The time has come. You’re thinking of starting that retirement side hustle you’ve always wanted to. You’ve thought through the idea over and over again. It’s a solid idea. You know there’s an interest in it. You’re ready to go.
So, what’s holding you back?
If you’re like most people, including many creative people, you’re worried about the one thing you might have overlooked. That’s one reason you kept going over and over that idea of yours.
Don’t let the perfect be the enemy of the good. Think of your initial foray into your side hustle adventure as just that: an adventure. What’s the fun of it if you knew exactly what was going to happen next?
That’s not to say you should jump into it willy-nilly. A little advanced research increases the likelihood of success and profits. And there’s nothing that spells F-U-N better than profits!
So, again, what’s holding you back?
For many, it’s three things. Don’t worry. These aren’t immovable objects. In fact, if you put your mind to it, these aren’t even close to being bumps in the road, let alone full-fledged obstacles.
Why?
Because this is a retirement side hustle, not a Fortune 100 company, you’ve got a lot of leeway. That’s your advantage.
So, what are the three things you need that will stop holding you back? The following is the first in a series of three articles that will answer this question.
Foremost, you need to get your mind in order. That means preparing for success by envisioning it. Don’t let negatives overcome a positive mental attitude.
That’s not to say things will be easy, especially at the beginning. You’ll need to summon up all the courage you have when you first dip your big toe into the side hustle swimming pool.
“I needed courage, money and product, in that order,” says Thyme Sullivan, Co-Founder & CEO of TOP the organic project in Duxbury, Massachusetts. “I was so nervous to tell people about my business early on because I didn’t want to be discouraged, and I didn’t want anyone to steal my idea. My advice now: tell everyone and ask for help. There’s a quote from Phil Knight, the founder of Nike
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, ‘The cowards never started, and the weak died along the way.’ That sums it up.”
Part of that fortitude is the ability to believe in yourself, no matter your level of experience.
“All I needed to start was a domain name, time, and the effort to overlook my own shortcomings,” says Hannah Fisher, Founder of HVAC Supreme in Chicago. “I’m not a professional writer. I have limited background in my field (but I have access to experts) and am not a webmaster by any means. But saying to myself that I could do it helped a lot.”
Alongside courage comes passion & perseverance. One drives you on a determined course while the other keeps you driving.
“Passion, along with the ability to take risks and access to capital, is one of the critical components to entrepreneurship,” says Craig Hall, Chairman and Founder at HALL Group in Dallas. “Perseverance is also key, as starting a new business is extremely difficult and requires working through a lot of red tape.”
This implies a certain toughness. It’s why many call entrepreneurs “rugged independents.”
“You need the skin of a crocodile,” says Ratna Singh, CEO & Founder of CAR.O.L, in London, England. “Every day, someone might shoot down your idea, but you have to have unwavering faith in your product, team, and yourself to keep moving forward.”
Enthusiasm really makes this possible. If you’re excited about something, you don’t stop. The adrenaline pushes you on, despite any setbacks. That’s why it’s important you pick a side hustle with your heart as much as your mind.
“I needed something I was passionate about,” says Vincent Zurzolo, COO of Metropoliscomics.com and ComicConnect.com in New York City. “I love art and I love comics. That propelled me. I soaked up information and kept going from there.”
This zeal gives you the tenacity to not stop on your first try. Remember, just because you aren’t letting the perfect be the enemy of the good doesn’t mean you can’t make the good better.
“You need patience and grit,” says Brian Coughlin, Founder & CEO of Hear It, LLC in Evanston, Illinois. “I felt like giving up all the time. I had to build four versions of my app before finding a way to make it work as intended, and then Apple
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rejected me seven times before improving the experience to meet their premium quality standards (Android published the first version of Hear It in about 24 hours). I had to keep getting back up when another problem or rejection came my way.”
If you’ve got your mental state tuned this way, you’ve mastered the first need to create a successful side hustle. You’ve attained a confident spirit.
“I needed motivation mostly,” says Andrew Roderick, CEO at Credit Repair Companies, in Phoenix. “The drive and confidence in myself to make me feel I could do it.”
Even if you’ve already gone through an entrepreneurial experience, the fear of the unknown can overwhelm you. Don’t let it.
“I’m on my third company now and I still need the confidence of knowing that what we’re doing is going to work even when it looks like nothing is going right,” says Rhett Doolittle, CEO & Founder of Business Warrior Corporation in Phoenix.
And in this ever-changing world, self-confidence allows you to go with the flow.
“Aside from funding, I needed to have an adaptive spirit,” says Anne Fulton, Chief Executive Officer at Fuel50 in Manhattan Beach, California. “With technology changing the way we live at an unprecedented rate, it would only make sense that it would also change the way people work.”
Sixty years ago, Norman Vincent Peale wrote The Power of Positive Thinking. In it, he referenced several rules you should practice regularly. The first three stand out. “Picture yourself succeeding.” “Think a positive thought to drown out a negative thought.” “Minimize obstacles.”
A little bit of positivity goes a long way to creating a fun and profitable side hustle.
Once you’ve focused the mind, it’s now time to address the body.