Hello good people! I apologise for not posting for such a long time as I was attending to Plexis Strategy related issues.  I hope you did not miss me too much.  There is one thing that determines whether or not a startup survives in its formative years and that is money.  Money affects so many of the operations of a small business if not all of them from advertising to product development.  The owners of capital are not usually willing to lend money to small businesses as they usually cannot provide proof that they can pay the money back on time.  I have found out that it is important to have a ‘side hustle’.  This is another business that you can have on the side that maybe linked or not linked to your main business.  The purpose of this business will be to provide funds for your main business to grow.  Let us get straight into how you can choose a side hustle.

The business model:  There are several types of business models ranging from manufacturers to franchises.  Of all the business models the one that requires the least in terms of investment is the distributor model.   You can invest as little as $100 in order to gain access to a finished product which already has goodwill and a history.  You will then earn commissions on your sales in turn getting money to invest in your main business.  Try network marketing, people are making a killing out of that!

A unique product/service:  It is important to note that you should choose a side hustle that does not use up a lot of your time.  This means that the product should have a high propensity for creating sales for you.  Product differentiation is one way to ensure that you get good sales and fast.  Spend more of your time choosing what to get into and then spend less time and effort selling it.  Take even a month conducting your research and choose the product that will work for you.  Do not just rush in.

A necessary product/service:  You should not waste your time and energy by selling products that your market does not need.  An example in my country would be to sell holidays for instance.  People do not have that much money to spare so it will take you a lot of time and energy to get customers.  Conduct a small survey and get an idea of which products potential customers need most.  The most popular products are the ones that you should concentrate on.

New on the market:  On average you will have an easier time selling a new product than an established product.  This is because there will be a smaller number of distributors for the product or service which will lead to a situation where you will have more customers.  People usually sell established products because they do not want to take the time to do their research.  Remember, there are more rewards on the path that is less trodden upon.

What do you think about having a side hustle?  Is it good?  Is it a waste of time?  If you have a side hustle what are you into?  Share with us and let us grow together.

Cheers

RM