Side Hustling, is all the hype these days. But is the “side hustle” the new part-time job or is it a means to a new career. For most, we desire it to be the latter but that will not happen for the faint of heart or lazy. Sorry just being honest. So, before you go and quit your good corporate gig with health insurance you must ask yourself a couple of key questions and take a few action steps.
Step 1: Create a Business Case
To ensure you understand the strategy, approach, market need, competitive advantage and financial projections you must create a plan. Businesses that fail do not have a plan. And I have always heard, if it is not written down, it does not exist.
Step 2: Poll Your Community
Ask your peeps for in-depth questions on the product or service you are selling. Get feedback! I know you think you have it all figured out, but research is king and decisions without data are emotional thoughts. So, go ask your peeps for their opinion.
Step 3: Predict for the Best & Worst
Dream big for what you want for your life, heck dream bigger than big. But then, always prepare for a pivot. Anything can happen, so just be ready.
Step 4: Real Investments
Who will be investing in your company? Getting an investor is a real option, but you gotta know which type of investor is right for you and your business. Research different options to help you find financial backing.
Step 5: Exit Strategy
So many people miss this step. Instead, we are so excited about the idea of quitting our job we forget to create plan and make sure it is in gear. You gotta have an exit strategy to help guide you when things go wrong or right.
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