Starting A Side Business? The Four Things You Must Do Before Anything Else

Many people dream of having a second stream of income but few turn that dream into reality. Learn the common mistakes most would-be entrepreneurs make and the four things you must do first if you want your side hustle to succeed.

If you’re starting a side business you may find yourself overwhelmed by all the information out there on how to do so. You may also find yourself focusing on the wrong things.

When you’re first starting a side business you essentially have to follow the money in order to cover your costs and learn how to make a profit. Otherwise you won’t be in business very long.

If you’re like many people out there and starting a side business so you can eventually leave your day job, you definitely need to figure out how to replace your income sooner rather than later.

1. Find out how to actually talk to your leads

People typically start a side business by stressing about logos and social media numbers, and while those things are important they aren’t top priority. In fact, these things in and of themselves aren’t going to get you paid. At least not at first.

Social media followers and subscribers can be considered leads. Unfortunately, they aren’t going to pay you just because you tell them to online. A few might, but the majority won’t. Besides, social media isn’t the only way to get leads. You can go to networking events, take up speaking, teach free webinars or even meet someone on the bus who could use your help.

It’s important to have some sort of system in place so you actually talk to your leads. Talking builds trust which leads to more conversation. Eventually conversation can also lead to sales. For example, you may have seen many businesses out there offering some sort of free consultation. This is just one form of how to have a system in place to attract and qualify leads.

2. Figure out what you’re offering in exchange for cash

I often times come across a lot of people who tell me, “I’ve got a great following online but I’m not making any money.” When I ask them what they are offering in exchange for money they look at me like a deer in headlights.

Figure out what it is you are offering to people and figure out how much it costs. Without this you’re dead in the water.

3. Start selling

You don’t need a website to start making money off the bat. This may seem counterintuitive in the world of internet marketing, but it’s true. The positioning of your logo won’t get you paid, but sales will. 

Learn how to sell and start doing it. Even if you aren’t successful at first you will at least gain insight from people as to how to present your brand and how to improve your offerings.

4. Stop planning and start doing

Starting a side business is kind of like learning how to drive a car. You’re not going to learn by reading the manual, you just have to get behind the wheel and do it.

It’s far too often that people get stuck in the planning stages of starting a side business. Or, they say they are “starting a business” for years on end. You know who you are. There comes a point where you can’t possibly plan anymore and have to get your head out of a book. Don’t get me wrong, education is important and you’re going to have to constantly learn new skills along the way when running a business. The problem is when people don’t implement what they learn because they are “planning.”

Don’t make the mistake of avoiding any action out of fear. And please don’t mask it as “planning” or “starting a business.”

Starting a side business doesn’t have to be difficult. It also doesn’t have to take you so long to actually starting seeing some cash flow. Use our tips to lay a solid foundation for long term success.