How To Test A Side Hustle Idea!
There are many reasons why you might want to start a side hustle! Extra cash, financial independence, test a business idea, pay off a student loan… you get my drift. Never has there been a better time to start a side hustle with cost of entry to get into a side hustle low, websites are cheap and you don’t need an office to do this, and you can start from home.
Last night 90 women joined She’s on the Money at Karmarama in Farringdon for Get Your Side Hustle On!
Skye Robertson from Escape the City broke down on Thursday night how to get clear on your idea criteria:
1. How easy will it be to launch?
2. How easy it will it be to make money?
3. How much time will it take to operate?
4. Does it match my non-negotiables?
5. Do I care about the problem/need/product?
6. Am I excited about it?
And then how to create a MVP – Minimal Viable Product to test your idea, this:
1. Creates value
2. With minimal amount of effort.
3. With a feedback loop to learn next steps
This could be in the form of a landing page (Strikingly.com), Email (Mailchimp), Blog (WordPress), Event, pre-sale, prototype or more.
Once you can test it, you can create a rough first physical version which can allow users to test it out.
1. Remember even though it is a side hustle make sure you have registered as a sole trader or company with the government: https://www.gov.uk/limited-company-formation/choose-company-name
2. You must be all over your finances from the start, keep a track record from the start use a program such a Xero.
3. Make sure you are solving a problem
4. Talk to potenital customers
5. Treat it like a job, get your friends and family involved to keep yourself accountable
Still looking for an idea – check out our blog on ways to make extra cash.
Good luck side hustlers! Let us know how you go! xxx