Juggling a full-time job and a side hustle is challenging. However, thousands of Kenyans are doing it, so why not you? As soon as you resolve to start a business while employed, you need a plan. Here are some ideas.
- Hire an employee who can run a business without supervision. Do not hire a beginner to manage your business when you are also a beginner.
- Clear your schedule and dedicate some hours daily to your business. For example, make deliveries and manage your social media accounts over your lunch hour or over the weekend.
- Create weekly or monthly milestones to help you evaluate your growth. These milestones could be related to sales, leads generated weekly, etc. For example, in week 1, gain 100 followers on social media, and sell three items daily.
- It is okay to ask for help. If deliveries are hectic, engage a delivery company; if making products at home is tiresome, contact a manufacturer.
- Put some money aside from your full-time job as security funds to boost your hustle. You may run out of capital mid-month or run into a new investment idea you had not planned for at the start of the month.
- Have realistic, measurable, attainable goals for your side hustle. According to George T. Doran, who authored the SMART criterion, your goals should always be Specific, Measurable, Achievable, Realistic and Time-bound. Break down your business goals into phrases that you can measure. On the same note, identity the specific thing you must do to achieve your goal. For example, getting Facebook page likes is a specific and attainable goal. To attain this goal, you need money to run an ad, or you can invite friends to like your page. To measure your success, analyze the increase in likes daily.
- Set aside time to evaluate your progress. Your employees may give you a daily or weekly report, but you also need to examine the progress of your business personally. Analyze earnings, expenditures, and new leads generated.
These simple tips should help you create a practical business plan to make side hustle profitable.