Creating strategies and being strict with yourself on certain deadlines are good disciplines to master.
There are a lot of things that we want to do, and a side hustle can help. The only thing that will drive them forward into fruition is execution, which is the action of someone according to the information they have at hand and their self-interest.
According to the Harvard Business Review, there are four fundamental things that influence an action: clarifying decision rights, designing information flows, aligning motivators, and making changes to the structure.
So, if you’re really looking to create a side hustle, don’t underestimate the importance of execution because it is crucial when it comes to creating a profitable side business. Here’s what you need to know.
What to do if you have an idea?
Side hustles are becoming common nowadays but only a few really get off the ground. So, what is the secret to their success?
1. Change of mindset
Do not think of it as just something you do to earn extra but rather look at it from the viewpoint of a business owner. Create an image that makes you look like a professional, you can do this by dedicating a website to your side hustle.
2. Stick to your schedule
It is hard to maintain a day job and a side hustle but sticking to your schedule and set deadlines can really make a difference. Set aside at least one hour a day to focus on it.
3. Be organized
To help you be organized you can use tools like Trello or Asana with your tasks, plus they have mobile apps that you can access anywhere as long as you have an internet connection.
4. Market your business
Use social media to introduce your presence to potential clients. You don’t know who might be needing the service that you provide.
Reinvest your profits
If your business is finally making some money, then it is always a good idea to consider reinvesting back into your business in order to allow it to grow. You could get a bookkeeper to help keep tabs on the money that goes in and out — or consider hiring a virtual assistant to handle those simple but time-consuming tasks so you can focus on what matters most.
Another smart way to reinvest your profits is to learn a new skill that adds value to your business. This could be things like digital advertising (Facebook ads, Google ads, etc), search engine optimization (SEO), conversion rate optimization (CRO), programming, demand generation, or even video production design.
The point — learning new skills allows you to either make more money and at the same time, save on hiring costs. Plus, it also keeps you interested in your business idea as you are continuously learning.
Create a digital strategy
Every business today should have a digital strategy because it helps reduce operational costs, meet new customers, and open new opportunities. Surviving in this digital age means pursuing innovations and technological advancement.
So, how do you go about creating a digital strategy? Well, it first starts with setting specific goals and objectives. Once your goals have been defined, then it will make it easier to strategize on things like:
- How will you get customers?
- What marketing channels will you use?
- How will you track the impact of your marketing efforts?
- How much will you spend on paid media channels?
- How much do you need to earn to make your side hustle a worthwhile endeavor?
10 side hustle ideas to get you thinking
If you currently do not have a side hustle and you are thinking of pursuing one — then here are some ideas to get your creative juices flowing:
1. Be an Uber or Lyft driver
2. Sell items or products on Etsy, eBay, Craigslist, or Gazelle
3. Rent your space on Airbnb
4. Tutor people online who are trying to learn another language
5. Start a blog
6. Become a freelance writer
7. Start a vlog or do tutorials on YouTube
8. Provide technical services on freelancing platforms like Upwork
9. Do graphic design jobs like designing logos on 99Designs
10. Use TaskRabbit to find work
Moving forward on your idea
The beauty of this present age and time is that there are so many opportunities out there that you can take advantage of. So, if you are interested in having a side hustle or you already have one and simply want it to grow, then you should plan and then execute.
Creating strategies and being strict with yourself on certain deadlines are good disciplines to master. Start today on that side hustle that you have been thinking on for a while now, that’s because if you’re able to do what you love, then ultimately, in the long run, you’ll be a lot happier.