How to turn your side hustle into a full-time business
It is no longer a surprise to see that many people have a side hustle. A side hustle gives you the chance to gain extra income or feed a passion that you have.
Sometimes, those “side hustles” start to feel more and more like “the real thing,” and suddenly these people are dreaming about running a business of their own……Continue Reading
Moving away from a steady, full-time position to being on your own can be a scary thing to do yet if planned right you can actually make it work.
It’s true that being an entrepreneur is a ton of work, but it’s also completely possible.
If you’re looking to turn your side hustle into a profitable business that will be sustainable long-term, here are 6 things you need to do
1. Know when it’s time to make the move
Giving up the benefits and security that come with a full-time job is scary, and sometimes unrealistic, but it’s also dangerous to keep waiting until the time “feels right.”
Ask yourself exactly what you need to have before you can make your side hustle your new reality. A good rule of thumb is to have enough savings to live for about six months without income, and/or with the income you already have from your side clients. You should also have a clear idea of who your potential clients might be and how to connect with them.
2. Learn to effectively manage your time
Working for yourself on a full-time basis requires solid time management skills. Remember, you won’t have a boss breathing down your neck telling you when to work. Rather, that boss will be you. So get used to mapping out your schedule in advance, and figure out an efficient way to get all of your work-related tasks done without falling behind on life’s other responsibilities.
3. Build solid savings
While working for yourself at a business you love is a great way to improve your quality of life, it may not improve your financial circumstances right away.
In fact, there’s a good chance your income will be pretty strained for quite some time. Therefore, you’ll need some solid savings before you make that leap to ensure that you’re able to cover your bills as you ramp up.
4. Do what you love, outsource what you don’t
Once you start earning some money from your side hustle, you may have to invest some of your earnings back into it by outsourcing. If there’s a task that you really don’t like to do or just aren’t good at, choose someone who you can hire to take on that burden for you.
Continuously assess your business needs to determine what tools you need to keep up with customer demand and, hopefully, a steady uptick in volume. Maybe you need better equipment, or a part-time worker to share some of the load. If you’re going all in, be sure to invest in whatever it takes to increase your chances of success.
That way, you can focus on the bigger picture and help move your side hustle along. Sometimes it’s hard to give up control or part with your money, but when done correctly, outsourcing can help you grow your side hustle and make a smoother transition to a full-time business.
5. Surround yourself with smart people
As much as entrepreneurship can be a solitary job, especially in the beginning, it’s vital to your success to remember how others can help you thrive. Invest your time in like-minded people.
Take time to get to know others and their stories and create valuable relationships. So much success is built from opportunities or inspiration from people we know. Find people you connect with to talk about your ideas, write about your ideas online and build a community that empowers you. Take advantage of those around you who want to see you succeed. You’ll be surprised at how much people want to help!
6. Track your earnings
Money is one of the biggest factors that stop people from turning their side hustle into a business. It’s difficult to cope with the idea of leaving a cushy stable job and stepping out into the unknown. If you think your side hustle is not earning you enough income to stand on its own, you need to determine how much income you need to be making in order to feel comfortable.
Determine how much money you need to be making consistently, then start tracking your income each month and setting goals. Setting a clear goal of how much you wish to earn can help motivate you to start implementing strategies that will increase your profit.
As you track and increase your earnings, you also want to make sure you’re saving a reasonable amount as well. Your business income may vary quite a bit from month to month so you want to save up a large emergency fund and checking account buffer that you can rely on during the slower months.
