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For those looking to start a side hustle, E-commerce Elite experts Keith and DeeAnna Heavilin give us an in-depth look at what it really takes. 2020 has been an especially wild year for many business owners, and at YellowFin Digital we’ve had many clients and friends ask us about the ins and outs of establishing a side hustle. It’s a great way to use extra time while at home- and ideally get some more cash flowing in as well. Many of YellowFin Digital’s clients started out as side hustles, and have grown to become enormously profitable businesses. As a self-declared serial entrepreneur, Keith has explored many different business avenues and is a huge proponent for everyone trying it out.
In this episode, we’ll discuss:
- Establish your intentions
- Find your person
- Be willing to work for it
- Don’t take on debt
Establish Your Intentions
Side hustles can offer a lot of freedom. Intentional goal-setting and planning sometimes struggle with that freedom- so it’s important to set your vision down intentionally. No one knows what the future looks like- but you need to think about what you want this creation of yours to look like in 1 year, 10 years, etc. Are you looking to leave your day job? Make a profit? Make a difference? Write down your goals. Take the time to figure out what you’re actually trying to do- make a spreadsheet and think things through! Having an action plan helps you with long-term decision making. This process can help to save you time and from the consequences of bad decisions.
Find Your Person
The conversation might start in the mirror, but having someone to bounce your ideas off of has been a key point to Keith and DeeAnna’s success.
Playing off of each other’s strengths has enormous benefits in life– but it also benefits you in the earliest brainstorming
Find someone you can have an honest conversation with, and pitch your idea to them. Keith and DeeAnna are married to their person
Be Willing to Work For It
Establishing a side-hustle means carving out time. It doesn’t just appear as DeeAnna points out- it takes work usually after hours and over long weekends. Commitment is key to seeing an idea move from your mind to your bank account. However many hours you think it will take- it will probably take many more! Having the freedom and flexibility to be your own boss means that you put in the work to follow through. Taking that first step is often the hardest step, because it is difficult to jump in with both feet.Be willing to work 8 hours a day, every day to make one sale. Think about the actual number of hours, and the actual amount of money that it’s going to take to get your idea off the ground.
There isn’t a quick fix or magical idea to make lots of money fast- it takes work. Keep your foot on the gas, exercise discipline, and work hard. A side hustle takes effort to be successful. Have a long term plan- how are you going to get your goods out in front of consumers? Your budget needs to include building the website and advertising it in addition to any actual production costs. Think it all out before you pull the trigger so that you don’t have piles of unused inventory laying around.
Don’t Take on Debt for a Side Hustle
As graduates of Dave Ramsey and the Bible Belt, Keith and DeeAnna largely advocate avoiding debt at all costs. Don’t take on debt for your side hustle, but find someone who is willing to invest as a partner in your business– or better yet invest in yourself. Consider the startup costs of your idea- because ideas all have different price tags. Consider a need and evaluate the market for your side hustle.
Be Willing to Bet On Yourself
Not just once either- you need to be willing to bet on yourself again and again. Businesses fail, and entrepreneurs view each failed business as a sign of progress. If you aren’t doing something new, you aren’t failing- but you also aren’t moving forward to success. Keith points out that you never become immune to failure– but keeping an entrepreneurial attitude means that you keep moving forward. Having multiple revenue streams means that your are prepared in the event that something happens. Take Covid for example- many are turning to side-hustles as a way to keep moving forward. Again, it takes grit. You have to jump in and get done what others aren’t willing to do. Your willingness to work hard is what makes you “self-employable.”