It has become necessary in recent times for most people to think of start a business even though they are still in paid employment. However, the type of business you choice as a side hustle plays a huge role in determining whether the business succeeds or fails. Most people just go with the flow and think that any hustle is good enough. The reality is that all side hustles are not created equal.
One of the reasons why people start a side hustle is the extra money they can make from the business. Nevertheless, the extra money is not the only thing that you have to consider. You also must consider the time and effort you put in the business.
In this blog, I will discuss some factors you have to consider before choosing your side hustle. It is no use if you invest time and effort on a business that drains your energy, money and gives you stress.
If you chose a good side hustle, it should give you extra money. In addition to extra money, your side hustle should be something that you can develop to replace your main job.
Table of Contents:
1. Think about the skill you need to operate the business.
2. Consider the time you need to spend on the business.
3. Think about the location of the business. (online/physical outlet).
Think about the skill you need to operate the business.
The first factor you need to consider before you choose a side hustle is your current skill set. It would be advisable if you start a business using the current skills that you have. Alternately, you can consider selecting a side-hustle from a skill that you can easily learn.
As a business owner, it is important that you have technical skills on the business you intend to start. Do not start a business that you do not have any technical skills on. For example, if you choose to start a farm when you know nothing about farming. The business will end in a failure.
In addition, you might have to upgrade your existing skill by learning something new to help you operate your business with ease.
For example, if you want to open a pharmacy, it is advisable that you learn some tech skills like video conferencing. This new skill will make communicating with your staff easier when you are not around.
Recommended reading: 51 businesses that you can start with 2 million Naira or less in Nigeria.
Consider the time you need to spend on the business.
Another factor that you must consider is the amount of time you have to spend on your hustle. As a business owner, you have must spend time on your business. Still, some businesses require more time and energy than others.
Examples of businesses that require monitoring by the business owner includes supermarkets, pharmacies, and boutiques.
If you plan to start any of these businesses, you can use CCT camera and point of sale terminals to monitor activities in your location. These measures do not replace your presence. However, if you put systems in place, it will help reduce the need for you to be constantly present in your store.
Think about the location of the business. (online/physical outlet).
The third factor I will discuss in this blog post is the location of your business. Some businesses are easy to operate because you can communicate with your clients online. For example, a caterer or fashion designer can open an online store on Instagram to reach clients.
However, when it comes to the aspect of production, they must be physically present regularly to supervise their staff.
Another reason for selecting a business based on location is that there are several cities where traffic jams are the norm. If you live in such cities, might find yourself spending all your time commuting from your office to your side hustle. The commute time could result in stress and make you unproductive in your business.
In conclusion
There are several reasons why you need a side hustle. The reasons range from extra money to transiting from your job to a business. However, one thing is sure, the business must be profitable.
In addition to extra money, your side hustle can help you improve your performance on your job. I can attest to the fact that I became better at my teaching job when I started my consulting business.
Finally, one of the things you must do after you have selected a side hustle is to make sure that there is a market for your product or service. It does not make any sense for you to invest time and effort if no one is interested in your offer.
Good luck with your side hustle.
If you are interested in getting more tips on how to start and grow your business, join us in our Facebook community https://web.facebook.com/groups/smartretirementbiz I look forward to answering your questions there.
