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5 Tips to a Successful Side Hustle

 

I have now been running my side hustle for 1 year now and I don’t think I have ever learnt so much. There are so many varied skills required but here is my top 5 that I believe will set you on the right path for a successful side hustle.

1. Personal Brand

My number one tip is how you differentiate yourself from the crowd. Why does Elon Musk have 30 million followers but Tesla only has 5 million. Simple, we are people and we want to connect with people, not services. This unique combination of your skills and experiences makes it easy to connect with people! There is no better place to do that than on LinkedIn.

2. Specialising 

You cant be good at everything. Even if you were that would be confusing for clients to know what they exactly want to hire you for. Make sure your business’s purpose is clear. That way clients know exactly what it is you do and what you can deliver. I have had some opportunities to do other things but I have decided that my business only does Power BI training and consulting.

3. Niche Market

You also cant sell everything to everyone. Why would someone engage you rather than 30 other people who do the same thing? They might know you by your personal brand, they might know you are specialised in that product but the pick you because you are the expert in the field. So find that niche and target that market. For me its Local government. I love the fact Local Government is serving the community and the vast range of services its provides. Therefore producing content for LinkedIn is easy and working with that industry is so enjoyable. 

4. Strategic Partnerships

When you are starting out its best to partner with whoever you can. Although it is preferable that your partner is not in the exact same space as you. Not only can you learn from your partners, but it will also increase your customer base and allow you to add value to your partners’ customers. It should really be win-win. 

5. Cash flow

As this is a side hustle yoTour day job should be paying your bills. I recommend you start your hustle right by having a separate bank account, investing in Xero or MYOB (saves for much time for invoicing and reconciliation, I don’t know why I started this in excel!!) and most importantly sorting out payment terms at the start of an engagement. Make sure you find out who you need to speak to from HR regarding, new supplier forms, payment lengths and also do you need insurance. It once took me a few months to get paid as I didn’t engage early. Avoid this mistake!’

Keep on hustling!

Warren Dean

Founder @ DataTale

 

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