
“There are days I feel completely drained,” admits Penaloza. During these times, she, along with many others pursuing side gigs, encourages remembering the joy and purpose behind what you’re doing.
Loper agrees, stating, “Your core motivation is what keeps you moving forward.” Keeping your “why” at the forefront can help navigate tough moments.
