How to build a small business without losing your sanity: Slow is the way to go

'If you're not mentally ready, you just won't cope!' Entrepreneur Nic Haralambous on avoiding the pitfalls of the side hustle.

In these tough times, one source of income is not enough for many people.

If you've decided you need to supplement your earnings, it's time to take the next step and start a business on the side.

It's not just about ideas and business says serial entrepreneur Nic Haralambous, author of How to Start a Side Hustle.

The most important first step is getting your mindset right.

"Are you ready mentally? Do you have enough time in your day? "

That's where I speak to the 'slow hustle' concept... To build a sustainable business into your life you actually need to do it slowly and carefully and consistently.

Nic Haralambous, Entrepreneur and author

If you're not mentally ready for it, you just won't cope! Your day job will overwhelm you and you won't get to it.

Nic Haralambous, Entrepreneur and author

What people call a time problem is usually a problem of priorities, he reiterates.

RELATED: No such thing as 'no time' for a side hustle! 5 tips from a serial entrepreneur

Commit to a time audit... Did you really want to spend 30 hours last week watching TV?!

Nic Haralambous, Entrepreneur and author

If your priority is financially driven, then that's where your time should go.... Don't let your life happen to you - look at what's happening in your life.

Nic Haralambous, Entrepreneur and author

Checking how much time you need to sleep is important.

Go to bed before 10 pm every night for a week. Don't set an alarm, and see what time you wake up every day. Average out the number of hours you slept - that's how much you need every single night.

Nic Haralambous, Entrepreneur and author

Common mistakes on the road to a side hustle are the "Gollum effect" and holding onto your ideas too tightly, he says.

"Perfection is perilous."

If you're waiting for the perfect time to launch your idea or you're waiting for the perfect idea before you launch, you're already dead in the water.

Nic Haralambous, Entrepreneur and author

Talk to people about what you're building and see if they want to buy it from you. I promise you people aren't trying to steal your idea; they have ideas of their own.

Nic Haralambous, Entrepreneur and author

Listen to Haralambous' expert advice on The Money Show:

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