Have you been day dreaming of starting your own side hustle business? Finally, being able to wake up to being your own boss and doing something you love every day? Well we’re here to give you the tools and tips to start making that dream a reality.
Whether it’s running your own fitness classes, crafting the best tasting coffee in town or setting up your own digital marketing agency, with a dose of determination, a bit of research and persistence you can make a successful side hustle business happen.
Do your market research
While it’s great to have a dream to start a side hustle business, you also want to make sure it is realistic and that there is a need for your product or services in the market. This is where you need to spend some time doing your research. A popular format many SME’s use is the SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of your business.
A SWOT analysis will be able to provide insights into who your competition is and what is happening in your industry. Doing your groundwork will help with areas of your business like pricing, understanding who your customer demographic is and how your side hustle business can stand out from the crowd.
These are some questions you can ask yourself about your business to help create some direction:
- Is there a need for your product or service?
- How much are your competitors charging for a similar product or service?
- Will you be able to make a profit?
Embrace the power of networking
When it comes to raising awareness and generating leads for your side-hustle, word-of-mouth is invaluable. Making a connection with other side-hustlers and people within your industry, online groups, communities and marketplaces is one of the first steps you can take to network and get your business out there.
Online forums are a strong channel to help build connections which may assist with the growth of your business and offer a chance to learn some new skills along the way.
Learn new things
Adding new skills to your repertoire is never a bad thing. Once you start running your own business, you are going to need to have a good knowledge across things like marketing, accounting and general business administration.
There are plenty of online courses available to help you learn more, with the likes of Udemy and SkillShare offering a range of free and paid courses to help further your skills. There are many types of classes spanning over subjects like mastering Instagram, photography tricks and even learning a new language.
Weigh up the costs
Committing to transitioning from a side-hustle to a full-time business not only involves your precious time but also your hard-earned dollars. It is important to do some calculations and budgeting around what your business financially requires to get it going. Some of the areas of your business you will need to consider factoring in funds for include:
Marketing costs– how much will you need to print off business cards, set up a website, run online adverts, signage for a market stall etc.
Financial management– are you going to hire the expertise of an accountant or tax agent to help manage your books?
Products/stock– will you need to order in stock to help launch your business? How much will you need to buy and do you have the spare space to store it?
Insurance-Have you got your business insurance policies sorted to financially protect your business from potential risks?
Protecting your hustle
You could take all the care in the world when it comes to running your new business, but accidents and unwanted challenges can still happen. Not all businesses are the same and face different types of risks. This is where business insurance plays an important role in your risk management plan.
Public Liability Insurance – If your side hustle business interacts with the public you may need to consider Public Liability insurance*. Public Liability Insurance, often referred to as General Liability, gives you peace of mind. It is designed to provide protection for you and your business in the event a
customer, supplier or a member of the public are injured (and not covered by the Accident Compensation
Commission (ACC) ) or sustain property damage as a result of your negligent business activities and claim against you.. It also covers legal defence costs you incur as a result of defending yourself.
Professional Indemnity Insurance – Another type of insurance you may need to consider if your side hustle is involved with providing professional advice or services is Professional Indemnity insurance*. Professional Indemnity Insurance (PI) is
designed to respond to claims against your business for
losses as a result of actual or alleged negligent acts or omissions in the provision of your professional
service or advice. PI Insurance will also assist with the legal costs associated with responding to or
managing claims which are covered by the policy.. Having the right PI cover offers you peace of mind, knowing you can confidently go about your work and protect your reputation should the worst happen.
More Insurance Options -For other aspects of your side hustle business like tools of trade and contents, you will need to explore the different kinds of Business Insurance options that are available. Some of the kinds of coverage options include Building, Contents, Portable Equipment, Business Interruption and many more.
Get your insurance sorted for your side hustle business today with BizCover. We provide multiple quotes from selected leading New Zealand’s insurers, taking the hassle out of shopping around for a new policy. Simply select your policy and get your business covered in minutes. Experience insurance made easy today.
*As with any insurance, the cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.