Tag Archives: entrepreneur

Launching Your Side Hustle: Our Top Tips.

side hustle

What is a Side Hustle?

side hustle

Not every new business start its life fully formed.  You often have a germ of an idea that you need to develop before you can consider giving up your fulltime employment.  This is what we call a ‘side hustle’.   Because it is a project that will run alongside your normal work, there are certain things you need to consider before you start,

Should I Tell My Employer?

Every employer will have different rules about and attitudes toward side hustles. Take a look at your employee handbook to understand what is and isn’t permitted. Here are some things you might find:

  • Conflict of interest clause. This restricts an employee from doing anything that will harm the employer’s business and requires you to tell the employer if this changes at any point during your employment.

  • Non-compete or restraint of trade clause: This protects an employer’s interests by preventing employees from performing similar work that might compete with the current employer.

The point of these clauses is to protect the employer’s proprietary information, including things like client and vendor relationships, as well as any confidential information you may be privy to during your employment. Engaging in a side hustle that’s in direct competition with your employer or where you poach clients from your employer or use proprietary information to get ahead could put you on the firing line—or even subject you to lawsuits. Not to mention it’s just a nasty thing to do.

All that apart, most companies won’t have a problem with you starting a side hustle, as long as it doesn’t interfere with your work. Our advice: tell your employer what you’re up to. Even if your contract allows you to have a side hustle and makes no mention of the above clauses, it’s better to be proactive and disclose your side hustle in good faith. This creates transparency and trust, and it’s much better than waiting for your employer to find out from other sources and be reactive about the situation. Suppose the side hustle is in the same line of. Business is tough to keep it secret anyway.

Discuss it with your employer and explain that you won’t use any company resources (including your work computer) or company time to work on your side hustle. It has to be a completely separate thing, and making that clear from the outset will show your employer that you understand its importance.

And that brings us to one last thing: it’s not enough to tell your employer—you also need to show them that you can still perform.

Your full-time job is going to be the main source of funding for your side hustle (and the rest of your life), at least for now. You may start seeing traction in your side hustle, but you can’t use that as an excuse to disregard your responsibilities in your primary job. You’ll still need your primary source of income to pay the bills until you can focus on your side hustle full time—if that’s your end goal. Until then, don’t give your employer a reason to fault you for poor performance.

Establish a routine and set goals

Having a routine will help keep you on track. If you start working on your side hustle every evening after dinner, you’ll train your mind that it’s time for work after dinner—not time to scroll yourself down another rabbit hole. When your side hustle is part of your routine, it will feel less like a drain on your resources.  Bring your family onboard at the earliest opportunity so that if you have a home life, the new project can blend harmoniously.

Of course, you’ll need to be sure your routine is based on solid goals. Sketching designs or designing a website after dinner could go on forever—what’s the goal? When time is a limited resource, you need to be specific and realistic about your goals (try using Zapier  SMART goals to get started). Remember: you are now your own employer, and no one else is holding you accountable – a big personal responsibility.

Set Realistic Boundaries

A side hustle doesn’t mean working during all your free time. But if you’re not careful, it’s easy to fall into that trap.

Set boundaries to ensure that you don’t end up taking time from other priorities in your life, like family time and engaging in relationships that enrich you. There are plenty of ways to set boundaries for yourself:

  • Try time blocking. Decide ahead of time when you’ll work on your side hustle, and stop working on it when that time is up. Apps like Time Hero are worth checking out.

  • Use focus apps such as Freedom. If you’re totally focused while working on your side hustle, you’ll make more of your time and be less likely to need to work outside of your planned hours. Focus apps can block distractions on all your devices, allowing you to use your motivation and energy on meaningful work.  Even still, you will power with soi many enjoyable distracti0ns online; you can easily lose the plot and find yourself fiddling around on social media sites or time-consuming Facebook groups.

Get Yourself Automated.

It can be tempting to do everything yourself: we sometimes make the mistake of valuing money over time. But time is also a limited commodity. And a side hustle in particular means limited time. Your focus should be on the activities that fulfil you and generate revenue.

Take stock of all your processes to figure out what you might be able to automate. If you’re not sure when to automate, look at these 5 things you should automate today. Once you’ve automated your tedious tasks, you’ll have a better understanding of your actual capacity. You’ll be able to set expectations for clients—and yourself more clearly.

Don’t Be Shy – Get Feedback.

A side hustle is a great opportunity for you to do something you love. But, as with any skill, it will take time before you’ve mastered your craft.

From the start, make sure to get feedback from your customers and clients to find out where you can improve. Whether it’s the quality of your offering, your processes’ efficiency, or the ease with which your customers can find you and do business with you, everything should be reviewed for potential improvements.

Learn as much as you can from others who do what you want to do—and ask questions. Remember: you’re testing an idea and working your way to product-market fit on your terms. Your biggest advantage with a side hustle is that you have time to test your business model and validate your ideas over time without the stress of wondering how you’re going to pay the bills. Use that time to make sure your business is the best it can be.

Think long-term

Side hustles don’t turn into income-generating businesses overnight.   It is naive to imagine they would.

With this in mind, you need to play the long game. Ask yourself if your current habits and routine can be sustained for several years—or more. As with any business, your actions have to be guided by a long-term strategy that should motivate you to keep going even when faced with adversity.

If you do decide to pursue your side hustle full time, your confidence after having experimented and learned everything on your own terms will be more than someone diving into full-time entrepreneurship with no prior experience. Even if you don’t decide to go full time into your side hustle, the skills you develop from running one can help you excel at your full-time job and life in general. Your side hustle doesn’t have to overrun your life. What’s important is that you lay the right foundations to draw the most value from your experience.  Many executives can use their side hustle as a ‘sandbox’ for their regular employment and maybe get some new ideas from thinking outside the box.  These ideas can be fed back to your current employer and give you a leg up without even going it alone.

Develop A Good Support Structure.

Remember that you will not have all the corporate structure to support your venture when you are building a side hustle. For that reason, it makes a lot of sense to set up some virtual office framework to keep your new business separate from your home life.  Business service companies such as Hold Everything on Regent Street can offer a secure business address with mail forwarding and even a registered office location when you incorporate your new venture.  Many other people have built;t their side hustle into a full-time income-producing, and if you follow our guidance, you can join them in 2021.

Become an Entrepreneur – Your Resolution for 2021.

become an entrepreneur

New Year is fast approaching and the traditional new year resolutions are being considered.  Many people, after a chaotic 2020, are seriously considering going their own route as an entrepreneur, to become an entrepreneur.  Unfortunately, for many, the option has been forced upon them by the Covid-19 fallout and how it has put a wrecking ball through the retail and leisure industries.  Whilst many employees were ‘furloughed‘ this safety net is now being taken away.

become an entrepreneur

Become an entrepreneur in 2021

For others, setting up your business has been a perennial option to be considered as each year draws to a close.  Perhaps you have been putting off the decision until things change in your personal life.  Maybe the kids have left school or have finished their expensive university years.  Perhaps you have inherited some money which could help tide you over, during the necessary period of transition. But, for whatever reason, you have made ‘become an entrepreneur’ your resolution for 2021 we would like to show you a useful business model that will make the decision easier for you, at least when you startup.

For entrepreneurs, start-ups and small companies, leasing a physical workplace isn’t always financially or logistically feasible; with working at home or at the local coffee shop or pub often seen as the less expensive and easier alternative.

But if you want to be taken seriously in your new, independent role there are aspects you have to bear in mind.  You need to set up your suppliers, market your services and goods, consider the competitors, work out logistics on how to deliver your products and services and crucially find a base for your workplace.  Not just to work from, but a work address that provides the right ‘look’ for your new enterprise.

With office rates still uncomfortably high in the UK, discovering a cost-effective service for your office requirements can represent a tough and challenging task.

For those among you who have made a start on the route to become an entrepreneur, a virtual office can act as that initial step towards getting developed in a physical location, however without the commitment of leasing a real desk or room in an office building. It is the seductive element of not having to make a long-term rental commitment that makes a virtual office such a great option for a startup.

The #1 essential benefit of the virtual office, and frequently what eventually drives business owners to adopt one, is that they cost much less than leasing a conventional workplace or coworking space.

 Virtual workplaces aren’t strictly the domain of only entrepreneurs and sole traders– it’s equally possible to handle a team of remote employees through your virtual office. 

Think carefully about your essential business requirements: A telephone or telephone system for handling and taking customer calls (your smartphone may well be all you require for this but there are many software options that can provide some very sophisticated telephony for the WFH entrepreneur. so what are the essentials that you will need to run your fledgeling business through a virtual office?

  • A powerful laptop
  • A cloud-based email service such as Outlook or Gmail, so you can check out and send out messages from any connected device
  • A cloud-based file sharing and storage system such as Google Drive or Dropbox, so you can access essential files anywhere Productivity software application (if you’re directing a group)
  • Video conferencing software (if not offered by your virtual workplace supplier)
  • For home-based business owners and start-ups aiming to gain a more expert image, renting a virtual workplace could be the perfect business solution.
entrepreneur multi tasking

Multi-tasking can be made easier with a virtual office

Now, let us add to this list the services that a virtual office such as Hold Everything can add to the mix:

  • A mail forwarding service.  Mail can be addressed to your central London registered office address and then be forwarded to your home or shepherd’s hut on a regular basis.  That way, your new business and your personal life can be elegantly separated.
  • A telephone answering service.  Having a professional voice answer your business calls on a dedicated London phone line goes a long way to establishing you as a serious company which is what you need when you become an entrepreneur.
  • A meeting room for client conferences.  why pay for fixed office premises when top virtual offices can provide you with a stylish boardroom to impress your visitors, all you need to add is the coffee and biscuits.
  • A legal registered business address.  Having your office address correctly registered will give you peace of mind and full business status.  It is a service we offer our clients so you look professional ‘right from the off.’

 

Some Top Tips For Your New Start Up Business

We are living in changing times and change always brings opportunities. To day we look at just a handful of business suggestions that would reflect huge moves in our society this year. You certainly would have noticed how many restaurants are now promoting Vegan food and how sections of your local Tesco are giving shelf space to milk that comes from oats rather than cows. We have seen our streets brought to a standstill by Extinction Rebellion protestors and school children ‘bunking off’ to protest about climate change. There is certainly money to be made in all this.

Maybe you have seen the new style perfume shops blending petals and spices to create ‘bespoke’ aromas to bring out your personality or skin care products that have been genetically engineered to work miracles on your complexion. We have seen ‘disruption’ in public transport from Uber and in accomodation from Air BnB  – fortunes are being made in these new sectors.  Watch our short video to get some inspiration to make 2019 the year you hit the entrepreneurial big time.

Avoiding Obstacles to Your Business Growth.

 

When you start up your business it is one of the most exciting moments in your life.  The future stretches out before you and you have a vision of what you might be able to achieve,  in terms of prosperity for you and your family and the freedom to pursue your own personal and career goals.  Yet building a business is not a simple matter and you will be faced with many choices along the road.  You might, for example, decide that having a business partner would lighten your load and make expansion easier.  Whilst an obvious temptation, it is not always the most effective path.  The choice of a business partner should not be taken lightly.  You need to find someone who has strengths to complement your weaknesses and will add extra dimensions to the business mix.  Very often we choose someone who we just ‘get on with’ but cannot really offer the input you need.  I would always suggest that you hold off on bringing in a partner until you have established the basic business and the search out someone who can add a complementary dynamic.  If you are essentially a ‘creative’ then you should try to find a partner who is more a detail person and vice versa.

Many new entrepreneurs get easily discouraged, they view the business as a goal in itself rather than as a journey to be taken, this means that if your business goes through inevitable periods of slack you start to worry and get despondent.   You need to remember that all businesses have their tough moments and that all successes have some failure along the way.  Always keep in mind the reason you first set up shop, let the vision that drove you to register your company and open for business be a constant guiding light in your daily work.

In this short video we remind you of these essentials business truths.  We have helped many young businesses get though their early stages by providing all the basic office services at a price that fits with the budget constraints of a new enterprise and allows them to focus on the  bigger business picture.