So, I checked and yes the
term 'side hustle' is in the Oxford dictionary but is it just me, the term
still sounds somewhat underhand or not quite legal?
After all, if you look
up the word ‘Hustle’ in the dictionary it’s derived from American slang
with the definitions including pushing or forcing someone into doing something,
selling aggressively and fraud (‘Hustler’ is even worse!)
This perception isn't
helped by articles such as '10 greatest side hustle ideas to earn $1000 per
month' whose suggestions include network marketing schemes or becoming an 'Instagram
influencer'.
Maybe its a generation thing, as today the term is becoming more common, with people embracing the concept of
having multiple sources of income from part time jobs to selling their handmade products, buying and selling on e-bay, even renting out your spare room could be termed your 'side hustle' as it supplements your main income.
So, whilst I dislike the
terminology I thoroughly recommend the concept, particularly for anyone planning a career change into self-employment
or freelancing.
Before you quit your job
and take the leap into working full time on your own business, starting to generate income from your new venture is essential.
This enables you to check your understanding of customer needs, and to test, then
refine your offer - fundamentally to prove that what you plan to offer is
actually something that people want to buy, that you know how to find those
customers and how to convince them to buy it from you – to create your business
strategy.
(Don’t be put off by the
term strategy, although it is typically associated with big organisations
basically your strategy is ‘How you will compete - where to play and how to win’.)
I also recommend that you consider how to retain your old day job, in some form of 'side hustle' to pay the bills in those early months whilst the new business gains momentum.See the conversion from employed to self employed as a transition, if possible, rather than a step change.
The temptation for a new business venture is to spend time and money making sure everything is 'perfect' and then launch, however there is a well known saying
' no strategy survives first contact with the enemy
' and whilst the origins are in warfare, it is also true that no business plan ever survives its first contact with a customer. Market research and gathering feedback will only take you so far - the real test of any business plan is getting people to actually commit and spend their money.
So, a ‘side hustle’ is a great concept; slowly
building your business, getting the idea out of development and in front of potential
customers, testing and refining your offer, after all
“Things may come to
those who wait… but only the things left by those who hustle”*
(*This
was falsely rumoured to be said by Abraham Lincoln, not sure of the true
origins but it’s such a good quote I couldn’t help but include it.)
If you want help planning out your own side
hustle to maximise the opportunity for building a sustainable business, please
get in touch.
Janet Doran,
is based in North Yorkshire, UK she works with freelancers, sole traders and small business owners helping them to answer questions such as ‘how can we stand out from our competitors, attract customers and win new business?’, developing business strategies to create sustainable Competitive Advantage.
Find out more at www.thepositivepen.co.uk
or call 07505 120051
Follow me on twitter https://twitter.com/thepositivepen
