If you have the entrepreneurial spirit and want to build a better future, side hustles are a great option. They allow you to maintain the security of a salary from traditional employment while still building a business.

If you are going to take this route, though, it’s vital that you give yourself the best shot at success.

While there is no way to guarantee success, taking the right steps optimizes your chances.

Here are 10 that can make a significant difference.

#1. Know The Capital Requirements

Before starting a side hustle, you must accept that some capital will be needed. Even if it starts out as a home-based venture, operational costs are involved. Likewise, you must pay to register the business.

With this in mind, it is essential that you forecast those costs to understand your requirements for capital. This will then help you determine whether you can fund it personally or need outside support.

If it is the latter, you will need to consider private investors and business loans. There is no right option for all. The key is to find what works for you.

#2. Stay Legally Protected

Even when it’s a side hustle, every business venture needs to be taken seriously. Everything should be legally documented. This starts with business registrations that every company needs. However, you must also consider industry-specific matters.

If you have become a landlord, you must create a lease agreement for tenants. It is also necessary to gain a landlord license so that everything is above board.

Complying with legal regulations while bringing clarity to all parties will build a strong platform. And allow you to act with greater confidence.

#3. Keep The Operation Secure

As well as protecting yourself from a legal perspective, you must keep the venture secure. The harsh reality is that criminals often target startups and SMEs. Side hustles are not exempt, which is why you must invest in robust cyber defenses.

Similarly, it’s important to protect any physical assets or stock. Surveillance cameras, entry access control systems, and security teams could all be used to achieve this.

Intellectual properties also need protection. Copyright and trademarks will give you the desired protection.

#4. Find The Best Employees

When starting a side hustle, you may be tempted to go it alone. However, the fact that you can’t be present at all times is an even greater incentive to build a team. Finding the right employees for the job at hand is vital.

In this instance, you need someone who can take the initiative, especially when you are unavailable. Therefore, reviewing their personality traits is as vital as thinking about their skills.

In many cases, you will outsource to freelancers or outside companies. It’s convenient, cost-effective, and a smaller commitment.

#5. Identify Your Audience

Whichever industry you’re in, finding an audience is crucial. Consumers now have more choice than ever before. If your brand fails to resonate with them, they will look elsewhere.

Once you have built a clear target consumer profile, it guides every key decision. After all, you will have a far better understanding of their tastes and pain points. From marketing to communication styles, you can then build the brand they need.

It is far better to succeed with a small audience than try to impress everyone and fail due to generic ideas.

#6. Build A Solid Marketing Strategy

Knowing your audience is one thing, but it counts for very little without a strong marketing plan. A powerful website supported by SEO and social media marketing is essential.

You’ll also want to consider your strategy for converting website visitors into subscribers so you can build your own email list over time. This will allow you to pivot your side hustle with more ease, knowing that no matter what happens to your social media platforms and audience, your email list will be your most reliable audience since it is something that you completely own yourself.

Make sure you are grabbing the attention of every visitor that lands on your page to capture their email whenever possible. To do this effectively, you’ll need to use the right email marketing platform. We use Flodesk and would highly recommend them as the best all-in-one email marketing tool out there. When you use our affiliate link, you can try them out for FREE and if you want to upgrade to a paid subscription, you’ll get 25% off your first year of Flodesk.

To build your email list, you’ll want to think about a free opt-in that you can offer your audience which quickly answers one of their top questions and builds your authority as the expert who brings solutions to the table.

One of the highest converting opt-ins in the digital space is an online quiz, as they are simple, fast, and provide a valuable solution to your visitors top questions or problems that they want solved.

In today’s climate, people look for social proof too. So, gaining customer testimonials can be one of the best ways to develop trust. When supported by influencer marketing to create a sense of FOMO, marketing efforts will soar.

Crucially, every advert and interaction should have a clear call-to-action. The goal is to move consumers down the sales funnel.

When you’re creating a marketing strategy to move consumers down your funnel, you’ll also want to apply this to your social media strategy, too. And if you’re managing social media on your own, trying to do everything manually can quickly lead to burnout if you’re not automating the process as much as possible. Use an AI-powered all-in-one social media tool to simplify all of this for you. With powerful automated features like built-in AI video editing, caption, and hashtag, cross-platform scheduling and managing your content calendar, all in one place.

Lastly, if you’re creating video content for your social media and want to stand out in a competitive world, using a professional-quality video editor can make a huge difference between looking like an amateur, and looking like a seasoned pro. With no experience required, and built-in tools designed to produce polished, scroll-stopping edits within minutes, you can publish content that genuinely stands out in today’s market.

#7. Invest in The Client Experience

Now more than ever, people are invested in the client experience. They expect it, but are willing to pay more for a superior service.

As a small side hustle, providing a personal touch is one area where you can outperform the large brands. It’s vital that you do.

While a dedicated CRM will help, it’s important to focus on the human element. Building that strong rapport and making them feel valued keeps them returning.

Loyal customers are the key to success for a side hustle, especially a local one. Besides, they will advocate your venture to help it grow.

#8. Reduce Financial Waste

When launching a side hustle, it’s common to think solely about revenue. In reality, it’s equally vital to consider the outgoings.

Otherwise, you will inadvertently make life far more difficult, not least because you’d have to increase your prices. From finding cheap web hosting and insurance to utility bills, price comparisons are key. Even if the average saving is 10%, the overall impact will be huge.

Crucially, you must change your mindset. If a task doesn’t support the business operation and its profits, lose it. You’ll save time and money.

#9. Have A Growth Strategy

The first goal of a side hustle is to gain a sale. Then it wants to become profitable. Right now, you’re focused on those goals. Still, you should keep one eye looking ahead.

You need to know when it’s right to quit your job and commit to the business full-time. You should also consider ways to enter new markets, which could include franchising the company. But only once it becomes a suitable solution.

In some cases, the focus may be to build an exit strategy and sell the company to a bigger organization.

#10. Be Disciplined

Finally, you must accept that the motivation you feel right now won’t last forever. There will be difficult moments where discipline is necessary.

You cannot afford to lose momentum in business. When you have the ability to keep pushing on through tough times, you will have a far better shot at reaching your goals. Many entrepreneurs, especially of side hustles, give up prematurely as soon as they falter.

You will still make time for regular breaks to ensure that the venture provides a better quality of life. But the business must keep progressing.