Episode 171 - Guaranteed Success Plan for your Side Hustle / Small Business

Custom Apparel Startups

Guaranteed Success Plan for your Side Hustle / Small Business

You are getting ready to start a side hustle, or maybe you haven't pulled the trigger yet. (Actually, even if you have already started there might some things to learn.)

This Episode is really for those just getting started or looking to get started on a shoe-string budget.

Many small business owners and side-hustle permutations have 2 things in common.

1. They never start out of fear of failure.
2. They start and immediately give up. Don't even make it past the first month.

By the way, there is nothing abnormal about this. We are 100% guilty of it. Our friends are, our family is.

So we have put together a plan based on our experience, knowledge from the industry and lots of other sources around the web. This plan works, all you have to do is follow it.

Know what you plan to offer and who will pay for it.

This is often what we have described as niche marketing. You should have an idea of which markets you will sell to, what they will buy, how much they will spend.

1. Dance moms - t-shirts, tote bags, plaques, awards
2. Restaurants - Aprons, polos, t-shirts, menus
3. New moms - Bibs, baby apparel, diaper bags
4. Local small business - polos, hats, t-shirts, signage

Create an expense budget

What's it going to cost you to run this business. This is like the bare minimum budget. We aren't talking about spending money on ads yet, or hiring anyone. This is like a year-one bare minimum budget.

1. website monthly cost
2. email monthly cost
3. state fees /set up
4. machine monthly payment
5. money for samples, practice, training, testing

Budget for no income

Once you have the budget number, you will be able to work this into money you have, and will have. This is assuming no income from the business yet. So you work this money out from your savings and monthly income. Cancel netflix so you can get business email. Stop buying Starbucks every day so you can own a machine. Eat out less so you can have your own website.

You can now OWN your own business and afford to take your time being successful.

Plan your work time

Open a new calendar in your phone or add something to a written planner. But schedule time every week to WORK. This can be Tuesday 6am-8am. Thursday 8pm-10pm. Saturday Morning 7am to 11am. Mondays 12pm-1pm (lunch power hour).

Whatever the time is you need to budget a min of 5 hours a week JUST for the business. This is the time you work. Fulfill orders, marketing, website work, Google Business Profile work, social media work, etc.

In addition to this you should have some 'floating work time' that is a time each day to reply to emails, answer customer questions, etc. This doesn't mean you WILL do this daily, but you should plan for it. Maybe it's every night after 8pm. Maybe it's every morning at 6am. It's just got to be a time when you know you can answer an email.

Also, during business hours you will need a time when you can make calls or answer calls. This should be before work, during lunch or after work. You will just need a reasonable time to talk to customers if they want a phone call (which probably isn't 6am or 10pm.)

Create realistic sales goals to get your business 'to profit'

How many shirts do you need to sell to pay that money mentioned above?

How many hats do you need to sell to make $500 a month in profit?

Once you know the numbers, write them out. Put them in a place and find a way to get to those numbers. What's great is with numbers this low, you are going to be able to reach them through referrals. Friends, family, co workers, neighbors, church goers, kids sports parents, etc.

Don't empty the profits

Eventually you will want to grow or invest in an upgrade. Whatever that is. It might be email marketing software, or a better website, or machine accessories, or a hat heat press. So don't suck out all your profits. If you are making $500 a month in profit finally... maybe just take 1/2 of that for you and keep 1/2 in the business.

Grow at YOUR own pace

There is no race versus anyone but yourself. Don't judge if you are successful or a failure by anyone but yourself. If you are stuck at making $500 a month profit ALL your first year. Well, you made $6k! If you took 1/2 of that you just made enough money to buy a new TV, a new grill and go on a long weekend getaway to the beach! You are successful.

Plan some next big steps

This doesn't need to be done before you start, but it should be done as you are going.

What opportunities are you seeing?

What is a next big growth opportunity?

How can you reach more customers?

Do you want to do farmers markets? Advertise online?

Once you have your sights on some next big steps, then you can plan on HOW you will get to them or WHEN you will start them.

The above plan ensures success because

1. It changes over time
2. You don't have any budget drop dead times
3. It budgets not only money, but time.
4. You started with a clear plan on what and who to sell to