While the lockdowns that have plagued most of 2020 and 2021 have been tough, for some of us, they’ve been a blessing in disguise — forcing us out of our work-eat-sleep-repeat routine and giving us the time to really think about what makes us happy. And then to actually go and do it.
And, for an even more select group, we’ve been able to figure out how doing that can help to earn us money. In other words, we’ve figured out our side hustle.
But, if you’re not there yet and you’re still trying to work out how to monetise your lockdown hobby, or maybe just curious if you even can earn money from it, you’ve come to the right place.
Here, Rebecca Klondisky, founder of celebrity-loved swimwear brand IIXIIST, which she started on her bedroom floor eight years ago, shares her top tips for transforming an idea into a full-fledged and, more importantly, successful side hustle.
Define Your Goals
Your dreams don’t do you any good just sitting on a shelf — it’s important to spend the time creating action steps that form a real, feasible plan for accomplishing them. And fortunately, time is what we have plenty of during lockdown.
Write out a timeline complete with smaller goals regarding funding and marketing, and break your larger targets into smaller, more manageable pieces. Then, be sure to stick to your schedule.
Learn to Be Comfortable Talking About Money
It would be ideal if large budgets would simply fall into the laps of hardworking women who deserve them. Unfortunately, this is not the case.
It’s imperative to learn how to advocate for yourself — this is a legitimate skill that all women should empower. Negotiating for yourself means stepping out of your comfort zone and asking for what you need and deserve — no one will give it to you if you never ask.
Be Smart With Said Money
When Rebecca started her business, she completely self-funded it with personal savings and to this day, has always been responsible for the balance sheet. No loans, no help — just good management skills.
Regardless of what business you want to start, consider taking a finance management course. Money smarts can be the difference between a successful venture and a flop. The very basics you should equip your skillset with are how to keep a monthly budget, finance loans, and the ins and outs of dealing with investors.
Get Comfortable Saying No
Launching your own business takes a lot of hustle — committing to working hard to achieve the goals you outlined in step one is a given. Unfortunately, there are many people that will take advantage of a strong work ethic. It’s important to practice saying no to things that are outside of your action plan or don’t serve you, and to always keep your goal front of mind.