Starting a side hustle is an exciting endeavour that many are drawn to, whether for extra income, entrepreneurial dreams, or personal fulfilment. However, balancing a new venture with a full-time job can be quite challenging. As someone who has navigated this path, I’ve compiled these seven essential tips to help you succeed in your side hustle while maintaining "balance" in your life - although I do personally not believe in work-life balance, especially in the beginning of this journey.
1. Understand Your Purpose and Goals
Knowing why you want to start a side hustle is crucial. Are you looking for extra income, dreaming of becoming an entrepreneur, or seeking creative fulfilment? Once you identify your motivation, set clear and achievable goals. Use the SMART goals framework to make your objectives:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
This structured approach will help you stay focused and motivated.
2. Assess Your Resources
Before diving into your side hustle, take stock of the resources you have at your disposal. Consider your time, budget, and energy. Determine how much time your day job and personal obligations take up and what’s left for your side hustle.
Assess your budget to cover personal and business expenses. Evaluate your energy levels and how you can manage your workload without compromising your health or personal life.
There are many talented people who haven't fulfilled their dreams because they over thought it, or they were too cautious, and were unwilling to make the leap of faith. - James Cameron
3. Treat Your Side Hustle Like a Business
Regardless of your side hustle’s current income, treat it with the seriousness of a business. Register your business if necessary, open a separate bank account, and keep meticulous records for taxes and expenses (one of the few reasons most entrepreneurs fail in the first 3 years is because they are not properly taking care of their taxes).
Creating a business plan is absolutely not necessary, but can clarify long-term goals and a strategy for growth can also provide direction and keep you on track.
4. Maintain Transparency with Your Employer
Deciding whether to inform your employer about your side hustle can be tricky. If there’s a potential conflict of interest, or if your side hustle requires a flexible schedule, it might be wise to discuss it with your employer.
On the other hand, if your side hustle is in a different industry and doesn’t interfere with your job, you might choose to keep it private. Always review your employment contract for any relevant clauses.
5. Set Boundaries
Balancing a full-time job and a side hustle requires setting clear boundaries. Establish limits on your workload to avoid burnout and ensure you have time for personal life and rest.
For example, commit to not working on weekends or taking at least one day off each week. Setting boundaries helps maintain your well-being and prevents overcommitment.
This counts for the majority of freelancers and people who seek to embark on their entrepreneurial journey. If you have a high stress tolerance, nothing speaks against working on the weekend to gain a competitive edge.
6. Prioritize Your Needs
Your side hustle should not come at the expense of your health or relationships. Set milestones and regularly check in with yourself to ensure you’re on track without compromising your priorities.
Establish a support system, whether through accountability partners or business groups, to help you stay focused and balanced.
7. Master Time Management and Automate Tasks
Efficient time management is crucial when juggling multiple responsibilities. Keep track of how much time you spend on your side hustle and look for ways to streamline tasks.
Automate and/or outsource repetitive administrative tasks to free up more time for creative and income-generating activities. Consider automation tools for both your business and personal life to optimise productivity.
Looking Forward
Whether your side hustle is a stepping stone or a long-term venture, ensure it is sustainable. Continuously evaluate your progress and be realistic about your capabilities and limitations. If you find that juggling multiple roles is leading to burnout, it may be time to reassess your approach and explore other revenue streams. By staying true to your goals and maintaining a healthy balance, you can build a successful side hustle that complements your full-time job.
You can always connect with me on Instagram and drop me a DM if you need assistance. APEX does not only help big established corporations, but also freelancers who want to scale to 5-6+ figures per month.
