How to Properly Set Up Your Side Hustle Before Opening for Business

In today’s economy, having a side hustle is almost a must. Before going full-fledged into entrepreneurship, setting up your side hustle to ensure you start generating income is a great start. If you have a full-time job, your side hustle can help fund what you need while keeping things afloat. There are a few rules to follow when doing this:

Step 1: Let Your Current Job Be Your Investor

Let’s face it – it’s hard starting a business. You need passion, capital, and determination to see things through. You may not know how to go about securing an investor, so consider your job as the very first investor of your business. As you get going, if your budget allows for it, reinvesting proceeds from your new venture can help provide fuel to the fire.

Step 2: Set Your Goals

What is it you’re trying to accomplish? Where do you want your side hustle to take you? It’s one thing to dream, but if you want to leave your job, you have to dream BIG. If it doesn’t scare you – it’s not big enough. Set a number of customers you would like to have and a deadline. The goal is to have a good framework in place and create milestones that are specific, measurable, achievable, relevant and time-driven.

Step 3: Be Prepared for Long Days

When starting out, you will work every position your side hustle requires. From the receptionist to the assembly line operator, your success will be up to you. Expect very long days – from your 9-to-5, to your side hustle after work, which could very well be another eight hours. It will take sacrifice and dedication to get things done.

Step 4: Create an Exit Plan

Once you have proven that your side hustle can generate the income you need to meet the demand, and support your lifestyle, it’s time to consider setting up shop for the long haul. Have a concrete plan in place that will keep your business sustainable, then create the exit strategy for when you will be leaving your employer. You should always start your side hustle with an endgame in mind. That way, you can assess how well you are doing, and what else needs to be done to make your dreams become a reality.

Step 5: Always Think Like a Boss

Once you start your side hustle, you are a boss (whether you believe it or not). The best thing you can do for yourself is to start seeing, feeling and thinking this way. Consider your side hustle your full-fledged business and go all out – network, set up your business documentation, marketing, and all the other elements you need to become successful. Carefully monitor everything. This is the time to work out the kinks, become strategic and move forward. One of the best things you can do is to consider your side hustle as a business, not your hobby.

Step 6: Work Until You Make It

Although you are putting in just as much time on your side hustle as you do on your current job, you want to make sure you keep that income flowing as long as you can. Don’t get fired, and do not quit until you absolutely can. Make sure you aren’t violating any terms of your employment by doing your personal work on the job. Do your research and always keep things pleasant while on the job and when you resign. Those connections may come in handy later on down the line.

You can achieve your dreams if you put in the work. Starting as a side hustle to leverage it into a business is not only smart but can give you the experience you need while still having a cushion to fall back on. Now is the time to put things in motion and expect the unexpected on the road to success.

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.