6 Ways to Test Your Side Hustle Before Going Full-Time

6 Ways to Test Your Side Hustle Before Going Full-Time

The idea of starting a side hustle can be exciting, and if done right, could turn into a real business. When you set up a side hustle, you will earn extra income from your side hustle but, you will also again have some entrepreneurship experience.

There are many benefits to side hustle, but they might not last long if not tested.

Key Highlights

 🎯 MVP is the safest and most effective way to know if your side hustle is worth the effort.

 🎯 The goal for a side-hustle or business is for things or events to move as smoothly as possible.

 🎯 Your edge in business is the things you do that give you an advantage over your competition.

 🎯 our first audience or customers will likely determine the continuous success of your side hustle.

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1. Validate Your Idea

Idea Validation is the process of determining if there is demand or need for your product in the market that you are targeting. This first step is crucial when starting your side hustle because it will help you predict people’s acceptance of your product.

The best thing about validating your idea is that it saves you time and resources it ensures you don’t waste money down the road. As a result, you get a deeper understanding and insights into your hustle, and this insight will help you create a better business.

2. Find and Understand Your Target Audience

When determining your target audience, make sure they are not too small or too big. Most new business owners jump too soon when finding their audience, and leads to their product failure.

When defining your audience, you want to be as precise as possible. When dealing with new products you want to first deal with people that the product is directly meant for.

Your first audience or customers will likely determine the continuous success of your side hustle, so you want to take them seriously.

3. Build an MVP

After knowing your target audience, the next step is to build an MVP. An MVP or minimum viable product is a product with enough features. This product is tested by early customers so they can provide feedback.

The Advantage of first having an MVP is you collect feedback and data from early customers to help improve your product for the better. An MVP is the safest and most effective way to know if your side hustle is worth the effort.

To build and test your MVP, build your product with only the necessary features and get a focus group to tell you what they really think about the product.

4. Collect Feedbacks and Do Your Research

In this step, you go into intense research and feedback collection. To finalize your decision of finally pursuing releasing your idea, you have to research your competition and look for your edge.

Your edge is the things you do that give you an advantage over your competition. Your edge can be anything, like speed, style, design, quality. Your edge can also be your audience.

Another thing you should do when you want more feedback is to people in your niche. Get on a call with them and get as much information from them you can as possible, collect information about exposure, marketing, branding, anything you can think of, and feed it back to your business.

5. Create a Clear and Clean System

To have a well-oiled side hustle, you need a system. In business, a system is a set of functions or procedures that is applied to activities to achieve a particular result. The goal for a side-hustle or business is for things or events to move as smoothly as possible.

When starting a side hustle a system is important at the early stage. This is because you need some balance between your side hustle and your daily activity, and a system gives you that. Without good systems, your product might not still succeed after your testing phase.

6. Build a Clear Revenue Stream

It is important to build a revenue stream when testing your product. Most people fall into the trap of assumption. They assume that their side hustle will bring a certain amount of money only to be disappointed when they get started.

Build a clear revenue stream so you know what to at least expect from your side hustle every month. Revenue streams are as important to know as the revenues themselves.

A clear revenue stream allows you to create goals for your business’s future, and to show them to potential investors.

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Final Thoughts

The aim of testing a side hustle is to see how well they perform. You want to check how your side hustle performs from the beginning to the end.

At the end of the day, if you test your side hustles, you can find potholes and fix them. Remember the goal is to have a side hustle that will make you money not lose it.