By “Definition:” SIDE HUSTLE – a quasi-, pseudo- small business conceived in a garage, or around a kitchen table, or while sitting on the back porch enjoying a beverage, with the hopes of making “a little extra cash” to get through the month. Though not the Merriam-Webster dictionary definition, this about covers it. Or more formally, a means of POSSIBLY making money involving TIME, EFFORT, and RISKS that will NEVER see its full potential due to its SELF-LIMITING status as a “Side Hustle”, accompanied by nagging REGRET of what could have been.
Yep, that nails it!
Conception:
Think about how start-ups are conceptualized. Were they intended as a pocket change-making hobby; a side-hustle to make ends meet; a way to feed your family and future generations; a bonafide business venture with investors and envisioned growth; or maybe something unorthodox? From the very simplistic to the incredibly complicated, the next question for many new and inexperienced business owners is, “Now what?”
Let’s keep it simple and talk Side Hustles. Now, if your goal is to put in time and effort and assume the risks to make a little extra money with your Side Hustle, and that’s it, here’s to your success. But be prepared, if you have any entrepreneurial spirit, admitted or deeply buried in your psyche, there will most likely be a simmering question in the back of your mind, “How far could I have gone with this?”
Could my company have been the next “must visit” local restaurant, the next regional grocery store, or the next Home Depot or Amazon?
Successful businesses, whether local, regional, national, or international are rarely surprised at being successful. They may not have anticipated the amount of growth, but they did have goals and expectations, but most importantly, they pursued them with laser-like focus.
Sadly, the hobby businesses and Side Hustles, even those with brilliantly conceived ideas and notions, may never see the slightest glimmer of success, unless they take the same basic approach as the bigger ventures. THINK LIKE A BUSINESS!
Mindset:
Is it “The Sky’s the Limit” or “Your Mind is Limiting You”? Let’s stay on theme and talk about successful Side Hustles. To be blunt, if you want to use both “successful” and “Side Hustle” in the same sentence, you need to stop using the term “Side Hustle” and start using “business”. One is an ATM, and the other is a potential source of income and employment for your family and others for generations to come. The day “Side Hustle” becomes offensive to your ears is when you are maturing as a business owner.
While how a business is conceived does matter when it comes to future vision, your initial approach to your business strategy and model, assuming you had one, can have a great impact on your future business success. This applies to (vulgar words follow) Side Hustles, as well.
The potential for UNEXPECTED growth, or more appropriately “surprise growth” arguably comes from Side Hustles. Surprisingly, “Side Hustlers” stumble upon a successful business once they start treating it as, well a business. When they realize there is more than “a little extra cash” to be made, Side Hustlers need to treat their money-making activities as a formal investment in their future.
The Decision:
Usually at some point in your Side Hustling life, you will reach a decision point.
Do you continue treating your Side Hustle as such, letting it consume an inconvenient amount of my time, or do you shut it down and pursue other ideas or simply relax? Or do you refocus and/or rebrand and grow this “side gig” into a legitimate, successful enterprise.
This decision will take some serious reflection on your part and questions need to be asked and answered. Is this a viable business concept? Do I have the time, knowledge and dedication to make it work, to name a few.
If you decide to move forward, develop your knowledge and business acumen, perfect your product, and prepare to network. And most importantly, join your local Chamber of Commerce.
(An informative article from the Chamber’s Small Business Council member Todd Hillberry with Hydro-Line Exterior Services, LLC .)