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If you dream of being your own boss and leaving your creative mark on the world, a side-hustle is a great way to dip your toes into the world of entrepreneurship.
That being said, you also want to go in with as much knowledge as you can. “Unless you have the funds to live the life you want and you have serious financial backing to launch your business, the best way to launch is to take it slow at first,” said Anthony Gaenzle, an advisor who has coached small business owners in topics like marketing, SEO, and startup strategy. “By maintaining your day job, you ensure that you have a steady income, and if your business takes a few years for the revenue to really start flowing in, you will avoid struggling and putting yourself at risk.”
Most side hustles don’t require a massive upfront investment, but you will need some money, time, and persistence. Apart from that, “the two things that will be critical to your success are understanding your finances, and knowing how to market yourself and your business,” added Gaenzle.
Additionally, “Most entrepreneurs should have foundational knowledge of consulting, sales, and digital marketing to attract ideal users,” said Lupe Colangelo, a career coach at General Assembly.
Lastly, while a side-hustle is a great way to boost your monthly income, don’t fall into the trap of picking something purely based on its money-making potential. “If you truly want to succeed in launching a new business or side hustle, you need to choose something about which you are passionate,” said Gaenzle, and think about what skills and expertise you have. That way, when things get tough, you’ll be less likely to give up if you love and feel invested in what you do.
If you’ve decided that this is the year you’ll launch a side hustle, these courses on creative ideation, marketing, finance, and business strategy will set you up for success from the start.