5 Key Steps Toward a Successful Side Hustle

Some crucial takeaways from The $100 Startup

Welcome to the new economy.

Or, at least, this month’s version of the new economy.

Trends-wise, people supplementing their income with side hustles or starting their own full-time freelance business are on the up. Given that traditional employment is less stable than it once was, it’s little wonder many folks are trying new avenues for income.

And then some people engage in things like side hustles for fun. Or because it feeds a personal passion.

In looking for ways to manage my own little side hustles and maintain my full-time freelance work, I looked at Chris Guillebeau’s popular book, The $100 Startup and 100 Side Hustles: Unexpected Ideas for Making Extra Money Without Quitting Your Day Job. Using a hundred different case studies of people who rolled the dice on a side hustle or home business, Guillebeau offers the reader a multitude of valuable insights.

Whatever reason you’re considering a side hustle or freelance venture, here are five essential things to consider when planning and executing your launch. (If you find these insights useful, you can find more in the pages of Guillebeau’s book.)

Don’t wait for the perfect moment

Is there ever a perfect time to start anything?

The short answer is “no.”

There will always be reasons, uncertainties, and other excuses to delay your side hustle or freelance endeavor. You will constantly see aspects of your plan that need improvement or refinement. And there will always be moments when you don’t think people are ready for your idea.

The problem with that attitude is that if you keep waiting for conditions to be absolutely ideal, you’ll never get your side hustle launched.

Once you have your service or product in a position to be sold — even imperfectly — pull that trigger. You can always fix things or fill in the gaps along the way. An imperfect launch is better than no launch at all.

Be passionate

If you don’t believe in your product or service, why should anyone else?

Don’t approach side hustles or other entrepreneurial projects as quick-and-easy cash grabs. Success doesn’t happen that way.

Success comes from feeling some passion for what you’re doing.

Sure, the end goal can be a big stack of cash, but first, you need to believe in your product. People will pick up on that and be more receptive.

Use all the tools available

I don’t know about you, but I love living in the future.

We’re in a time when creating and selling a product or service has never been easier. Print on demand makes anyone a small publisher. Other advances in print technology mean anyone can afford to create the next hot board game. 3-D printing, laser etching, metal cutting, and efficient but inexpensive production lines have brought many costs down to a level where you don’t need to mortgage a house to get a prototype out.

Then there’s the Internet. Whether it be for promotions, communication with customers and vendors, collaboration with partners, processing payments, or just staying on top of the bookkeeping, if you’re not using the Internet to drive your business, you’re not using the most powerful tool on the planet.

Sometimes, a computer and an Internet connection are all it takes to have a successful side hustle.

Use every tool you can. Otherwise, you’re just making things more complicated than they need to be.

Learn about supply chains and shipping

Ideas are easy. Implementation is hard.

You could have a great idea for a better mousetrap to sell to the public, but if you can’t find someone who can manufacture it affordably, then maybe you need to rethink your business plan.

Even if you intend to do the manufacturing, you’ll still need raw materials and supplies. Before you commit to selling a product you’ve come up with, make sure you can fulfill those orders.

Another part of that equation is shipping. Which shipping option will be reliable and affordable? What issues might international shipping pose?

If you intend to sell your product through retailers, what ordering and shipping issues will you have to address?

If something isn’t working the first time, you can always revise and find a better method after you’ve launched, but you should certainly consider these questions as early in your side hustle plan as possible.

You’ll save yourself a lot of hassle.

Patience is a virtue

Not every idea takes off right away.

If you were to flip through the one hundred stories of various side hustles in Chris Guillebeau’s book, you’d see some took longer to gain traction than others.

All of his stories are success stories — otherwise, they wouldn’t appear in the book — but not all of the stories were successes right away.

Sometimes it just comes down to timing. Early winter can be a tricky time to market a product or service generally associated with summer, for instance.

That said, when is it time to pack it in?

There is no single best answer. But if you’re not making a worthwhile profit after a year and you’ve lost your passion, maybe it’s time to try something else.

But until then, be patient and see what happens.

Have some fun

Remember, a side hustle doesn’t have to be just about the money. If you’re not having any fun, then what’s the point?

People who are successful in their side hustles enjoy what they do. It’s as simple as that. Yes, a side hustle is a lot of work. There is a lot to learn. There is a bit of a risk.

That’s what makes it fun.

Even if you’re approaching this from a full-time freelancer’s perspective, you’re going to want to enjoy what you do if you plan to make it a sustainable career.

Life’s too short to be doing anything else.

Thank you for reading. I’d love to share more with you via my Bi-Weekly Word Roundup newsletter sent to subscribers every other Sunday. It will feature news, productivity tips, life hacks, and links to top stories making the rounds on the Internet. You can unsubscribe at any time.