Practicality of a Side Hustle

We are in the AGE OF THE SIDE HUSTLE. Build your career by day, build your side hustle by 'night and weekend.' A side hustle allows you the ability to approach entrepreneurship from a practical standpoint, and these are some lessons I have learned along my journey of doing so the last several years..

The Spectrum of Entrepreneurship

I run across a lot of individuals who believe entrepreneurship is binary: either you have a job OR you run a company.  Those are absolutely on the spectrum, however, that’s not the entire spectrum. I was somewhere in the middle, okay with a career, but possessing SERIOUS entrepreneurial tendencies.

In the age of ‘Coffee Shop Hustlers’ – what do these PRACTICAL people do?

If you have these thoughts, this article may be for you:

•  I feel like I am entrepreneurial, but I don’t want to give up my job to do so.
•   I know it’s practical and makes sense to build a side hustle.
• Is this career all that there is to life?
• I don’t mind working for someone else right now, BUT 40 MORE YEARS??

Let’s define these:

Hardcore Employees: Enjoys the career, dedicated to that path, probably not reading this article.

Hardcore Entrepreneurs: Okay with living in the parents building, committed to building a business from the ground up.

Entrepreneurial Tendencies: Okay with the career, but want to build a company in parallel.

Tips: Identify where you are at. Do you actually want to run a company OR do you like the idea of it (big difference)?

Practicality

Let’s be honest: it costs money to live. Having a job is a great tool to fund your life AND your company. 

Implement the ‘nights and weekends’ strategy. 

 In high school you (probably) had the following schedule:

• 8:00 – 3:00: School
• 3:00 – 5:30: After school activities (sports, organizations, etc.)
• 5:30 – 7:00: Dinner and Unwind
• 7:00 – 9:00: Homework
• 9:00 – Bedtime: Chill out

Use this same strategy to build your own side hustle:

• 8:00 – 5:00: Work
• 5:00 – 7:30: Dinner, Unwind, Work Out
• 7:30 – 10:00: Build your Side Hustle
• 10:00 – Bedtime: Chill out

Tips: Be a great employee, get your work done, but leave some energy in the tank for when you get home at night. Your weekends are YOURS, use that full day to your advantage and get ahead.

Time

Outside of working hours, you have A LOT of it. TWO HOURS per day of FOCUSED, INTENTIONAL is EXTREMELY POWERFUL in creating your own side hustle. 

Tips: What is left over for you? Use that time to get started and begin to allocate more time as your side hustle ramps up.

WHO vs WHAT

One major oversight I see is focusing so heavily on what your company will be and not WHO can guide you to where you want to go. There is NO SHORTAGE of ideas to start a company: a product, a service, the Uber for laundry, etc. Most millennials are hung up on 1 idea (typically real estate) when that may not be the MOST PRACTICAL for them to pursue. You can either be flexible on the vehicle you use OR your vision.

This is what flexibility on the vehicle looks like: You and I have a goal to get to Hawaii from Madison, WI.

• My approach: I am hung up on using a nice, fancy Lamborghini to get there.
• Your approach: You buy a $700 plane ticket.
• Who makes it to the goal of getting to Hawaii?

Here’s a novel idea: FIND SOMEONE WHO IS WHERE YOU WANT TO BE IN LIFE, CONVINCE THEM TO COACH YOU, AND (here’s the key) IMPLEMENT WHAT THEY TEACH YOU.

In my experience, I wanted to take as much guesswork out of business ownership as possible. I worked my butt off to develop relationships with several entrepreneurs that scaled side hustles which allowed them the freedom to step out of their full-time careers before the age of 40.

Mentoring is a ‘buzzword’ in our society, BUT it actually works!

Having the right coaches and mentors will provide foresight in the following areas:

• Personal Finances
• Relationships
• Health

Tips on finding the right mentor: Do they have the results I am looking to create in life? Do they have the relationships I desire in my life?

Where to go from here…

• Network. Network, network, network.
• Be Resourceful: Entrepreneurs are resourceful, be willing to get your hands dirty. Your first company might not be your last. Be willing to try, fail, and adjust.
• Don't worry about what others think. It's your life, be willing to take some risks and put yourself out there.
• Find something that not only creates an income, BUT ALSO TEACHES YOU INVALUABLE SKILL-SETS: LEADERSHIP, COMMUNICATION, WHATEVER IS VALUABLE TO YOU!
• START: Take action, don't fall into ANALYSIS BY PARALYSIS of starting your business. STOP THINKING AND START DOING.

Intentionally look for someone who has created what you want. Reach out on LinkedIn. Figure out what your vision is and find someone who can get you there.