In today’s episode of The Startup Chat, Steli and Hiten talk about how to run a side business and side hustle. They highlight how to get started and give you some ideas on how to find a skill or hobby, that you can leverage to get started.
A side hustle is not about giving up your day job, it is about making a use of your time and skills and putting them to work to achieve some extra income. If you have dreams of becoming an entrepreneur but are worried about the risks of starting from scratch. With a side hustle you don't have to risk it all, It is a great way to create new career opportunities.
Tune into this week’s episode of The Startup Chat to look at how to plan your side hustle and incorporate it into your schedule. Steli and Hiten, give you some hot and fast tips on the reality of running a side hustle and they tell you what it takes to succeed.
Time Stamped Show Notes:
00:48 How much time do you need to start.
01:14 Make a commitment to your plan.
02:12 Learning to prioritize.
03:23 Example of what to do next.
04:23 Where to start your side hustle research.
05:19 Defining your idea.
05:56 Important tip for your side hustle.
07:12 Take one step at a time.
07:20 Ideas for what to do.
09:17 Warning of what not to do.
11:07 JFDI - Top tip to start.
3 Key Points:
The number one thing that you need is ‘Time’.
Do something you can do yourself.
Use the skills you have, during the time that you have allocated.
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Steli Efti: All right everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah, and what are we going to talk about today on the Startup Chat Steli?
Steli Efti: Today, we're going to talk about how to run a side business or a side hustle. You either have a full-time job and want to start something on the side. Maybe you run a startup that's kind of like, not going to grow that much and you're interested in starting new products and new things on the side. How do you do it? How do you do it well and successfully?
Hiten Shah: All right. I love it. I'm down. But, the number one thing you need to make sure you have is time. Do not even consider this shit, unless you can allocate at least one hour a week to basically doing it, and one hour is not enough, but one hour is a great start. One hour. Give yourself one hour to start on the side hustle every week or do not even consider it. There's so many people who think they want a side hustle or start one, but then they can't commit to 52 hours a year.
Steli Efti: Yeah, I think the main thing here, the main thing I want to double click on is the 52 hours a year because a lot of people will want to do a side hustle or start a side business or a product, and then they will allocate, you know, maybe eight hours on the first week when they're like all inspired and in the moment, interest in this. And then, next week they'll spend half an hour and then they will stop doing things because they're so busy with other stuff, right? So, instead of spending 15 hours in one week and then nothing, like, can you consistently invest in this for a long period of time?
Hiten Shah: Yeah, that's it. I mean, I think we can talk about what kind of side hustle, and the criteria, and all that stuff, but fundamentally, commit the time. In a year, 52 hours, yeah. I mean, it's that simple. And here's the thing, when you start thinking about it like that, I think everything changes Steli because then you're like, "Okay, I only have an hour this week to work on it." Exactly.
Steli Efti: Yes.
Hiten Shah: You have an hour.