A Guide For Viewing Small Business Differently
A side hustle can come with a lot of effort, hard work, and misconceptions. Therefore entrepreneurs pursuing a business on the side are sometimes hesitant to speak up and boast about their hustle. One of the most common reasons why side hustlers don’t feel excited to speak up about their business is due to how others view “side hustles”. They often hear phrases such as “your little business” and “make a little money on the side”. And where having a small business is never a bad thing, the idea of side hustles being constrained to “a tiny thing on the side” is far from the truth.
Common Misconceptions For The Side Hustler
Making an income by working less than 40 hours a week does not make a business small. It makes it mighty! Being able to leverage revenue and not requiring a full 40-hour work week is the start of exponential growth. Some side hustle misconceptions are that side hustles make little money. However, if you’re able to make any money at all while working a full-time career, chances are there are tools and resources for you to turn that into a lot of money. And many side hustlers do this. This is often the sweet spot of side hustling and how many entrepreneurs can eventually scale their business and/or brand into full-time.
01. Side Hustles Are Easy
If you’re a side hustler, you know right away that there is nothing easy about it. Common side hustle misconceptions include that the business is easy or easy to run. Especially since you are only working for a handful of hours per week. However, this could not be further from the truth.
If anything, running a well-oiled revenue-generating business in less time can prove to be even harder. Especially when you factor in the limitations and inability to get back to emails right away or work in the middle of the day. Running a strategic side hustle requires a lot of work and momentum. And running them smoothly requires a large helping hand from your systems and operations.
02. Side Hustles Are Small
One of the most common misconceptions of your side hustle is most likely that it is small. And this is likely true in size, but not in power or potential. According to the latest Census, the majority of U.S. businesses have fewer than 5 employees. So if anything, your side is a part of this statistic, blending in with the majority of US workforce.
However, this doesn’t mean your side hustle doesn’t poses the power to generate big numbers! Or big growth! When built strategically and run systematically, your side hustle can match your full-time paycheck or even exceed it! The proof? You are in charge! That means there is no glass ceiling for your income.
03. Side Hustles Are Only For Growing Into Full-Time Entrepreneurship
Not all side hustles are created equal. And not all of them are created with the same purpose. You may build your side hustle to grow and evolve into full-time entrepreneurship. Or your side hustle can be built and designed to remain your business on the side. The duality of a full-time corporate career with a creative side hustle is sometimes someone’s perfect cocktail of careers!
04. Side Hustles Require A Ton Of Time
Other common misconceptions of your side hustle may be that they require a lot of time. And this isn’t always the care. There are different seasons of business. And when you’re developing your business, you may find yourself in a busier season. This may be even more true when you’re developing a side hustle around a full time career or lifestyle.
However, after your business is built and running, they do not necessarily need to eat up a ton of time. This is where building with strategy comes into play! A large number of people will simply not pursue their side hustle dream because they are afraid that their free time will disappear between working and running a business. Systems, automation, templates and more strategies like this can help run your business professionally without running you into the ground. Check out this blog post where I deep dive into 7 ways to save time running your side hustle throughout the week while working 9-5.
05. You Need Money To Start A Side Hustle
Another common misconception about side hustling is that you need money (or a lot of money) while side hustling. Overhead will be a part of starting most business models. However, just about any business can grow into a profitable system by starting out smaller, with little to no overhead, and growing from there.
Even if you have a desire to run a large side hustle with a significant inventory or overhead cost, there are ways to scale to the level. The smartest way of doing this is by allowing your business to earn income that is set aside to invest in the next level. By doing this, you are not going into debt for your business and you’re gaining proof of concept!
06. Your Side Hustle Business Needs To Be Common, Trendy or Popular
If you’re hesitant on pursuing your side hustle because you think it’s not “popular” enough, then this is your sign to go for it even more! A common misconception about not just side hustles but business, in general, is that your business model should be trendy. And even though you do need demand inside your business in order to supply, having a niche industry can ultimately be the best thing about your business.
According to this article from Shopify, having a niche business can launch untapped markets to your doorstep, with endless potential. When you are an expert in one thing, your ideal audience will have little to no desire to look elsewhere. You have an absolute fit with an audience (big or small) versus an “okay-fit” with a general audience. This business model is far more powerful than a non-niche business.
07. Side Hustles Don’t Make A Lot Of Money
Out of all side hustle misconceptions, this is by far my favorite one to speak on. When people think of side hustling, a common conclusion is that side hustles do not make a ton of money. And this could not be further from the truth!
Like any business, your side hustle should be built from strategy. You can have the best services on the planet or the best products but unless you’re a celebrity, chances are that’s not enough to generate revenue on a consistent basis without effort. You need to know how to generate revenue, how to sell, market placement, and for side hustlers- how to be efficient.
Side hustles just as much or as little potential for making significant money as a full-time career. With any business, it’s all about how to leverage your tools, build systems, strategy and marketing. A large mental breakthrough when it comes to side hustles is that your business can earn anything you want it to. You’re in charge which means you control what you sell, how you sell and for how much.
How to get started on your side hustle today
There are a lot of side hustle misconceptions out there. But don’t let any of them stop you from your creative side hustle dreams. There is a reason that some wild, crazy business idea popped into your head. You have natural gifts and abilities and you can share them with the world to both benefit others and benefit you.
If you’re ready to take the leap and dive into your side hustle career, let me help! Click here to take your first steps in starting your side hustle. From free resources to my digital product shop, I have something that can jump-start your side hustle dream today!