5 Key Steps to Getting Started With Your Side Hustle

If you’ve been thinking about starting a side hustle/business, but you’re still not exactly sure how to get going, you’re not alone. It can sometimes be easier to live within the realm of your ideas because it fuels your creativity, but when it comes to putting those ideas into execution, figuring out how to do it can become overwhelming.

There are a lot of different thoughts that can steer you away from taking the action needed to make your side hustle a reality — and a profitable one. Again, you’re not alone. In fact, 20% of businesses fail within their first year and within the fifth year nearly 50% fail.

Some of the reasons why businesses fail are:

  • There isn’t enough demand in the market (42%).
  • They run out of money (29%).
  • They don’t have the right people (23%).
  • They were beat out by the competition (19%).
  • They use poor marketing initiatives (14%).

That being said, in today’s blog post I’m going to walk you through the five key steps to getting started with your side hustle. I’ve covered this topic quite a bit in the past, so here are some blog posts you can also check out if you haven’t already:

Let’s get to it…

Step 1: Tell your story and build your brand

However, this was not true. As I began to connect with the people who were subscribing to my blog, there was quickly a point of commonality: they, too, wanted to start their business OR they were B2B marketing professionals looking for a way to build out a marketing strategy that would actually work for their company.

Point is, find a way to tell your story in an authentic way. That’s what’s going to get people to connect and want to engage with you. It’s about being real and painting a larger shared vision for you and your target audience.

As you begin to do this, you’ll soon realize the importance of the role that your story will play in building your personal brand. Your personal brand isn’t just about your story; it’s also about positioning and messaging your expertise as well as your credibility within the marketplace.

Step 2: It takes money to make money

Now, looking back, I realize I could’ve avoided many pitfalls and mistakes if I had just tested advertising. In other words, if I would have pushed my message in front of the audience I wanted to target, the feedback loop of understanding interest level, engagement level, leads generated, and sales would’ve been quicker.

With advertising, you learn a lot. Plus, the sophistication with which you can target the audience you are going after has grown substantially, so much so that there is no excuse not to dedicate money towards this avenue.

On the other hand, before you begin advertising, you have to set a starting budget, which I recommend as being anywhere between $500 and $1,000. You can justify this by saying, for example, if you are selling a product or a service for $2,000 and you convert even just one person into a paying customer, that’s your advertising cost paid for. You will also have made money.

Step 3: Know your UVP

Per Omniconvert, “the UVP (unique value proposition) is a statement that clearly tells your potential customers how they will benefit from your offer, how your products or services will address their needs and solve their problems, and what makes your offer different from the competition. The term UVP is often used interchangeably with the term USP (unique selling proposition). It is placed on the homepage of a website to make it clear for potential customers how you can improve their situation and add value to their life, and why they should buy from you. Unique Value Proposition is a form of brand messaging that helps you make your customers get in love with your company brand.”

Step 4: Sell your product/service before you launch it

Here are some key reasons why:

  • Doing so limits your risks.
  • You can test the demand for what you’re offering.
  • Figure out how much money you can truly make IF you do have demand.
  • Refine your messaging as needed.

With that in mind, one of the best ways to go about testing the demand for your product or service is by doing a soft launch via webinars. You can develop a presentation, design ads to promote it, and promote the webinar to your target audience through paid channels.

Once you do this, set a goal of the number of signups you want, how many you hope will actually attend the webinar, and how many you want as paid customers. As you run this webinar, it should be educational and further sell people on “why” they should buy from you or work with you.

At the end of your webinar, you can push people to pay on the spot and sign up. Based on the demand you get at this point, you’ll be able to tell if you need to create the product or service you’ve pitched. Further, check out this video by Lewis Howes where he talks about this exact strategy:

https://youtu.be/rXlB5WUEWWM

Step 5: Make content a top priority

Once you figure that out, you can then decide on the cadence in which you’ll be publishing new content and how you will distribute that content. Just as you would look at running a webinar to figure out the demand for your product or service, the same goes with the content you generate.

That being said, check out this video as GaryVee talks about the importance of content and context:

https://youtu.be/HS4Gt8X2InA

Wrapping It Up

Lastly, also know that starting your side hustle will take time. You’ll have short-term wins, but make sure that you are focused on the long-term game — meaning you aren’t looking for shortcuts but you are dedicated to growing your side hustle.

“Business is a sprint until you find an opportunity, then it’s the patience of a marathon runner.”

Robert Herjavec

Original content can be found on suttidayang.com

Entrepreneur. Raising a business and babies. Avid blogger. Digital marketing enthusiast. Love to get shit done. Learn more: suttidayang.com