A side hustle is a small or big business that one runs alongside their employment.
James Asiimwe a financial adviser notes that every employee needs to own a side business to supplement their income as salary is never enough.
Here is what to put into consideration when starting a side business.
How much is needed
Asiimwe advises that you need to have a clear picture on the amount of money you need for your business, you don’t need a loan to have your business running because you aren’t certain on how the business will yield.
It’s logical that you use your savings however small it is and only get a loan to boost it after it has stabilized.
Who will run it
Being an employee means you won’t be at the business full time, Jacqueline Kimera a business woman notes that you should get a trustworthy person who will selflessly take your businesses forward.
On top of that, she advises that you adopt a strong book keeping habit to help you follow the income and expenditures of your business.
“You should supervise the person closely because they are not as passionate as you the owner, show up when he or she least expects it.
Don’t give her a routine whereby she knows when you come to work as they will only open when you are about to come,” she says.
What’s your passion
Since these jobs are supplementary where you go when you are too tired and exhausted, your side hustle should be something you are passionate about, this will help you carry on with love and ease as you will be doing something you love.
“Going to a side hustle that is your passion will also help you kill the stress attained from a long day of work as you are making money extra money,” Kimera notes.
How will you balance the two
Giving more time to either of the two means losing out on one, Asiimwe advises that you give ample time to each of the two without neglecting any.
“Some people end up giving the side businesses more time and neglecting their jobs and end up being dismissed. Report to your job and spend the required time effectively then report to your side hustle thereafter.”
You need to have a goal for your business, ask yourself the intensions of starting up a business, what you stand to achieve, what’s your target and in which period of time.
With this, you will have a driving factor and will do everything to achieve it.
Asiimwe advises that you shouldn’t milk your business in its initial stages as this will pull you down. Give it chance to grow by injecting in the little you get until it’s steady.
Before putting your product on the market, know who your customers are, what do they want and how do they want it. This will help you put out the product with a clear picture of what your target customers want.
Your first customers should be the people around you, your family, friends and workmates.
Kimera says that you should advertise your business as much as you can to make sales. Use word of mouth and social media platforms to put the business out there.
Asiimwe advises that, for any business to succeed, you should invest time, money for the first day, work hard, be open to feedback (listen to what people say about your product and change accordingly), have customer care, advertise greatly and do ample research to improve your services and move with modern times.