Embarking on a new business venture, whether it’s your first or an additional income stream as an established business owner, launching a side hustle can be a prudent approach. Developing your business on a part-time basis minimizes personal and financial risks often associated with starting a new enterprise from scratch.
For those eager to kickstart their side hustle, here are four strategies to enhance the likelihood of success:
1. Monetize Your Passion: Initiate your side hustle by leveraging something you are genuinely passionate about, proficient in, and that adds value to those around you. Transforming your passion into a profitable venture provides the motivation to persevere through challenges. If currently employed, align your side hustle with your skills and experience, ensuring it doesn’t breach your current employment agreement. As your Family Wealth and Estate Attorney with business planning expertise, we can assist in navigating legal considerations. For existing business owners, explore avenues to generate additional income streams from your current operation. Seeking advice can help you make informed choices.
2. Validate Your Concept with Income and Feedback: Approximately half of startups fail due to a lack of a profitable market. To mitigate this risk, validate your business concept by attracting paying customers before making substantial commitments. Obtaining honest feedback from customers allows for adjustments to enhance your product or service. Flexibility and multiple iterations may be necessary before arriving at a winning concept. A brainstorming session, such as our general meeting, can be valuable to discuss the marketability of your offering before its launch.
3. Minimize Startup Costs: Launching a side gig offers the advantage of requiring minimal investment, especially if leveraging existing legal, insurance, financial, and tax (LIFT) foundations from an established business. If LIFT foundations are absent, consulting with us, your Family Wealth and Estate Attorney with business planning expertise, is essential. For those initiating a side hustle from scratch, establishing these foundations before launch is crucial.
4. Develop a Schedule and Stick to It: Effectively managing limited time, especially for those juggling a primary business or a 9-to-5 job, is crucial for a successful side hustle. Determining available hours, using time-management tools, and scheduling work during peak focus times are vital. Making these dedicated work periods non-negotiable ensures consistent progress. Our Money Mapping process can help align income needs and available time effectively.
Creating a Solid Foundation:
Efficiently managing time and productivity is essential for the smooth operation of a business. Overlooking crucial aspects like financials, legal agreements, taxes, and insurance can hinder business growth and result in financial repercussions. Our guidance as your Family Wealth and Estate Attorney with business planning expertise ensures the establishment of fundamental legal, insurance, tax, and financial systems. The Exclusive Legacy Planning Session offers initial support, while the Exclusive Legacy Inventory & Assessment provides comprehensive systems to facilitate the growth of your enterprise.
Whether you are in the pre-launch phase or aiming to enhance existing systems, arranging a meeting with us ensures a robust foundation for your business. Connect with us today for more information.
This article is presented by Michelle Bell, an expert in estate planning and business succession services. Our office provides comprehensive legal support for businesses, assisting you in making informed decisions throughout your entrepreneurial journey and in planning for future contingencies. We also offer a specialized session where we review your business’s legal structures. To arrange this consultation, please click the following link: https://calendly.com/mcblawpllc/30min.
The information in this article is intended purely for educational and informational use and should not be considered as advice on ERISA, tax, legal, or investment matters. For advice specifically tailored to your unique situation, such advice should be sought independently from this educational content.