Cost of living crisis. Ongoing wars. US tariffs. It’s a difficult time for everyone right now. Purse strings have never been tighter, and people are looking for ways to make ends meet. Enter: the side hustle.

Side hustles are an additional form of income, usually done alongside another job. These ventures provide people with some much-needed pocket money, allowing them to enjoy some extra treats month to month.

Whether it’s launching an Etsy shop, starting a consulting gig, or building a brand on social media, the idea of working for yourself has never been more appealing. If you’re daydreaming about quitting your job or turning your passion into profit, keep reading to learn how viable that option is.

1. Market Research

The best place to start is at the very beginning. First, you need to understand if anyone actually needs your business. The easiest way to understand this is by doing some market research.

This research doesn’t need to be complicated. It can be as easy as talking to potential customers, joining online communities related to your niche, and looking at what similar businesses are doing. Doing this will give you a clear understanding of your business landscape.

You can also utilise free tools like Google Trends and Reddit Answers to gain insight into what people are searching for and discussing. Look for gaps in the market and brainstorm ways to offer a unique twist. Identifying the real problems your audience faces will help you tailor your offering to what people actually need, not just what you think they need.

2. SWOT

Now, this section isn’t telling you to be a swot. SWOT is a type of analysis that can help you understand the validity of your business idea. Here is this tool broken down to help you understand more:

• Strengths – what’s your unique knowledge? What are you good at?
• Weaknesses – what areas do you need more experience or help with? How can you address these?
• Opportunities – from your market research, you should be able to understand where there are gaps in the market easily
• Threats – What is your business’s success reliant on that you can’t control? These can be things like the cost of imports or other organisations’ input

Using these prompts will help you to understand what challenges you face when starting your business and how best to tackle them. It’s important to be brutally honest at this stage – there’s no point wearing your rose c******d glasses if your time, money, and reputation are on the line.

3. Finances

Dreams can be powerful, but bills are real. Before getting caught up in a perfect daydream, it’s vital to understand if your business idea can actually create income.

The way to do this is by estimating the potential revenue, expenses, and profit margins. It’s important to understand things such as cash flow and any legal requirements at this stage.

After you’ve calculated the above, you should know how many customers you’d need to break even. If that number feels unreachable, your idea may need adjusting. Remember, side hustles can grow over time, but understanding the numbers helps you stay grounded.

4. Feedback

The best way to know for sure if your business idea is worthwhile is to talk to people about it. However, this doesn’t just mean asking your friends or family – although their opinion does matter.

Reach out to mentors in your industry. Constructive criticism can feel tough, but it’s necessary for success. Sometimes, the smallest changes can lead to major improvements.

One of the best ways to find knowledgeable mentors in your industry is to join your local chamber of commerce. These business networks aim to promote and support small businesses in a specific area or industry. Joining these organisations can help you network and expand your knowledge.

Don’t break the bank trying to build it

Don’t mistake testing your business idea for killing your dream. Testing a business idea is all about shaping it into something that can truly succeed past wishful daydreams.

It’s time to be bold, but be prepared. The road to building a business isn’t always easy, but it’s absolutely possible. So ask the tough questions, do your homework, and then take that first step with confidence. Your dream deserves a fair shot.