Guest Article

University of Houston expert on how to make your side hustle worth your while

Your side hustle should work for you. Photo by Hero Images

Some of today's most innovative companies started as side hustles — businesses born out of garages and dorm rooms, as founders worked a traditional 9-to-5 jobs or focused on school or family.

First of all, what's a side hustle? Chris Guillebeau, the creator of Side Hustle School, defines it as "an asset that works for you" and not just a part time job or a gig.

The side hustle can serve two purposes. The first, to give you some extra cash while you pursue your day job. The second is that the side hustle is your daydream. Either way, it makes sense that more and more people are compelled by the allure of the side hustle. It allows for extra income, it creates the incentive to learn new skills, and it is a creative outlet for many people.

In the years I've taught entrepreneurship classes and worked at the University of Houston's startup accelerator RED Labs and the Wolff Center for Entrepreneurship within Bauer College, I've had the opportunity to connect with some phenomenal student and faculty entrepreneurs who are pursuing startups, small businesses, and side projects.

I've also met with a lot of people who had no idea where to start, and no idea what to pursue. I noticed that a lot of the people who were successful at starting a company had actually started with a side hustle. Then, a colleague mentioned that she'd seen the same trend.

I realized then we needed to put more resources into helping the hustlers interested in entrepreneurship. It made perfect sense — if you have the skill to expertly execute a small side hustle, you'll have the confidence to expertly execute a not-so-small business.

That said, expertly executing the side hustle is easier said than done. A side hustle has a science to it, and more importantly, it has an art.

Whether I'm working with founders in our RED Lab startup accelerator or guiding students in our Women In Entrepreneurship course, my goal is to help people figure out the best side hustle to meet their goals, and then how to most effectively create it. These are four key steps I've identified to take a side hustle from a hobby to a potentially profitable business.

Hustle needs heart

First, we talk about brainstorming what kind of side hustle best matches your skill sets. You'll be spending a lot of what used to be "free time" on this new endeavor, and it should be about more than simply making money.

Think about the things that you enjoy doing in your day job (or skills that you wish you had the opportunity to use in your current role). Ask friends and family for suggestions ― you might be surprised at the marketability of the ideas they provide.

Branding is everything

Your raw talent and skills will get you far, but the right branding can take you anywhere. The branding of your side hustle will help to legitimize what you're doing and give potential customers the confidence to work with you.

Your brand is the DNA of your side hustle. It's who you are and how a customer feels after engaging with you. Once you define your brand, think about your brand promise (a single statement that captures the essence of your side hustle) and your brand position (the space your side hustle occupies in the market). The elements of your brand will help to guide the business decisions you make for your side hustle.

Know your value

Pricing is another major consideration when it comes to starting a side gig. In addition to capturing the materials and resources it takes to produce your product or service, you have to consider the time you're taking to run your business. Be sure that at the end of the day, you're actually adding a revenue stream rather than doing a whole lot of work just to break even (or worse, spending money to have a side hustle).

Leverage technology

In any startup, you have to make creative use of all your resources to get the job done. The phrase "there's an app for that" couldn't be more appropriate when it comes to managing the additional work and obligations related to your side hustle.

Thanks to the rapid growth in mobile apps and technology, there's never been a better time to launch and grow your side hustle, straight from your phone. From tracking your business expenses, setting reminders for appointments and calls, designing marketing materials and collateral, connecting with customers, there's all sorts of resources at your fingertips.

Millennials intuitively understand the power of technology, social media, and marketing. You can use all of those skills to your advantage to create a relevant brand and connect to customers. However, there are other concepts and information that you have to understand to create a more legitimate side hustle.

You have to really consider your customer and what unique value you bring to them. You might not be disrupting an industry or creating a life-changing innovation, but you could be putting extra thought and care into your idea that keeps your customers coming back. You also want to make sure your financials and legal requirements are properly handled. The last thing you want is to start a side hustle to make money, only to lose that money (or more than that money) due to poor planning. Make sure your side hustle is working for you.

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Kelly McCormick teaches within the Wolff Center for Entrepreneurship at Bauer College and is director of RED Labs, the University of Houston's startup accelerator.

Here's what you need to know before you toss out your old computers. Walter Zerla/Getty Images

It's important for all companies to take certain factors into consideration before they get rid of their excess electronics. I've worked in the technology industry for over 20 years, helping customers across all industries ensure the proper and secure disposal of their equipment. I specifically want Houston businesses to be aware of some of the less-obvious facts when it comes to electronics recycling and disposal — and for them to know that trusted, locally based IT asset disposition (ITAD) services are available.

The world produces 40 million tons of e-waste annually, and only 20 percent of that is being disposed of properly.

Electronic waste and its environmental effects are a serious global issue. When businesses go through technology refreshes, much of their equipment ends up sitting in landfills; this can be avoided, though. Like other widely used materials, such as glass, paper, and plastic, excess electronics and their parts can be recycled, too.

Law firms, health centers, financial institutions, and many other types of businesses aren't necessarily expected to break down electronics and recycle pieces themselves. All businesses, though, are obligated to work with a trusted IT asset disposition partner when disposing of or replacing electronic equipment to ensure that best practices for removal are followed.

Recycling and disposal experience matter when it comes to ensuring compliance with federal and environmental laws. 

Major countries around the globe, including the United States, have implemented strict recycling laws. Especially in recent years, the federal government has placed a heavy emphasis on proper electronics disposal practices. New tech products and their upgraded versions are released constantly, replacing older equipment with the latest and greatest.

For businesses, technology refreshes are often large-scale, requiring a major equipment overhaul. When mass amounts of products are left to contend with, it's easy (and common) to overlook key details. It is important to note that some environmental laws will vary by state and even by city ordinance.

Companies should partner with an ITAD professional that prioritizes reliability and is certified to a recognized, international recycling standard. e-Stewards certification offers a great example of globally responsible recycling practices that operate in accordance with specific laws. The right ITAD partner can help companies protect their overall brand integrity while staying in compliance with recycling laws.

The only way to ensure that sensitive information is safely eliminated is to wipe or shred drives.   

The rise of data breaches in the U.S. — both small and large — is concerning. Breaches often take place because hardware is handled improperly. Technology refreshes are very common, usually occurring about every two to five years for businesses.

Across office spaces, millions of megabytes of data are stored on employees' equipment. All devices, from PCs to desk phones, house potentially sensitive company information. The drives in computers are usually most at risk for compromising data. Fortunately, data can be safely removed by wiping information off the hardware or shredding it to unrestorable size.

Value can be recovered from excess electronics. 

Depending on the equipment and hardware specifications, some electronics can be remarketed as whole products or sold for their individual parts. Excess electronics are often resold at a small percentage of their original purchase price, though. But, when monetary value can be recovered from parts, companies can invest recouped revenues into new equipment.

The secondary market for excess IT equipment is quite large. Partnering with an ITAD professional that has the right network and connections can help customers achieve maximum return on investment for their equipment.

Local, on-site disposal solutions are conveniently available.  

Proper electronics recycling is easy when you partner with a trusted, experienced IT asset disposition professional. Instead of having product shipped to warehouses, companies can elect for disposal solutions to come to them. Shred trucks can wipe and destroy data off of about a thousand hard drives or SSDs per hour.

Serving as an extension of an ITAD professional's warehouse, shred trucks offer the same quality of services, but are fully mobile. On-site data sanitization services, complete with certificates of wiping and destruction, can be included. A company's IT equipment can be securely removed and documented without ever having to leave its premises.

As a facilities manager, IT supervisor, CTO, or CIO, if you don't already have a technology recycling program in place, you should start assessing your needs. If you do have an IT asset disposition program in place, make sure your partner is thoroughly qualified. The five disposal facts I've listed should serve as a guidepost for industry best practices.

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Ed Wooten is Smith's director of ITAD, or IT asset disposition.