Assuming one has the required money, it would be time to consider one’s capability and experience to run the side hustle. Do you have adequate knowledge of the products you will sell or services you will offer? For example, opening a timber yard without knowing the characteristics of various types of timber would be starting on the wrong foot. Or opening a hairdressing saloon without information on how various hairstyles are priced. It is advisable to obtain knowledge on the products or services that you shall offer.
Without the required business skills such as marketing, pricing, purchasing, negotiation etc., it would be risky to start a side hustle. To begin by relying on an employee, who knows the business you don’t understand, is a quick sure way to fail in the side hustle.
People without business skills are advised to acquire them through formal training which can be delivered in ways such as attending seminars or online learning, Or spare time to understudy someone who is already running your business idea. This form of business attachment will expose you to various aspects of the actual running of a business. Otherwise, one will be predisposed to making serious business mistakes by venturing into an unknown business expecting to learn about it along the way.
If you have or acquire the business knowledge and skills for the side hustle idea, embark on the business start-up process. Give yourself a green light and begin implementing your business idea until you open the side hustle to the public.
Be on the lookout for the next postings that will cover various business start-up factors and the process itself.