Thursday, November 1, 2018

The Management Tip of the Day

November 1, 2018

When Starting a Side Hustle, Focus on the Right Things

A side gig can be a great source of extra income, but when you're launching one it's easy to focus on the wrong things. For example, you shouldn't be fretting over how much to pay for a fancy logo or website, or whether to incorporate as an LLC or an S corporation. In the early stages, those things aren't critical. What is critical is determining whether you even have a business — meaning, do customers want to buy what you want to sell? Run a small, inexpensive test to see if there's preliminary interest: If you'd like to write a book about a particular topic, write a blog post and see what the response is. If you'd like to start a coaching practice, take on a pro bono client and see how it goes. Most successful businesses do eventually need a nice website and a proper legal structure, but those complex and expensive steps can wait until after you've proven your idea.

Adapted from "How to Get Your Side Hustle Off the Ground," by Dorie Clark


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