3 steps to refining your side hustle idea
One of the biggest problems I see my clients encounter is that they have WAY too many ideas for their side hustle and aren't quite sure how to move forward, or which ideas to move forward with.
Today I'd like to talk to you about refining your side hustle idea so that you can get out of overwhelm and into action.
If you're new to my work, welcome! I'm so glad you're here. You may be new to the term 'side hustle' and if so, I'll explain what I mean by side hustle for you now. A side hustle is a business that you start on the side of what you do full time - whether that's a job or other responsibilities, like parenting.
For some people, their side hustle could simply bring them a sense of purpose and some additional income. Others may want to develop their side hustle into a full-time business to replace their current job. Often people aren't sure when they start out, which is why starting your business as a side hustle is such a great idea to get some real-world testing without such a high risk.
Starting a business that you love shouldn't fill you with fear and insecurity. It should light you up, fill you with purpose and flare your creativity. That's when you know you're on the right track!
3 steps to refining your side-hustle idea
Get it out of your head and onto paper
Write out all of your ideas. This is a brainstorming exercise so don't worry how crazy your ideas may seem! There's a market for MANY things and if you're into it, chances are other people will be too. The idea here is to get everything out on paper.
Your side hustle should be something you REALLY enjoy doing - it can be challenging to keep going when life throws multiple priorities at us, so really loving your side hustle is key to helping you continue through these times.
Cross out any ideas that you don't love or couldn't see yourself doing every day.
Also, remove anything from the list that you'd prefer to be kept as a hobby. For example, I love yoga but am happy to keep the practice in my zone-out time for relaxation, mindfulness and exercise rather than starting a business around it.
2. Research your competitive landscape
Who else is doing it already? If there's a lot of people out there doing what you want to do, that's actually a good thing because it means there's a high demand.
A lot of people let this discourage them - ie by thinking that the marketplace is already too cluttered and they don't stand a chance.
Instead, look at it as an opportunity to get out there and carve out your own unique points of difference in your space. How can you do things differently? What's missing? What would your clients ideally want in your space? Which brings me to...
3. Speak with your target audience before launching
Refine your idea by speaking with people that would potentially buy what you have to offer. Take them out for coffee and ask them what frustrates them about what's currently on the market in this space, and what an ideal solution would be?
You can then look at delivering your product or service to the marketplace with key points of difference which will be important to highlight in your sales and marketing copy around your business.