Are You Ready to Pay the Price to Grow Your Side Hustle?
Think long and hard before answering this one.
More and more we see and admire the lives of entrepreneurs and it sure looks sexy.
Did you know the path to being an entrepreneur isn’t always like it seems. No one really talks about the hustling phase the not so sexy grueling path.
I can tell you from my own personal experience, that it’s not always smooth. There’s the late nights people don’t talk about when you’re juggling your 9 to 5 and trying to grow your side hustle. My kids can attest to the many nights of “eating pasta again.” There’s also the bootstrapping that comes along with this dream, the months and sometimes years living like a pauper for the sake of your dream. Having to say no to the kids for the simplest things.
Losing friends and family who just don’t understand your passion. Truly this is where you find out who your true friends are.
Three practical behind the scene advice to consider on the path to creating a successful hustle:
Don’t quit your 9 to 5
Yes, you’re reading that right. The truth is, you still have to exist, which means you have expenses. Depending on your situation, you may have a mortgage or rent to pay; kids to raise; maintain a standard of living that doesn’t drive your family insane. I mean that. You need your 9 to 5 to help pay the bills; remove the financial pressure and even fund your side hustle.
Quitting your 9 to 5 before you start making more than you earn after all expenses are paid, is wide off the mark. Being unable to meet your basic needs is a fail to your family and yourself. Being under financial pressure, leads to panic; stress; inability to make intelligent decisions, which could also lead to stress related illnesses.
Do re-think this and if you feel like you must then consider a part time job for stability of income while you build your dream.
Manage your Time and learn to automate
Time management is key to managing a 9 to 5 and growing your side hustle, so you need to learn how to utilize tools and resources to manage your time.
Learn to automate tasks like social media posts; blog posts etc., This can only be successful when you take time to plan out your business. Start out with a daily plan; then gradually increase to a weekly and the ultimate monthly plan. Get a content calendar.
Learn to ask for help especially if it is not your area of expertise. There’s no need stressing about building a website if that’s not your area. Utilize freelancers. You can find them on Fiverr; Upwork, Airtasker, Taskrabbit, etc.,
Use your lunch time and breaks wisely. Make calls during those times, I use calendly to schedule client calls. Make your car your mobile office and if you don’t drive, seek out a quiet area in your building or neighborhood or a local coffee shop. I have been known to make client calls in the stairwell when I could not make it a coffee shop.
Bootstrap! Bootstrap! Bootstrap!
You have to be willing to cut back on your expenses to make your dream a reality. While you have your 9 to 5, learn to live on the essentials, so when you do quit the change isn’t too drastic. Change that daily latte habit to once or twice a week treat. With that money you’re saving open a savings account or better yet add to the the money you’re already saving in the Savings Challenge. You’ll be surprised at how much you’ve saved after a month of savings.
Do not incur more debt, but pay down your debts, so you can keep more cash in your pocket. Cut back on luxuries such as eating out; entertainment; shop less, etc., Become a bargain hunter; shop garage sales; thrift stores; during sales; sell things you no longer require to bring in cash.
Adjusting your lifestyle will be beneficial for when you eventually quit and the savings nest will definitely be of great help to see you through those dry months when sales fluctuate.
I learned to drive and be satisfied with an 11 year old rusty car, but I knew that my dream was more important than driving a shiny piece of metal.
What has your experience been as you grow your side hustle? Do share any additional do’s and don’ts that you have. Would love to read all about it.
Till next time!