6 steps to starting your own side hustle

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Starting a side hustle is an exciting process in anyone’s life and is a clear sign you are ready to be your own boss. There are many benefits to starting a side hustle such as a better work-life balance, improved finances and also creating value for others. You could decide to operate as a sole trader or register as a limited company but either way these 6 tips remain relevant. To ensure you set up your side hustle correctly, I present 6 steps to get you started on the right track.

6 steps to starting your own side hustle:

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1. Make your mind up.

The first step to starting your own side hustle is for you to decide to embark on the journey. It is natural to spend some time pondering on the idea and even putting it off a bit longer than you wanted to. However, making up your mind and deciding to start is the ultimate first step. Once your mind is totally made up you can then begin following the below steps.

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2. Decide on a business name.

‍Deciding a name is fun and allows you to create a side hustle that is personal to you. The name you decide for your business should allow potential customers to understand what product/service you are providing. Care should be taken to ensure you do not adopt a business name that is too similar to an already established business. If you decide to operate as a limited company, you can check this link to ensure your chosen name is not already in use - https://find-and-update.company-information.service.gov.uk/company-name-availability.

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3. Decide what product/service you will sell.

‍It is important to sell a product or service that you are truly passionate about as this is what will keep you going during any difficult periods. Ideally, you should have experience in what you are selling as your customers will look to you for guidance. The success of your side hustle will ultimately depend on your passion, the value you add and the demand for your product or service.

It is important to sell a product or service that you are truly passionate about as this is what will keep you going during any difficult periods

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4. Determine your USP. ‍

Your Unique Selling Point will differentiate you from competitors. There is no doubt that the product or service your side hustle offers is already on the market but your USP will give you an edge. Your USP is an important component of your business plan and is what your customers will remember about your business. An example of a USP could be that your product/service is ethical and environmentally friendly.

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5. Find a business partner.

‍Having a support system whilst starting and running your side hustle goes a long way when things get a bit lonely. If you know someone, perhaps a friend or family member, who is equally as passionate about the product/service then consider them as a business partner. It is great to have someone you can bounce ideas off and cover for you during absent periods.

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6. Go to market.

‍So, you have followed the steps above and launch day is here. You are about to offer your product/service directly to the market. You will now be in a position where you have considered the key steps to starting your own side hustle and are buzzing with confidence. You can finally take the ‘Coming Soon’ message off your website. This is the final step in starting – anything from now on is dedicated to building your side hustle. Congratulations on successfully starting your side hustle!

Everyone has a different reason for starting their own side hustle. Whatever that reason may be, it will keep the flame burning for the life of your product/service. By following the steps above, you can be sure to be in the best possible position for the launch of your side hustle.

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