Setting Up Your Side Hustle

Setting Up Your Side Hustle

25th May 2021 0 By Jamie Francis

Are you considering getting a side hustle up and running? Maybe you’re imagining quitting your 9 to 5 in order to take your side hustle full time? You might be wondering which sorts of things you need to be focused on, to begin with. Let’s take a closer look at getting your side hustle started.

Business Plan

Just because you call something a side hustle, that doesn’t mean it isn’t a business, and like most businesses, it’ll need to be financed somehow. It doesn’t matter if you need to get one of the emergency loans for bad credit or if you’re going to detail a business plan and try to get a business loan, you need to find the money somewhere. While a business plan can help you with that part of things, you can also use it as a sort of road map. It doesn’t need to be a novel either, just a few critical things to keep you focused and on track.

Type of Entity

Before you start your PC building side hustle, or earning any money with it at all, you’ll need to be sure that it’s correctly set up for both tax and legal purposes. This is where your actual business structure comes into play. You need to determine if you’ll have a sole proprietorship, a partnership, an LLC (limited liability company), or a corporation. Take a long, hard look at each of these and what’s involved before deciding.

Leverage Resources  

There are a couple of invaluable resources that most people need when they’re beginning their journey into side hustles. No matter what your side hustle idea is, these resources go into great detail regarding the different business structures, including both pros and cons, and steps you’ll need to take for each one. They are the state government (where the business will be) taxation or business website and the website for the US Small Business Administration.

Financing and Start-Up Costs

In short, when it comes to a business plan and getting your side hustle set up, knowing what the costs of starting a side hustle are and where those funds are coming from is critical. You should outline each of the initial costs for starting up, as well as things like registration fees and branding costs, costs for developing a website, and anything else. Then, you need to decide what your potential sources of funds are and whether you’ll need investors or not.

What’s It Called?

You also need to determine what you’re going to call your business. For example, if you’re going to flip houses, you might not want to call it just House Flippers. Give your side hustle or business a name that’s easy to remember and that will stick in peoples’ minds. The name of your business is a big deal. It should reflect the brand identity.

A Successful Startup Is Within Your Grasp!

Now that you’ve read about each of the specifics that are involved with setting up your side hustle, you’re sure to do it the correct way. Now is the time to get to work on making sure that your side hustle is one that’s successful! With a bit of hard work and a lot of patience, it’s truly possible to build a side hustle that’s incredibly successful. 

One day, it might even become so successful that it moves into the coveted spot of being your ONLY hustle. Just ensure that you have a good business plan, coupled with the proper funding and licensing, and a great idea and name, and you’re off to the races with a fantastic side hustle.