A side hustle gives you extra income and provides you with a feeling of security just in case the main source of income fails. Having a side hustle also boosts your confidence and gives you a sense of accomplishment. But how do you start a side hustle?
1. Start with what you love.
A side hustle doesn’t have to be all business, it can be something you love; that way, it will be easier working overtime towards it. If you love cycling, you can start giving cycling classes, selling bicycle parts or servicing bicycles. If you do what you love, you will love what you do.
2. Look for a problem to solve.
Any business is solving an existing problem like security, food providence, business support and high costs. For instance, Tala is sorting the need for loans on the go.
3. Take stock of your available resources.
These may be your savings, assets available like family land, time available, networks and resourceful people you know, skills like accounting, baking and tailoring, experience and talents. Look out for other possible sources of finance like family, friends and institutional loans.
4. Match your idea to your resources.
For instance, if you have a farming idea, do you have land, capital and can you access expertise and market insights? If you have an MPESA agent idea, look for a place with a consumer need and available premises, then check how much capital you can put together.
5. Start small but dream big.
Don’t hesitate to start with what you have where you are. If you want to start baking and you don’t have premises, how about you bake in your home and sell online?
If you are thinking about starting your own side hustle, you are ahead of the pack because some of the greatest enterprises started off as side hustles and later grew into fully fledged businesses.