Build A Side Hustle Plan That Sets You Up For Success

Use our Side Hustle Plan Tool shown below and build a summary of your 3 ideas to see to help you compare each of them. We will walk you through on the steps below on how to put it together for yourself.

Once you have downloaded the tool, go to the “Side Hustle Calculator” tab to start filling out all relevant information about your Side Hustle.

Here is a Brief Breakdown how you should fill out each field:

1. What type of Side Hustle are you starting? A brief description of what type of side business is that you are starting
2. Who is your Audience that you are targeting? In order to be successful in any Side Hustle, knowing who you are targeting is key. For instance, if you are a company that sells organic dog food, you would want to target dog owners that are conscious about trying to keep them healthy.
3. How long do you project it taking before you start making a profit? This doesn’t have to be an exact number, but an estimate of how long it will take you before you start making money.
4. What is the Scalability of your business? Rate your idea on how big you think your idea could grow. Mowing grass or Uber would probably have lower scalability while starting a blog has more potential to grow.
5. What is your Marketing Strategy for your Side Hustle? Marketing is important to consider as well. It could be through social media, Google Ads, Newspaper Ads, Etc. Some strategies make more sense to certain businesses than others.
6. How Many Hours Are you Willing to Put Towards Your Side Hustle per Week? Input desired time to spend on your side gig each week
7. How Much Revenue do you think your Side Hustle Will Bring In per Week? Make an estimate of what you think you could get in Revenue from your Side Hustle
8. What Type Of Starting Costs do you see the Side Hustle having? Add up anything that it may take to get your Side Hustle started up. Even small costs can add up so do not forget to add anything
9. How Much Money will it cost per week to keep up with day to day expenses? Add any type of costs for operating costs for your business per week.
10. How Much Money do you have saved up for your business? Put in your amount in savings. It is important to make sure that you have the money saved up to run your Side Hustle
11. What Hours do you work at your day job per week? Fill in how many hours you work per week
12. How many hours do you sleep per day on average? On average, fill out how many hours you work
13. Who are the competitors in your market segment? Find who your top 3 competitors are and input them into the blank
14. What would be the name of your Business/ Side Hustle? Fill in what you would name the business
15. What is your Mission for your Business? Your mission for the business should state what the purpose of your Side Hustle is. Think of how you are going to help people and serve their needs.

Once you have completed filling in all the blanks, go to the “My Business Plan” tab to see your filled out Summary. Thoroughly compare each of the summary pages once you have filled out all 3 and find the plan that makes the most sense to you. Look at the next step to see if you have enough time to make your idea happen

Step#2- Make sure there is enough time– Some of you know that there may not be enough time for you to be working another job. Between your day job, family, and other outside affiliations you may realize there is hardly any time to do anything. Picking something that is unrealistic for you and your lifestyle is a bad move because this will ultimately end in failure. Find something that is flexible with your lifestyle and can easily be fit into your schedule. Take a look at the “Weekly Hours spent chart” on your business plan to see how much free time you would have available. The chart below shows that 31% of your time would be leisure time, but other things to account for are other ancillary tasks that take up time such as driving, cooking, cleaning, taking care of family, etc.