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Entrepreneurship 103 | Grow A Side Hustle

Entrepreneurship 103 | Grow A Side Hustle

2019-03-25 
| Posted in Kingmakers Corner

Grow a Side Hustle

Daily, we hear of different people with interests in chasing side hustles, some delve into ride-sharing, cake-baking, perfume-selling, home-cleaning… etc. But then months later, you hear them lamenting the fact that they feel stuck in neutral, and they are close to giving up.

 

Many of these people had great aspirations, but that’s all they had. Aspirations. Many don’t have any results to show for all their ambitious goals in life. Just like it’s possible to spend six years acquiring a four-year degree, and get stuck in a job that’s going nowhere, it’s also possible to fail at growing a side hustle.

 

Unfulfilled goals, of course, can lead to disappointment, depression, and just a general dampening of your drive, which only makes it harder to keep hope alive. When research a little further into the lives of such people, we find a few things in common.

Thinking

First, there are the excuses. “The economy is bad” “There are no customers, ‘everybody pocket dey tight’” “I don’t have enough time.” You get the idea.

 

The second thing we often see is that they’ve just been doing the bare minimum to coast along. A lot of them think “showing up” constitutes real effort, and that the chips of their dreams will magically fall into place.

 

These guys will never understand a very important truth: the world belongs to hustlers. Hustling = doing whatever you have to do, for however long as you must do it until you reach your goal.

“Things may come to those who wait…but only the things left by those who hustle.” – Abraham Lincoln

Waiting man

A man’s reasons for not hustling can be subjected to laziness and to the fear of failure. The truth is nobody determines how hard you hustle but you. Wherever you are in life, you can hustle to get where you want to be.

 

So, we’ve had Kingmakers (BetKing Agents) become super agents in less than 3 months. Turning over profits of over N800k monthly and we’ve seen Kingmakers stay at their level, comfortable, earning N150k in commissions and sports bonus. “Different strokes for different folks” – Muhammad Ali.

 

So how do you ensure, your side hustle grows?

1.    Effectively manage your time

It sounds basic, right? But, how well are you managing your time? The truth is that most of us waste lots of time. When you waste time, you have less of it on things like growing your side hustle.

If you want to figure out where all the time is going, start logging all the time you spend. Chunk them into 15-minute or 30-minute intervals. Use the quadrant time management system. Simply categorize each of the types of activities that you did during that interval based on the following four quadrants:

•    Quadrant 1: Important and urgent crises that must be handled in that very moment

•    Quadrant 2: Important but not urgent tasks related to your long-term goals (i.e. growing your side hustle)

•    Quadrant 3: Not important but urgent tasks that interrupt your time

•    Quadrant 4: Not important and not urgent tasks that simply waste your time (i.e. binge-watching television or endlessly surfing the web).

If you're serious about scaling your side hustle, then knowing where your time is going is crucial.

 

2.    Follow the 80-20 Rule.

The 80-20 Rule, or the Pareto Principle, states that 80 per cent of our results come from 20 per cent of our efforts. When it comes to your side hustle, that means that only a fraction of your efforts is generating the biggest results. The key here is to identify those efforts if you intend to scale.

In fact, the best way to scale your side hustle idea is to follow this rule. By tracking your time, you can better manage this. But you need to be meticulous about how you track all your efforts. Identifying this might be a challenge. But, once you do, the sky really is the limit.

 

3.    Spend one hour of everyday planning.

Take the first hour of every morning and spend it planning. Sit and think about your business. Notebook and pen in hand, do it the old-fashioned way. Ditch the laptop and phone for the hour. Turn off all the other distractions. And just write down what it is you plan to do to get you from your current situation toward your goals.

If you're serious about achieving your goals, you need to plan. The devil is in the so-called details. That's why you must obsess over the planning phase. Make it a habit. Do it every single morning. It will help you to determine what's working and what isn't.

 

4.    Model other successful businesses

Except you invent an entirely new industry, there are always businesses you can learn from, the truth is success always leaves footprints. Learn to model what works.

So, in our business, there are Kingmakers who have grown rapidly within a short period of time by replicating what other successful kingmakers have done. For instance, a new Kingmaker decided to replicate a Super Kingmaker’s strategy, by giving N50 worth of virtual credit to everyone who played games above N1000. That kingmaker is also a super-kingmaker and it took him just 3months to become one.

 

5.    Activate collaborations that will help you grow

So, for a Kingmaker, royal service and comfort should ordinarily be of priority to you, think of collaborations that can make your service better and the kings that visit your shop comfortable. Different Kingmakers have thought up so many collaborations and popular ones that have stood out, are partnerships with food and drink vendors.

 

6.    Leverage on all Social Media and Content Marketing platforms

Let your friends on Facebook, followers on Twitter, connections on LinkedIn know what your side hustle is, actively target and engage your audience, if you’re Kingmaker, give punters booking codes; this will drive traffic to your shop.

 

7.    A customer-centric approach

Have you heard that Customer service is the new marketing? Word of mouth travels fast these days. Make your clients feel like royalty and they’ll turn to affiliate marketers.

 

8.    Adopt a lean financial model

Financial intelligence is key to keeping any business afloat, mapping out your business drivers; costs (overhead, CTS, CTA), revenues; is very important. Always be prepared for the worst possible scenario. Don’t spend like you have arrived when you have, spend like you are hustling (Assume you will only start making profits after a year).

We are certain there are a million more ways to grow a side hustle and most of them will be peculiar to whatever business you decide to delve into.

 

Remember BetKing, the playground for kings, is offering you the unique opportunity of owning your own personal business by partnering with the fastest growing sports betting network in Nigeria. Our industry proven products, qualitative training and support team are ready to set you up and running in no time to achieve your goal. 

Get commissions up to 30%, competitive odds on sports and virtual trading, prompt payment within 24 hours, up to 225% multiplier bonus on online games, free equipment and installation, a dedicated customer support team, all with a starting capital of N25,000.

What are you waiting for? Become a Kingmaker today

Become a Kingmaker

 

 

 

 

 

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