The Benefits of Starting A Side Hustle
Starting a side hustle is so exciting. There are so many benefits included like flexibility, extra income, and the possibility to be your own boss. However, there are some questions to ask yourself before starting a side hustle. Questions to ensure you’re on the right path and ready to optimize any part-time business that comes your way.
The questions inside this episode are for you not to decide if a side hustle is right for you, but to help you tailor a business to your needs before you start. For help starting your side hustle, download my free 10-page Side Hustle Starter Kit here. This free guide will help you refine your business idea, form a plan of action, and track your progress along the way.
Why Ask Yourself These Questions
In this episode, I am going to walk you through 5 questions that you can ask yourself before starting a side hustle. These questions are designed to help you think outside the box, to be aware of yourself, aware of your future goals and needs, and help you refine a strong side hustle game plan right out of the gate!
Follow along, asking yourself these questions along the way inside this episode. These aren’t yes or no style questions. Nor do they decide if you should start a side hustle. I actually don’t think I could create something like that, because I truly root for everyone to start a side hustle!
These questions are more so formatted to refine your side hustle idea before launching a business. Or to help you create that idea!
Questions To Ask Yourself Before Starting A Side Hustle:
- What do I need from entrepreneurship right now?
- How do I want to earn income?
- What room do I have in my life right now?
- What skills or assets do I currently bring to the table?
- What is my “worth-it” point?
Following along as you begin to answer each question for yourself. Remember, these are not questions that answer if you should start a side hustle. But instead, these questions are here for you to proactively start a side hustle that serves your life instead of one that takes from it.
01. What do I need from entrepreneurship right now?
The first question you’re going to ask yourself is, what do you need from entrepreneurship right now? When considering starting a side hustle, or a new side hustle, we don’t want to focus heavily at first on the product or service, but more so on what we need. That sounds completely backwards right? I get it!
When we approach entrepreneurship with the mindset of a product or service we want to offer, we often skip this question. This may result in an income-generating business, but one that isn’t built first around our goals.
Chances are understanding what we need from entrepreneurship may not change the business we want to pursue. However, it could change the way we structure the business, market, accept gigs, etc. This is why we start with this question.
So what do you need from entrepreneurship right now?
- Is it more income?
- More time or freedom?
- A path toward a career transition?
- Experience within entrepreneurship to see if you want to pursue a career transition?
- To work from home? Work out of coffee shops?
- To have weekends off? To put you on stages? To take you around the world?
Get honest with yourself.
It also helps to have the “in a perfect world” mindset when thinking about this. I think a good point of clarity to state right here is that entrepreneurship is truly a path toward freedom. So asking yourself what it is you need is that much more important because entrepreneurship is one of the only places within your career that you can truly tailor to your needs.
02. How do I want to earn income?
The next question I want you to ask yourself is, how do I want to earn income? Okay, this is a biggie and one that I don’t think we consider heavily at the beginning. However, there are several ways to bring income into your business.
- You can work 1:1 with someone, receiving income from a more personal experience.
- You can generate passive income online, compartmentalizing and remaining separated from a buyer
- Your money can come from an income generating asset with a rental home, or rental equipment.
Consider how you want to earn income and operate a business. Like I said before, a lot of times we start with the product or service. For example, maybe we get really excited about offering a service but after we get inside, we lose joy in continuing the project, and that one-time payment seems less and less attractive.
Something that I think is worth noting is that when you are considering starting a side hustle, you don’t need to always turn passion into profits. I know, unpopular opinion!
However, when considering these first two questions “how do you want to earn income?” and “what do you need from entrepreneurship?”, give yourself permission to think outside the box to see if you can truly reach career fulfillment inside entrepreneurship by operating a business that isn’t rooted in your life’s passion, but built to bring more passion into your life by reaching your goals and earning income the way you want.
Can you reach career fulfillment by operating a business that isn’t rooted in your life’s passion, but built to bring more passion into your life by reaching your goals and earning income the way you want?Amy Schmidt
03. What type of room do I have in my life right now?
In the list of questions you want to ask yourself before starting a side hustle, this one is very important. Ask yourself; What type of room do I have in my life right now? This question isn’t always a joy to answer. In a lot of ways, it acts as the fun police.
However, you should take inventory of what your life really looks like right now and what type of room you have inside your life. Be sure to consider energy too. Maybe you have weekends off and availability to truly sink your teeth into a project. Or maybe you currently don’t work but need to dip your toes in slowly to entrepreneurship. Or maybe your schedule margins are thin. And if you were being really honest with yourself, you would know that there are really only a few hours you can be available each week, and you’re already stretched pretty thin.
If you have a side hustle idea in mind, consider this question and be sure that you can at least start your business and have it start growing with your current availability. And if you’re not sure what type of side hustle you want to pursue, ask yourself what type of business you can create with your current availability.
If you create a business out of what you have available versus what your dream scenario is; you give your business a chance to grow into that dream scenario rather than constantly being behind, stressed, short on cash, and anything else that this may result in.
04. What skills & investments do I currently bring to the table?
Next, ask yourself, what skillsets or assets do you currently bring to the table. This question helps you pair reality with possibility. Starting a new business is always easier if you don’t have to start EVERYTHING. By that I mean, is there something that you can bring to the table that will help start your next side hustle?
- A refined and unique skillset
- A trade
- Business savviness
- Investments or capital
Make a list of things such as this what you have in your tool belt. Then if you have a side idea in mind, see what tools from that list can help launch and grow that business.
If the side hustle idea you have in mind requires tools or investments that you do not have, challenge yourself here. This isn’t a deal breaker. However, you should try to understand the benefit of starting a business with the tools you already have. Or, maybe challenge yourself to enter a season of education and growth first, before pursuing your side hustle idea.
And if your side hustle idea isn’t currently well-rounded, use this question to help pair your current skillsets and capital with various side hustle ideas.
A quick note on capital. All side hustles will require different start-up costs, some even before free to get started. If you are not interested in applying start-up costs to your side hustle, there are so many business options out there that you can pursue without needing upfront investments. However, if you do have capital, pursuing a side hustle that requires start-up costs (like investing in lower ticket income generating assets), these businesses can sometimes grow quicker.
05. What is my “worth-it” point?
The last question you want to ask yourself is “What is my worth-it point?”. This is the tangible place where you can identify where your hard work is worth the sacrifice it takes to run a side hustle. Episode #4 How To Know If Your Side Hustle Idea Will Work dives into this a bit more.
When starting a side hustle, I think it’s very important that you ask yourself how much income you would need to make in order to maintain momentum to continue to grow your business. This is important because this is the question you can answer to beat the statistic! According to Zapier, 61% of individuals have considered starting their own businesses. And of that 61%, 92% of people don’t follow through at all or past launching their business.
Try to picture a monetarily “worth-it” point that supports your efforts while building your side hustle. When your efforts are supported, your business gains momentum and consistency. Without this, your business has little chance of survival.
Not all side hustles take a long time to earn capital. So if you are in a season of life where your efforts need to see income sooner rather than later for them to feel worth it, you should consider business models that can deliver this. Or examine your business plan that you already have in mind for this.
Or maybe you’re getting ready to embark on a side hustle that you’re so excited to pursue, the chance of working for free at the beginning is worth it to you if it means pursuing a business you love and being your own boss.
Getting Started With Your Side Hustle
Starting a side hustle can be a great opportunity for your career and your wallet. I truly believe side hustles are not small businesses that earn a little cash on the side. But instead, are vessels that can lead to our goals. Plus, who said a side hustle needs to earn a little cash on the side? Your side hustle is capable of earning significant income.
Entrepreneurship is the only job you’ll ever have where you don’t receive a paycheck on day 1 from learning on the job. But it doesn’t mean it’s not worth pursuing!Amy Schmidt
However, when starting a side hustle, there are some questions you need to ask yourself before you dive in. Questions like these can help you proactively create and say yes to a side hustle that serves your life instead of one that ultimately does not lead to your goals. Remember just because a side hustle earns income, doesn’t means it’s built for longevity. If you have a side hustle idea in mind, download my free 10-page Side Hustle Starter Kit and begin mapping out your game plan.
Entrepreneurship is the only job you’ll ever have where you don’t receive a paycheck on day 1 from learning on the job. But it doesn’t mean it’s not worth pursuing! Ask yourself quality questions before starting your side hustle and move forward with confidence!
It’s time to start that side hustle! Download my Free 10-Page Side Hustle Starter Kit and let me help you in taking the first steps. Your dream side hustle is right around the corner!