With inflation rates climbing post-covid, it’s no wonder that extra revenue streams (AKA side hustles) are becoming more common for Canadians.

Have a side hustle in mind? Here are 6 helpful tips to increase your chances of soaring success:

  1. Evaluate your capacity
    Think about your current job and ask yourself if you really have the energy and capacity for your new undertaking—and then give yourself an honest answer. While new tasks and challenges can open new doors, make no mistake: burnout is real. If you’re already feeling overwhelmed or stressed with your “main” hustle, starting a new one may prove too taxing.
  2. Consider non-compete agreements
    Examine if your side hustle is going to conflict with any non-compete clauses or agreements you have with your employer. If it will, you may need to tweak or change your idea, or else come up with a way to work around those non-competes.
  3. Define success
    Clarity is king, so outline exactly what you hope to achieve, when you can achieve it by, how much it will cost, how fast you can grow your customer base, what your sales targets are, what kind of ROI you’re looking at, and how long you’re willing/able to invest before you see desired results. And be sure to track your expenses and successes, because you can’t improve what you can’t measure.
  4. Spend wisely
    Opt for variable costs over fixed ones whenever you can. Choose leasing or renting over purchasing. The idea is to reduce your risk until you build a stable foundation. Finding creative ways to reduce fixed costs is a great way to stay in the running against larger competitors.
  5. Don’t ignore marketing
    Create a marketing plan and, based on what it reveals, consider how you’ll make your first sale—as well as your next 100 sales. How will you pitch your product or service to the right audience? Remember: marketing is just as important as your actual offering.
  6. Take stock of your resources
    Make a list of any and all resources available to you, such as associations/programs for entre­preneurs, or mentors/coaches willing to guide you. Fact: entrepreneurs with more developed networks have a much greater chance of success.

Need some feedback or more support? A YES business coach would be happy to help you with your business plan and other strategies to help start your side hustle off right!