In 2014, I was an equities trader on Wall Street. Drained by the long hours, it eventually became clear that the job and the lifestyle just wasn't for me.

Prior to finance, I worked as a tutor and a teaching assistant. Looking back, I realized that when I was supporting my students, I had a true sense of purpose. So I decided to pursue my passion for education.

For the last decade, I've been working as a private tutor, helping both students and young professionals achieve their academic and career aspirations. I charge up to $1,000 per hour and work from home, about 20 to 25 hours per week. 

My students often ask me about how to start a side hustle or business of their own. Here's what I tell them:

1. Do your due diligence

Network with people in your chosen field to get a clear sense of what their day-to-day is like. Ask them what lights them up about their work, and what kind of challenges they encounter.

Once you have that information, speak with people who know your strengths to get a better sense of whether this move would be a good fit for you.

DON'T MISS: How to change careers and be happier at work

When I first started as a tutor, I shopped my resume around a lot as an independent contractor, and thankfully got more yeses than noes. But if I could go back and do things differently, I would have connected with other tutors to learn their best practices and get more involved in their networks, too. 

2. Figure out what you're worth, and don't limit yourself

As you are having these fact-finding conversations, it's a good time to develop your plan to make your first dollar.

When you figure out what the least and most you can make is, you can set your pricing accordingly to grow along with your reputation and client base. Don't be afraid to think expansively. 

I partnered with several agencies in New York City and joined online tutoring platforms like Wyzant. I started at $50 to $100 an hour, then prioritized the channels that would allow me to increase my rates over time. 

3. Understand what parts of the job excite you—and what you want to avoid

I love working in education. But that doesn't mean I'd be as fulfilled as I am now if I were a professor.

A professor is often spending just as much time on administrative work like grants and paperwork as they are on actually teaching. As a tutor, I have plenty of work to do outside sessions to run my business, but the bulk of the day to day work is directly engaging with students. 

That's the same reason I have remained independent rather than scale up and open an agency of my own. I got into this to connect with and help people achieve their goals, not to spend my days doing admin work.

There have been times when I had to pivot and compromise, but it has been on my terms. As I became more of a specialist and partnered with Forum, an agency full of tutors and subject matter experts, I ended up doing less work in some of the areas I love, like math and philosophy, because of my expertise in finance, economics and business. 

4. Stop trying to please people with your career choices

I had to make a radical commitment to being open to exploring different paths — without being overly concerned about other people's perceptions of me.

For example, I had to let go of thinking: I'm a finance guy, so I should get another finance job. If I don't, what will my family, friends and former colleagues think of me?

It takes courage to start from scratch. In addition to creating something entirely new for yourself, you have to reconsider what you thought your future life would look like. But to be able to pursue work that really fulfills you, I find that it's all worth it.

Steven Menking is the Founder and CEO of Menking Tutoring. He is represented by New York-based tutoring agency Forum Education. In addition to providing personalized support to students, Steven creates standardized test preparation courses, trains investment banking analysts and associates as an instructor for Wall Street Oasis, and delivers financial consulting services to businesses via R Sigma.

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