5 Questions to Ask Yourself Before Starting a Side-Hustle in a Downturn
Over 50% of the world’s Fortune 500 companies launched during a bear market or recession.
There's a lot going on right now, and as we collectively try to navigate these—let's face it—crazy times, we've been asked about our side-hustle and how it came to be our main hustle. People are thinking about their purpose right now, and there's a lot of existential conversation happening in the global community. Being housebound, many are finding new passion projects during their downtime, and a new lease on life.
We hope you’ll find it inspiring to know that some of the world’s most successful companies were incepted or launched during a recession. General Electric, Disney, Tollhouse Cookies, and Apple—to name a few—were all born during recessions. If you're feeling stuck during this temporary time of uncertainty, it might be a good time to reflect on what fulfillment looks like for you. As two working women who started our own side hustle, fell in love with it, and haven’t looked back since, we’re sharing five questions you can ask yourself to determine whether you’re ready to start your side-hustle now.
Is it all you can think about?
Do you find yourself constantly thinking about starting a side project? Have you been thinking about it for at least six months to a year? If so, you’re probably ready to start making moves to get going.
We created a worksheet to help uncover your unique WHY. It’s a set of eleven thought-provoking questions to get you started. You can access it here.
What is your demographic and what need are you filling?
This is an essential step to take before beginning any side-hustle, and requires diligent research. Who is your target market and what need are you filling for them? How saturated is the market in solutions for that need? In other words: who will your competition be, and what are you offering that they aren’t? We like to think of this as your unique ‘magic’, or the secret ingredient you bring to the table. As an example, ours is ‘the human side of business’, a fresh perspective in a typically transactional industry.
Do you know what it will take to get started?
Have you mapped out everything you would need to launch this project? Spoiler alert: this is one of the most time-consuming phases. Sit down with a cup of tea (or a glass of prosecco, whatever gets your creative juices flowing), and outline an inventory of what you’ll need to have and do to get started. For example, if your idea is a physical product, come up with all the areas you will need to plan out: brand, R&D, manufacturing/sourcing, distribution, etc. Your leading question to yourself during this phase should be “how can I add more value than anyone else on the market?”.
Do you have the resources and support you need?
Do you have friends, family, or contacts who are willing to help you get things up and running? Will you need a loan, pro-bono working hours, or mentorship? Whatever it is, you’ll likely need and want support throughout the process.
Fun fact: We didn’t! When we launched our side-hustle, we both had families to support and full-time jobs. We committed to working on it every Tuesday evening (after our kids went to bed) and would get together and work on our dream. There were times when those Tuesdays became Wednesdays and Thursdays too. But we wanted to be making as much money in our new business as we were in our corporate jobs before we stepped in with both feet. We don’t believe in leaping without a sound plan in place (hello mortgages!). Every cent we made from our side-hustle went into a savings account until we had three months’ salary each. When we were ready to step into it full-time, one of us joined full-time, while the other kept their previous part-time job for a few months before we were off to the races.
Eleven Eleven tip: Many countries have government grants you can apply for. You have nothing to lose by applying! Here’s a list of potential grants for entrepreneurial endeavours here in Canada.
The new paradigm of success comes with uncertainty. Are you comfortable with it?
Starting your own business does not need to be taxing physically, mentally, and spiritually. But it can be without a supportive framework. Taking the time to create a flexible map and vision is so worth it if the end result is you following the path to your purpose. Whether you’re focusing your efforts on this full-time, or creating a side-hustle in addition to existing employment, ask yourself if you can afford to run this business in terms of time, finances, and mental well-being.
Beginning this journey means you will need to find peace with uncertainty. And we know that’s not for everyone. If it leads to your fulfillment, the moments of uncertainty are worth it.
We hope this helps inspire you to pursue your passion. Wherever you are on your journey, if you feel fulfilled, you're where you need to be. And if not, then consider these questions, and don't hesitate to reach out at hello@eleveneleventalent.com.
Tess + Alisha
“Define success on your own terms, achieve it by your own rules, and build a life you’re proud to live.” - Anne Sweeney, Co-Chair of Disney Media Networks