Starting a Side Hustle

☑ LMY VERIFIED

Based on our podcast episode featuring Jeannette Castro, BCU Member Service Specialist (0:32), on cake catering details, small business support, and the importance of a creative outlet, Dan Spannraft, BCU Member Experience Program Manager (12:36), on cover band grinding, strategic spending and investments, and knowing your value, and Joline Soedarjatno, BCU Corporate Relations and BD Senior Director (21:43), on balancing time and when to reconsider your commitment to a side hustle, and routinely reflecting on your priorities. Listen to the episode here.

Passion project or profit generating? All side hustles come at a cost – whether it’s tangible or time. It’s easy to get caught up in the creative outlet of a side hustle and overlook the details, however, it’s important your side hustle is not eating at your mental health or income.

Here are five notes to consider when embarking on a side-hustle journey:

Note #1: Be clear about your ‘why’. 
State what you want to ‘win’ from your side hustle early on – do you want a creative outlet, or do you want a profit-generating gig? Doing this can help you stay true to yourself and ultimately, make more informed decisions.

Note #2: Find your people.
Connect with your community (especially small business owners) to educate yourself about your market. There is so much power in knowledge sharing, and many businesses want to help other businesses succeed (and other people, too!). “If you don't have your support system, it can be overwhelming...”, says Jeannette, Sweets by Jea. Find your people and leverage their experiences in your business plan!

Note #3: Level your expectations.
Do research in your industry and understand your place in the market. Ensure your expectations are aligned with your ‘why’ as well as industry saturation. For Dan, guitarist for Six Speed Tranny, knowing his passion and purpose in performing music was key to outlining balance and choosing the cover band route for himself.

Note #4: Reinvest your income.
Use the side-gig money to better your product or service with the latest tech and tools. “Gear is band property”, says Dan. He explains how profits for the band are reinvested back into inventory, or as stated, ‘gear’. This is super effective for side hustles that involve multiple people.

Note #5: Routinely assess your 'why'.
Balancing a full-time job and side hustle can be difficult. Reviewing the objective of your side hustle can help you better understand your situation when you are at odds. “Side hustles are often underestimated in how much time people invest”, says Joline, Kickball Commissioner. Ensure you are maintaining balance alongside your full-time job and primary responsibilities.

Ultimately, you decide if your passion is worth pursuing beyond a side hustle. Remember to believe in yourself and stay true to you! We hope these notes help you on your side-hustle journey.

If you need help crafting your side-hustle financial plan, we’re here to help. Schedule time with a Certified Financial Coach today! It’s free: BCU.org/Coach

 Featuring Jeannette Castro, Dan Spannraft and Joline Soedarjatno |  Edited by: Dani Buschick 

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