4 tips for starting a successful side hustle

Success as an entrepreneur is no easy feat. As an entrepreneur, to prepare for tomorrow’s success making the right decisions today is vital. Just as a pilot does his checks before take off, so should an entrepreneur prep to go to market. Here are 4 things to consider as you establish your side hustle.

1.Prepare Your vision.

A plan without a vision often goes off course. When starting a business, always ensure that you have made time to have a clear vision for your business. What do want to do? What do you want to achieve? How do want to achieve? These are all pertinent questions one must ask in order to create a well-thought out vision.

2.Do Your Research.

Some market research is necessary before entering any field. As an entrepreneur, a simple SWOT analysis to evaluate your strengths, weaknesses, opportunities and threats could save you loads. Ensure that you do your homework, to avoid entering a market already flooded. Going in blinding will only lead to losses, so always do your research.

3.Create a Strategy.

Once you have evaluated the market, it is time to create a strategy. Entering a market that has businesses already established, it is important to note potential competitors and formulate your plan for market penetration. It might surprise you that there are areas that your competitors have overlooked that you can capitalise on. Also observing market trends could help you forecast and incorporate various strategies that could give your that edge over your competitors.

4.Leverage Your Contacts.

They say, you next big deal could come from someone in your contact list. In business, it is important to leverage your contacts. Whether it is a contact made over social media, or someone you know on a personal basis, it is key to ensure that you use your contacts to serve the growth of your side hustle. Soon enough, your side hustle could be your main gig if you use your contacts appropriately.

This article was originally published on The Sauce by Capital FM. Read the full version here.