Neal Zeavy is the co-owner of Nic’s Organic Fast Food, a certified-organic restaurant with a drive-through and delivery services in Chicago. Mr. Zeavy also manages Zeavy Development, a commercial real estate firm that acquires and develops properties across the United States. Neal Zeavy enjoys being an entrepreneur and exploring new business opportunities in different industries.
While being a full-time entrepreneur has its perks, not everyone is brave enough to leave their job, risk losing their savings, and start from scratch. A good way to test the waters and see if you have a future in entrepreneurship is by starting a “side hustle,” a (usually) part-time job on the side. Here are three tips for building a successful business from a side hustle:
1. Treat the side hustle as a functioning business.
A side hustle is a business and not a hobby. Even if you have a full-time job, the best way to gain traction on your side hustle is to set specific and measurable goals and create a detailed plan of execution. Set aside a number of hours a day or week to devote your time and energy to the side hustle, and stick to your schedule.
2. Test the product or service with a small targeted audience.
Find out how a few targeted customers will respond to your product or service before you invest more money, time, and energy into it. Use the customers’ feedback to improve your offering. The sooner you can create a product or service that solves customers’ problems, the better your chance of success.
3. Spend money on resources based on demand.
Hiring people and buying supplies in anticipation of demand can set you back financially. Study the growth of your business and spend money only when you have customers who will pay for the product or service.
