3 Things You’ve Got to Do When Setting up a Side-Hustle
If you’re fed up with your day job, and the idea of staying in the world of normal work for the rest of your life drives you absolutely insane, then starting up a side hustle as soon as possible may well be the single best thing you could do.
A side-hustle is a small business waiting to develop. It’s an entrepreneurial venture that you nurture when you’re not at your day job, to see what you can learn from the experience, and whether or not this particular endeavour could end up replacing your full-time job.
A side-hustle may develop into a full-time job, or it may fail, but even if it fails, you can expect to learn an incredible amount from the experience and have better odds at being successful and avoiding excess stress with your next side hustle.
Here are some things you’ve got to do when you’re setting up your first side-hustle.
Deal with all the legal requirements at the outset
There are legal requirements which have to be satisfied when you’re working part-time or when you’re self-employed, and if you’re starting up a serious side-hustle, it’s certainly a good idea to get all of these things sorted out at the earliest possible stage, if you want to avoid a potential unwelcome knock on your door.
If your side-hustle is fixing up cars part-time, for example, you will be legally obliged to get part time trade insurance. If you’re remaining employed full time while earning some money online, too, you’ll need to see what the HMRC or its equivalent in your country has to say about that.
Identify keystone habits and systems to get your business off to the best start
Charles Duhigg, author of the book “The Power of Habit”, makes the point that habits are, to a very large degree, what drives us in life, and that certain habits have the power to trigger a domino effect of sorts, where positive change spirals outwards.
These are called “keystone habits”.
Related to the idea of habits is the idea of systems — routines that you perform regularly and that become almost automatic.
To put it simply, if your side-hustle is backed by productive keystone habits and systems, it will have the best possible chance of flourishing. If, however, your life is dominated by negative habits and systems, you’re setting yourself up for failure.
Prioritise implementing the right keystone habits.
Focus on your core competencies, and do what feels right to you
A lot of the productivity and success gurus you’ll find online will tell you that in order to be successful you need to include certain calls to action in a certain way, have to present yourself in a very particular style, and so on.
Often, this leads to entrepreneurs forcing themselves into a template that is essentially insincere to them, and that makes them unhappy.Focus, instead, on your core competencies — those things you’re good at and enjoy, and do what feels right to you. Act with integrity and be authentic. Authenticity and integrity are a lot more likeable and rugged than a plastic grin and a recycled newsletter template.