The essentials to starting a side hustle
Three points to consider…
We get the question asked all the time about what are the essentials needed to start a side hustle.
Many people wonder if it is important to establish themselves as a business, even if they are going to be seeing only a few patients on the side.
Today, we offer three points to consider when looking to start that side hustle.
First, ask yourself the question “Why?”
Define the purpose of the side hustle.
Is it merely to earn a little extra money in order to pay off student loans or to save for a house?
Will this serve as a “nest egg”, so to speak, so that you have something to further develop into a full time gig when you feel ready to take the plunge?
Any endeavor in which you seek should be approached with clarity as to its purpose or why. Doing so will contribute to its success.
Having the clarity will also help to make a lot of other things that go along with building even a side hustle more simple. Not easier, but more simple.
Having clarity as to Why feeds into point #2: What is your bandwidth?
The last thing you want to do is to put yourself in a position where you are burning the candle at both ends with a blow torch.
It will be very important to set the boundaries on when you can and will see extra clients.
To do this, have an honest discussion with yourself as to how many visits you could realistically see in a week.
You may be making extra money, but at what cost? Your health? Your family? Your marriage? Your passion?
Knowing your bandwidth also allows you to set the dreaded “G” word - goals.
While many of us may not like setting goals, knowing exactly how many visits can see gives you something to shoot for. Knowing what you can manage provides clarity on what you need to do in order to accomplish the feat.
Otherwise, the chances are more likely that you become paralyzed with taking action due to the uncertainty of what you can handle.
Finally, we recommend that you take the steps to businessize yourself - establish your business entity.
There are reasons why this is a good idea.
You may be seeing only a few clients, but it’s still a good idea to protect yourself in case something unfortunate happens.
This may be a side hustle, but you are still held liable and responsible for the care you provide. The liability insurance you have through your “day job” will not cover you in this situation.
Having the business entity in place prevents anyone from going after your personal assets. Therefore, you and your family are protected from unforeseen incidents.
Many people believe that a “business” has to be generating a certain amount of revenue in order to be deemed a true business. This isn’t true.
If you see one visit a week or a month, you are a business. You might as well take advantage of any and all tax privileges permitted by being a business.
Besides, should you happen to NOT see any clients in this side hustle, the business will not be financially responsible to the government.
Finally, what if someone else “steals” your perfect business name while you are dallying in your side hustle. That would be a bummer.
We hope these are helpful points for you if you are contemplating starting a side business.
There is absolutely nothing wrong with starting off as a side hustle. Many of us have had to dip our toes into the water in that way.
If you need help with getting started, we have the program for you.
Let’s chat and see if the Pathway program is right for you.
Your success is our success!
The UNCAGED team