Rhea Freeman is a business coach and mentor, and author of You’ve Got This, a book all about how to supercharge your business, achieve your goals, and overcome the blocks that stop you. Here, she shares tips around how to start your own business and why a side hustle might be the answer...
Starting a business from scratch can be exhilarating when you think of all that could happen and what this could mean for you, your family, and lifestyle. It can also be an overwhelming time when your mind wanders down a path of all the negatives, all the work that needs to be done, and everything you don’t know.
But the good news is that many of these potential negatives can be mitigated if you think around the issue.
Whilst it’s very important to stay motivated and excited, it’s essential that you don’t start your journey with rose coloured glasses on. Overnight successes are about as common as unicorns, but that’s not the way the media tells it! You might see people go from zero to millions in a short space of time - and there’s a lot of companies that have gone viral on TikTok and it’s changed the business - but the chances are it took years to get there.
It’s not a good idea to rely on these unpredictable and unlikely events. Of course, striving for them is great, but to build a reliable, stable business, it can’t be built on chance.
When many people think practically about starting up a business, money is a concern - and so it should be. Most people still need money to live - for mortgages, food, bills, and life. But the good news is, you don’t need to cut off your income stream when you start your business, particularly if you begin it as a side hustle.
Side hustles allow people to grow new businesses without handing in their notice. It’s hard work as you’ll need to work evenings and weekends to grow your dream, but without the pressure of having to make an income from day one, you have a lot more time to learn, try and test what you’re doing, which is likely to lead to a more successful future.
When you operate from a place of panic - if you have to make a certain amount of money from something you’re only just learning how to do - you don’t always make the best and most considered decisions. It can make you throw good money after bad, compromise on quality, not research suppliers or systems enough and so on. This can be incredibly stressful, expensive, and it doesn’t set you up for success.
If you opt for the side hustle route, you have time because your employer is covering your living costs (through your normal work), and this gives you more time to explore and learn.
Maybe you can do courses to up skill in areas you know don’t know enough about, contact several different suppliers and assess them for quality and cost rather than just fly into a blind panic, survey your audience and try different products or services with them to see what they really need in their lives and make sure you’re ticking that box.
Some view a side hustle as less of a commitment than going all in on a small business. I don’t believe that for a second. If you’re in the position and can and want to go all in, that’s great too, but if you’re not, you can do incredible things with your side hustle, dedicate your free time in that direction, and give yourself the time for that business to grow until you’re comfortable making that step into being your own boss full time.
Find Rhea's book, You've Got This, on Bloomsbury and Amazon!