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Identify who your customers are. Segment your market to understand the different groups of people you aim to serve and their specific needs. Tailoring your offerings to meet the needs of each segment can enhance customer satisfaction and loyalty.
Determine Key Activities and Resources
List the key activities necessary to operate your side hustle, such as marketing, sales, product development, and customer service. Also, identify the resources required, including physical assets, digital tools, and human resources.
Outline Channels
Describe how you will reach your customers and deliver your value proposition. This includes sales channels (e.g., online store, marketplaces, direct sales) and marketing channels (e.g., social media, email marketing, content marketing).
Analyze Cost Structure
Understand the costs involved in running your side hustle. Fixed costs (e.g., web hosting, subscriptions) and variable costs (e.g., materials, shipping) should be identified to manage your budget effectively.
Setting Up a Financial Plan
Estimate Startup Costs
Calculate the initial investment required to launch your side hustle. This includes one-time costs such as equipment, website development, and branding, as well as recurring costs like hosting fees, inventory, and marketing.
