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Growing a side hustle takes a lot of time, money and effort. Not everyone creates a side hustle for themselves and for those that do, they may only get it so far financially. However, every side hustle has the opportunity to provide more. Side hustles come in all shapes and sizes from selling handmade soaps on Etsy to starting a blog online.
With that being said, here are five things you’ll need to grow a side hustle this year and beyond.
Think about a personal loan
Firstly, think about a personal loan. A personal loan is a great way of getting extra funds where you may be lacking them. For some of these side hustles, it may be a case of having a financial boost to get it to where it needs to be.
There are lots of loans and lender options out there, but it’s worthwhile doing your research. Some will have small prints that fleece you for more money than you expected to part with, whereas others will be crystal clear about what to expect when entering into the contract.
A loan is something you’ll need to pay back, whether you may more money or not. Make sure you’re mindful of this.
Consider hiring help
If you’re struggling to grow your side hustle in the time that you have available to you now, then it’s worth exploring the option of hiring help. Some side hustles can only grow when they’re given the opportunity of more staff or helping hands in general. It might be that you’re unable to hire anyone full-time or even part-time. Perhaps you just need a few hours here and there.
Rather than delaying or causing problems within your side hustle, like being behind on orders, consider whether hiring help is required right now.
Start networking to build connections
Networking is going to help you greatly when it comes to your side hustle. Building those key connections is important because you never know who you might meet and what impression or influence they’ll have on the business. Growing a side hustle is challenging and for the most part, any side hustle or business takes more than just one person to garner a lot of success.
With that being said, look at networking opportunities to introduce yourself to people that may be able to help you.
Track the mistakes of competitors and similar businesses
Even though you may have a side hustle, it doesn’t mean you can’t look at other businesses that may be competitors to you in the future. Track the mistakes they’re making so that as your side hustle grows, you can hop, skip and jump over their mistakes.
Take risks but do so carefully
Finally, make sure that you’re taking risks but that you’re doing so, carefully. Risk-taking is something that should be taken with a pinch of salt. It may of course, not always pan out the way you’d hoped it would.
Whatever your side hustle may be, there are certain options to explore to help grow your side hustle.
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