GNT #57: 💡How to Start a Side Gig as an Executive

read time: 4.5 minutes

Side gigs are becoming popular, not just for the entrepreneurial spirited or the freelancers.

It's also for executives like you who possess a wealth of knowledge.

Why?

Because you understand the power of strategic career diversification and the immense potential to not only augment your income, but solidify your status as an industry authority.

Today's newsletter is dedicated to turning that spark into action, walking you through the steps to launching a successful side gig.

Here we go.

Types of Side Gigs for Executives

Side gigs are more than just an additional income stream.

I've talked to many executives over the last year who are using their side gig as a way to embrace growth, expand their professional reach, and ultimately...

Secure their future with additional leverage in an unknown world. 

Freedom.

Your side gig can evolve into a fulfilling extension of your career - or your next career.

Here are a few side gig examples from executives in my network:

Digital Content

Package your insights into articles, courses or e-books, reaching a broad audience and helping to solve problems at scale.

Public Speaking

Share your story on larger stages, inspiring both peers and industry newcomers. Many in my network who are speaking are also writing or have written a book (these two seem to go well together). 

Strategic Investments

Use your acumen to invest in or advise promising startups.

Join a Board

If you're interested in future paid board positions, joining a non-profit board is a great way to get started, gain governance experience, and give back.

Product Development and Launch

This can be particularly appealing for executives with a background in product management, R&D, or those who have identified a gap in the market.

Mentorship and Coaching

A fulfilling way to help others, while also honing your leadership and communication skills. This could involve one-on-one coaching, group workshops, or even online mentorship platforms.

Consulting

Offer your wisdom as a service, helping other businesses succeed while building meaningful relationships.

Blueprint for Launching Your Side Gig

Find your Niche

Identify the intersection of your expertise and passion. This is the foundation of a sustainable side gig. 

Need help? Check out GNT #37: A surprisingly simple technique to find your life's purpose that intertwines your passion, mission, vocation, and profession.

Value Proposition

Whatever path you choose, you need to clearly articulate what sets you apart. Your unique experiences as an executive are invaluable - make sure your audience understands this. 

Craft a compelling value proposition that clearly articulates the unique benefits you bring to the table.

Ethical Considerations

Make sure to assess your current commitments. Ensure your venture avoids any conflicts with your primary role.

Review your current employment contract for any potential conflicts and understand the regulatory requirements in your industry.

Craft your High Level Business Plan

Things may change as you get going, but a high-level plan will help you focus your efforts and foresee any stumbling blocks.

Consider the product/services you'll provide, your buyer, and explore various scaling and monetization strategies.

From one-on-one services to creating scalable digital products, choose a model that aligns with your vision and lifestyle. 

Also, check out:
GNT #48: 6 Tips for Starting a Successful Business
GNT #34: How to validate your idea (and avoid wasted time & money)
GNT #45: Can you answer these questions about your buyer? (Fuzzy answers don't count)

Brand Building & Online Presence

How you choose to brand and grow your side gig depends a lot on exactly what it is, but a robust online presence (if B2B, especially on LinkedIn), can significantly amplify your reach.

At the same time, don't let this prevent you from getting started. Here's 3 ways to create a website in under 3 hours.

Network Leverage

Your professional network is a goldmine. Use these connections (barring any ethical considerations) to gain traction for your side gig.

Have you nurtured your network lately? Now's the time to cultivate it even before you launch your side gig.

Have you documented your network? Or created a personal CRM? No need for fancy software when you're just getting started, a simple spreadsheet will do.

Just remember, the more you put in and help your network, the more it will give back to you!

Time Management

You are already incredibly busy.

How will you integrate your side gig into your life without compromising your current responsibilities?

If you haven't already, embrace advanced strategies and tools for effective time management.

Automate and delegate what you can.

Ruthlessly prioritize. Use the Eisenhower Matrix below to help figure out what to do now, what to schedule, what to delegate, and what to let go.

Timeblocking works well for many executives, as well as these 3 meetings to win the week.

Work-life Balance

Yes, you love growth. You're a high performer, after all. But it's ever important to maintain a healthy work-life balance while managing a side gig alongside executive responsibilities.

Otherwise you'll face burnout and question why you even started.

Need help with this?

Check out:
GNT #021: 5 Boundaries Every Growth-Builder Needs
GNT #41: You are more than your job. Don't let work define you.

Rockstar Examples

A few stellar examples from people in my network.. many more that I missed.

Zach on Leadership

Zach Hughes is Vice President of Information Technology at CHS. He is also a speaker, writer, and podcaster.

Rachel Lockett

Rachel Lockett is CIO at Pohlad Companies. She is also an author, keynote speaker, and board member.

Dan McDermott

Dan McDermott is the CIO at Tank Holding Corp and writes a wonderful blog called Retire by Degrees. He also frequently writes for The Humble Dollar blog and acts as a mentor to many.

Takeaway

Side gigs aren't just trendy, they're an opportunity for executives like you to leverage your career achievements, ignite your passion, and potentially turn a side project into more than just an additional revenue stream.

It could well be the next significant chapter in your professional journey.

So, why wait? Start small, think big, and take that first step today.

I can't wait to see where you grow from here.

If you need help, I'm a click away.

See you next week.

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