TOO BIG TO FAIL is no longer a measure of viability. Having you ability to pay rent in the hands of some big corporate board with no names is not viable for a Generation that is disrupting the “BUSINESS AS USUAL” model.
According to a study by Side Hustle Nation, 70% of Gen Z and 64% of Millennials search for topics related to side hustles. This trend is likely due to several factors, including the rising cost of living, the desire for more flexibility and control over one’s work-life balance, and the increasing opportunities to make money online.
In terms of specific searches, some of the most popular include:
- How to start a side hustle
- Side hustle ideas
- How to make money online
- How to start an e-commerce business
- How to start a drop shipping business
- How to start a vending machine business
- How to start an affiliate marketing business
There are many different ways to make money online, and people are looking for information on how to get started.
If you’re thinking about starting a side hustle, there are a few things you should keep in mind. First, make sure you have a clear goal in mind. What do you want to achieve with your side hustle? Are you looking to make extra money? Are you looking to start a business? Once you know your goal, you can start to develop a plan.
Second, choose a side hustle that you’re passionate about. If you’re not interested in what you’re doing, it will be difficult to stick with it. There are many different side hustles out there, so take some time to find one that you’re excited about.
Third, be prepared to work hard. Starting a side hustle takes time and effort. Don’t expect to get rich overnight. But if you’re willing to put in the work, you can make a good amount of money on the side.
Finally, don’t be afraid to ask for help. There are many resources available to help you start a side hustle. There are books, websites, and even online communities that can provide you with guidance and support.
MGSN is the new Business and Law News for the New Generation. We conduct research into varied market trends, and we provide a significant amount to varied resources to help our followers, whether it is gathering information for learning purposes, entering into the Startup space, looking to build out a Startup, expand enterprise solutions or deploy Turnaround solutions.
Although we feature innovative Tech, our focus in on the SME sector, Non-Tech and Tech.
Some of articles contain innovative research, analysis, and Concept Generation, free of charge, to inspire the inner Entrepreneur in you. In other articles we document the struggles and success of Entrepreneurs to inspire our followers.
In this article we are going to feature young Entrepreneurs who developed side hustles to survive and now they thrive. We will take a deeper look and examine the passion for baking as a side hustle.
Here are a few tips for young Entrepreneurs who want to start a side hustle as a baker:
Start small. Don’t try to do too much too soon. Start by baking for friends and family, and then gradually expand your reach.
Get organized. Baking can be a lot of work, so it’s important to be organized. Keep track of your recipes, ingredients, and expenses.
Market your business. Let people know about your business by word-of-mouth, social media, and online advertising.
Be patient. It takes time to build a successful baking business. Don’t get discouraged if you don’t see results overnight.
With hard work and dedication, you can start a successful side hustle as a baker.
There are obvious differences in building a Tech Startup and selling baked goods as a side hustle. A little less obvious is very important similarities. Market Research and Research & Development (R&D) Side Hustles and Startups need structure to nurture and preserve the passion that is driving the exploration of the Startup. Developing a sound structure for the side hustle will also prevent burnout.
R&D provides insight into successful models that were able to launch side hustles into the marketplace. It also provides insight into product/service line development. If your go to recipe is killer butternut cookies and you want to expand into other products to enhance the value offering and market size, a dedicated R&D will provide you with a solid product/service line buildout. As you are building sales and market size for your cookies, your R&D will provide you new products lines that can align with your marketing efforts.
An example of this is build out product air fried donuts. Your R&D identified a vendor that will provide bakery boxes with your side hustle name printed on the box with your logo. Your R&D identifies that the local church group meets on Tuesdays and attracts young students from the local university. You volunteer to supply the coffee and donuts. Your side hustle twist, healthier air fried donuts that are more convenient and cost effective to make. In this example you effectively merged Business Development with Product Development.
The point to remember is the purpose of the Market Research and R&D is to test and refine the Concept that was generated for a side hustle Startup. The goal is to obtain proprietary Market Intelligence. Business information is not just the results of internet-based research but market intelligence obtained from seminars, webinars and classes. Here are some examples of the means to gather proprietary market research for a bakery side hustle:
- Take some baking classes or workshops to learn new techniques and recipes.
- Invest in some quality baking supplies.
- take the class to obtain a food handler’s permit.
- Obtain certification for food safety regulations from local government agencies, or communities college. The online government courses are convenient and can be done online, but courses at local community college will allow you the opportunity to expand the R&D into market development. Community colleges are a perfect resources to build new markets for the ,”Bakerprenur”. Hungry students and community group meeting provide a steady source for Business Development.
- Conduct a Competitive Analysis and ensure the price your products are competitive.
- Explore and develop delivery or pickup options.
- Build relationships with local businesses and organizations.
- Participate in local events and festivals.
- Legal compliance should be a goal of every Side Hustle and Startup. Lawyers are expensive but you can do some legal research on government sites and public libraries on the compliance requirements for preparing and serving food to the public. Once you have gathered the information then seek out free (pro bono) services in your area from the Lawyer Organizations. Depending on the country Lawyers organize in Law Societies or Bar Association. These groups are helpful resources in finding pro bono or deeply discounted legal advice. If your bakery side hustle is in Nairobi the Kaw Society of Kenya-Nairobi branch offers a resource. If you are in New York, the City Bar Association of New York offers several resources. Law Schools are also good resources. If your side hustle is in Singapore the National law school is a good resource. Wherever in the globe you are launching your side hustle research the Law Societies and Bar Association, as well as the local law schools to ensure you won’t lose money or worse from law enforcement.
There is a universal experience by Founders once the decision is made to launch the side hustle. A certain euphoria settles in, and you are consumed with the passion of your new project. Many Entrepreneurs begin to lose interest in the day job. It is important to keep balanced in building out your passion in the side hustle. There will be good days and bad days in the build out from Concept to Startup and on through Enterprises. The R&D stage is a good experience to develop modulation in the development of your side hustle.
One important value that is developed out of the exercise of modulation is endurance. One reason Startups survive and thrive is the founder’s endurance. Founders are not born with endurance. It is developed. The R&D stage is the perfect time to build the first step of endurance. Founders of side hustle come out of Concept Generation with a burst of energy and can’t wait to get to the market. A rush to the market isn’t usually a good idea. Endurance is developed by protecting that burst of energy with structure. As the tough days visit side hustle, inspiration is a strong tool to move onto the brighter days. Here are some inspirational Entrepreneurs that are baking their way to success:
- A few years ago, Chinnie Lala arrived in Bridgeport, Connecticut from Nigeria. When Covid hit, she needed a gig to help ends meet. She did what most good Entrepreneurs do when confronted with a problem. She knew she could bake and took that asset and leverage it into a side hustle. She developed and rolled her first product an Italian styled donut, bomboloni. Her donuts quickly became popular, and she was soon selling them at local farmers markets and coffee shops. In 2022, she opened her first brick-and-mortar bakery.
- Liz Marek. Liz Marek is a baker who started her side hustle baking cakes and other desserts in her home kitchen in Portland, Oregon. She started selling her baked goods online and at local farmers markets, and her business quickly grew. In 2015, she opened her first brick-and-mortar bakery. The endurance she developed through her side hustle built that Entrepreneurial skill to reposition skill sets and leverage available resources She repositioned the bakery model to a baking media company.
These are examples of bakery side hustles that became successful businesses. If you’re passionate about baking and have a great product, you can start your own successful baking business. If you walk into side hustles and not run into it, you will develop that endurance that will build the Entrepreneurial skills to reposition assets to survive and thrive.