If you’re like most people, then you’ve got passions, dreams, and goals, and some of those will exist outside of your day-to-day working life. It might be impossible to actually quit your job and go all-in with your passion (startups and “good ideas” don’t generally make money at first), but tackling your goals as extracurricular activities is how many great businesses got started and how many entrepreneurs found themselves very wealthy by the time they did quit their original job.

So, whether you’ve got a burning desire to write a book, invent new technology, or fix the financial system, what can you actually do to get started?

1. Firstly, be honest with your boss about it

A good boss isn’t going to fire you just because you’ve started up a side business. As long as you can display that you still have a strong commitment to work, then you’ll often find that the good bosses are aware of the research that shows that people with commercial hobbies are often better and more productive at their “base” job. And, if your boss is aware what you’re doing, you may well find that they’ll be able to provide you with contacts, networking opportunities, and even resources to help you along.

2. Make sure you keep learning

Starting up a business or new venture always requires new skill sets, and developing those will generally require that you complete a college or university course (another reason bosses are generally happy to support employees with side projects – they’ll be learning additional skills that can benefit the business too). Luckily, the proliferation of online courses and quality educational material out there helps make it easy and convenient for anyone to get those additional qualifications that they’re looking for. There is also a wealth of reading material out there that is useful for entrepreneurs. Books such as The Lean Startup and The $100 Startup contain invaluable tips and advice from successful entrepreneurs.

3. Find your audience

It’s pointless creating a product or service if you’re not going to participate in the community that the product is designed for. Find networking events, conferences or shows related to your side project and attend them. Track down businesses in similar fields and learn how they market to their customers. Find others with a similar interest in your field and collaborate with them where you can. If you’re looking to start a music group, then find venues with an interest in your performances. If you’ve got an idea for a tech startup, look at hackathon events as an opportunity to meet people that might be able to realise your vision.

4. Understand that not everything will work

The reality is that a side project won’t always take off. And this can be hard to accept for people behind them, because there’s also a lot of personal effort and energy that has gone into a side project. It can be hard letting it go.

But that’s okay! Approaching side projects as experiments means you are never left for wondering. If you think you can write an amazing book, and then struggle to make it a reality, at least you’ve learned from the experience. And when you sit down to try again at some point in the future, you’ve got that experience to fall back on, and that will make you that much more likely to succeed than going in blind. Most entrepreneurs or creative people have “failed” projects. That dive into the unknown is often what excites and motivates them. Always remember that failure is part of the journey to success.

5. Don’t work for free

Because you have that stable “base” job, it can be tempting to provide your product or services for free from the outset. You’re still earning an income, and we’re told that overwhelmingly when you’re “starting out” it’s unreasonable to expect money for your work.

This shouldn’t be the case. Understand that what you do has value and charge appropriately for it. If you’re making or doing something that people enjoy – whether that be a service you offer or knowledge you share, people will be willing to pay, and you deserve to earn something from it.

The other reason to make sure that you’re charging for what you supply is that it breaks with the “hobby” mentality and helps drive you to be more customer-focused, innovative and creative. You’re not making something for yourself, in other words; you’re making something for someone else, and your drive then becomes to make the best product for those customers.

There are no real downsides to starting up a side business; in addition to making a bit of extra money, and potentially leading you to the world of entrepreneurship, the “side hustle” helps develop your skills and capabilities, and keeps your professional interests varied and creative.

If you need a little extra cash to get your side project off the ground, contact SRG Finance about our loan options today.