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Have you ever wanted to start an online business in your spare time and create a side hustle that you can someday turn into your full time career? If so, you’re not alone. It’s the dream of many.
But what about if you don’t have a lot of extra money to invest in starting a business? Don’t worry, there are plenty of opportunities to start something that you can get off the ground with little to no money and then scale as the business grows.
Some of the most successful online businesses, like popular blogs for example, started as a side project and then grew into real businesses that generated enough profits that allowed the owners to transition to a fulltime role and quit their “real” job.
There are so many things to consider and understand, but there are four things that demand a lot of attention, so I mentioned them below. You have to at least be aware of these things before you attempt to launch a side hustle online.
1. Pick Something You Love
In the early days you are going to have to put in a lot of time and effort and you likely won’t see any return for some time. When you build a business around something you love it feels less like work, which allows you to put in so much blood, sweat and tears without seeing a penny.
Sticking on the topic of blogs, many of the top ones now started as a hobby because its creator really enjoyed the topic, so it was nothing for them to blog daily or even multiple times a day. If it was a blog about a topic they had no interest in they would not have been able to build it into a successful business.
2. Identify an Audience and Market
The only way you will ever build a successful business is by first identifying your target market. You have to know who is interested in whatever it is that you are offering. The sooner you can identify this the faster you can create a plan to get in front of them.
Find out who they are and where they can be found online. Do they frequent particular websites? Are they particular to a certain social media network?
Find out as much information about them as humanly possible.
3. Outsource Development & Staffing
You will want to outsource development as much as possible. Chances are you aren’t a computer programmer by trade and can’t afford to hire a team here in the U.S. or you aren’t ready to hire staff just yet. That doesn’t mean you can’t look elsewhere to solve your needs.
Using subcontractors, virtual teams and overseas talent are just some ways you can get what you need done at a price you can afford. You will often find that many large companies outsource, so there is nothing wrong with it. Take your time and find a good solution that meets your needs.
4. Understand it Takes Time
This is probably the most important thing. Forget what you see on Shark Tank or what you read online or see on social media. There is no thing as an overnight success. It takes time to build something that turns into a business.
Don’t get discouraged if it doesn’t happen right away. Put in the work and continue to plug away. Most overnight successes are the result of years or hard work.