5 TIPS FOR BOSS BABES TO CREATE A SIDE HUSTLE
Guest article by Nadia and Michaela, founders of Bjorn Blue.
Do you work full time but would like to create a successful side hustle?
Nadia and Michaela, sisters from Brisbane worked as lawyers while establishing a side hustle business in blue light glasses with their brand Bjorn Blue.
Here are 5 of their best tips if you are interested in starting your own successful side hustle.
Stick to something you know
The first tip to creating a successful side hustle and making it work is sticking to something you know or have expertise in.
Our family have over 40 years experience in optics as our parents worked in optics all their life. While at university, Michaela also worked in optics and gained experience in this area so it made sense for us to start a business in glasses.
If you start a business without prior experience or knowledge it means you will have to work 10x harder to achieve your goals.
This may be possible if you are willing to quit your job and work full time but if you are wanting to pursue a side hustle it is far better to stick to an area you know.
For example, if you have a knowledge base of health and fitness you may want to do a product or service related to that. Alternatively, if you are into fashion, you may want to consider something in that area.
Make sure there is a demand for your offering
So you have established what you are interested in, now consider if there is a demand for this offering?
If you are the only person in the world that likes to do/wear this type of product or service, it may not be a good idea for a side hustle. You are investing your limited spare time on this venture so you really need to make sure it is a good spend of your time and money.
Also consider how many competitors currently offer this product or service. Are there too many offering the product to really have a voice? Do you have a point of difference to offer?
Consider whether there is something you could offer your clients that your competitors are not already doing.
Create a product or service you are proud of
You cannot expect someone to buy a product or service that you do not believe in or would not buy yourself.
For example, if you think about selling junk jewellery, ask yourself is this quality I would expect and buy from a store?
If you offer a product or service that you would not personally purchase you cannot expect others to buy it from you.
You are far better off making less money on your product or service and having customers delighted than having disappointed buyers who return products and/or leave negative reviews.
Positive word of mouth and positive reviews will help you tenfold in a new business.
Make a schedule and stick to it
If you want to make a side hustle work while also working full time, you need to make sure you allocate enough time each day to give your business a chance to succeed.
Businesses are hard work. They are even harder work if you are also trying to juggle a full time job or children at home.
For this reason, at the outset, plan out a schedule of when you have time each day to work on your business and stick to the plan. For example, you might get out of bed an hour or two earlier than usual to work on the business.
If you are doing a business as a side hustle you are going to need to have amazing time management skills.
Keep yourself accountable by keeping a diary entry each day. It is so easy to make excuses when we are tired from work or after looking after kids but accountability is essential to making your side hustle a success.
Be strict with your initial cash investment
Lastly, be strict with your initial cash investment.
Most businesses do not make money straight away and require an initial cash investment to get started.
Whether your initial investment is $2000 upfront or $300 a month for 6 months, make a budget and stick to it. The last thing you need is your side hustle turning into a financial burden.
If you are finding you are not profiting after your initial investment is spent re-evaluate the situation.
Does your business require an extra cash investment to succeed or is there something else you can do at this point.
Maybe you can consider taking on more jobs yourself rather than outsourcing work. For example, it may be that you hired someone initially to do your social media but is this a job you can do yourself?
Business success is about constantly evaluating and then re-evaluating how you are spending money and what is important.