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6 min read

Weekly Insights: Side Hustles Pt 2, Dream Teams, & Customer Psychology

Nov 9, 2021 3:00:00 PM

Daily Data

What does the future hold? Forbes gives us a few predictions about what 2022 might hold for businesses and the business-minded. If it sounds a bit out there, well... some of it is! Still, time to get familiar with the following buzzwords...

  • giphy-Nov-02-2021-05-49-20-23-PMSustainability - The future is green, my friends.
  • AI - It's time to get smart, yes. But we're not quite ready to hand everything over to these robots just yet. 
  • Empathy - We've covered this before—customers want something real. 
  • Talent - Contractors. Freelancers. Gig workers. They're here to stay. And those who are already in your talent pool? They need to be comfortable with "flatter, more agile" structures. 
  • Partnerships - Or, in this case, a fancy word for outsourcing—ethically.

Watch the walk-through of the full list here.



Stop Dreaming About Your Side Hustle

This is the second a two-part series on investing in your side hustle. Check out last week's insights to catch up! 

If you’re going to take the leap and turn your project into a small business, here are some things to keep in mind: 

  • Think Like a Start-Up - It’s like the phrase, “Dress for the job you want, not the one you have.”  It’s easy to think about your side-hustle as a hobby, like it’s not that serious. But if you don’t take it seriously, it’ll never become serious. Treat it like a business from the start - no freebies. Conduct yourself professionally always. Register your business. 
  • Plan Ahead - Get it in your head that you’re going to have to put in a lot of hours building this business. In all likelihood, you’ll continueworking your day job while you start something new. Plan not only for your time, but also your finances, and other needs. How are you going to get to where you want to go from where you are now? What resources, equipment, or extra help do you need to level-up?
  • Know Who You Need - One of the biggest differences between the side-hustle and the small business is the people involved. On your own, you can only do so much. What aspects of the work will you need to export expertise - like writing, designing, programming, funding, or managing? As your business grows, these needs will grow with it. Even if you aren’t able to hire people in the beginning, freelance services like Fivver can assist you with outsourcing work.
  • Don’t Rush - Scaling too quickly spells disaster. Don’t burn money on your new business before you need to. Put off buying what you don’t need, and upgrade as you scale up.
  • Protect Your Assets - Do you have insurance for your side-hustle? As soon as you begin taking on new teammates - even freelance oncs - you’ll need it. That goes double for startups. Manage your risk by investing in insurance and filing as an LLC. It’ll both protect your assets and add legitimacy to your business.


 

Make Raving Fans of Your Team

giphy (2)-1

For entrepreneurs and visionaries, nothing is more important than the people who help your dreams become reality. Your team is everything. And you want to have the right people by your side.

This is how real leaders take their team from hum-drum employees to raving fans.

Read the full article here.



The Take

The rules of customer service are pretty simple, right? Sure! Until you actually have to start interacting with customers, that is. Download this for when you and your team need a refresher on what makes your clients tick. 

Preview of "10 Winning Phrases to Up Your Customer Service"

Click the picture above to download the Take of the week! 



The Word

Check out our recommended reading for the week: 

  • Why Most Startups Fail, and How To Avoid a Similar Fate (Inc)
    • Every one of the 4 out of 5 US small-businesses that fail within a year have their unique sob story, with its own highs and lows. Still, you'd be wise to look out for the common pitfalls. 
    • Why should you care? While you should have all the confidence in the world in your start up, you should also be well-versed in all the factors against you.
  • Investment Crowdfunding: Is Buying $100 in Equity in Your Favorite Shoe Brand Worth It? (Wall Street Journal)
    • These days, investing is looking less and less like writing a check. Instead, there are myriad virtual ways for you to find funders - and, better yet, for them to find you. Utilizing tools like Republic, or even Kickstarter, allows you to focus on the important things. 
    • Why should you care? The average start up spends half of their time seeking out funding. Don’t be afraid to try out a tool that will give you that time back.
  • How to Leverage Your Network to Build a Thriving Business During a Pandemic -- From a Distance, Of Course (Entrepreneur) 
    • Networking is important, but difficult these days. And who else is sick of awkward virtual happy hours? Take charge with some more actionable ideas instead. 
    • Why should you care? Making the most of what you already have at your disposal is the cheapest and most efficient way to invest in your brand. 

 

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