5 Ways to Turn Your Side Hustle Into a Full-time BusinessComments Off on 5 Ways to Turn Your Side Hustle Into a Full-time Business
By Natasha Mitchell: Owner Inspire & Drive
Side hustle much? No, its not the latest Salsa move – it’s the way to make extra money outside of work hours. In a study conducted by the Harvard Business Review the freelance community makes up 34% of the U.S. workforce. Of the 53 million freelancers, 14.3 million are side hustlers or “moonlighters” (if we want to be politically correct). That means 27% of all freelancers also have full time jobs.
The intention is that you want to eventually grow your side hustle into your own fully-fledged business and be your own boss. Our passions tend to sneak up on us and demand attention. They tickle our inner entrepreneur to encourage you to exit out of the corporate grind. But wait…before you make any rash decisions, test the proverbial waters first.
Let Your Passions Guide You…
I once worked with an incredible woman who would always arrive at work with the most delicious sweets for any celebration. We lived for of the next birthday, anniversary or promotion because she would arrive with cakes, cookies, and other treats.
We all knew her passion lay in baking. And it was her passion that led to her side hustle organically. People would ask her to make her creations for their different family moments –and a side hustle business was born.
You might not have a specific passion fueling your move, but perhaps the all-consuming dream of owning your own business is inspiring your corporate exit. I know that’s what gets me joyfully out of the bed in the morning. Turn Your Ideas Into a business
A Hustle or A Hobby?
However, being the best baker (or your equivalent) in the world does guarantee overnight success in business.
To turn your hobby or skills into a viable business you need to apply the same discipline that you usually reserve for your full time career, into your side hustling activities.
For many people their side hustle might actually be costing them money and when placed under a financial microscope could highlight that it is just an expensive hobby.
Your full time job is paying the bills and providing you with a good sense of security. This obviously allows you to take a few risks and invest in your side hustle. However, don’t fool yourself into thinking that your side hustle is a huge success, if in fact your full time job is keeping you afloat.
If customers are not buying from you and you continually use your salary to fund your side hustle – then it may just be a hobby.
But with a plan and a bit of know how, you could be on your way to your business breakthrough.
Follow these 5 tips to turn your side hustle into a real business from the get go:
1. Start with clear objectives and goals – Even if you don’t know exactly what your side hustle will be just yet, think about why you want one in the first place. Do you want to keep your day job and just make a bit of extra cash on the side or do you want to build a business to replace your regular job?
2. Get clear on what you sell – Value Proposition – Explore what problems or needs people have and think about how your skills and experience can provide them a solution that will make a real difference. A lot of side hustlers have great ideas for products or services but if you don’t provide a big benefit to real people you will not have a viable business.
3. Identify your idea customer – Niche – Niche and value proposition go hand in hand. When you get clear on what you offer, you can narrow down the kind of people that you can best serve and design your products and services specifically to them. These people will become your biggest fans and loyal customers.
4. Give yourself a budget – and stick to it! This will be a true test of whether there is a real market for your idea and whether your side hustle can make money as a standalone venture. If you want to support yourself by your business alone it has to be financially viable.
5. Give your side hustle structure – if your side hustle was your full-time business, wouldn’t you invest in expert help, create detailed plans, prioritize activities, give yourself deadlines? Your side hustle shouldn’t be any different. When you start with a good plan you will know where you are heading so can be more efficient with your time, make better decisions and take the right action to reach your goals sooner.
Make Your Side Hustle Count
A side hustle is a great way to get started on your entrepreneurial journey.
It’s not easy juggling a full-time job and a business on the side so if you are going to invest the time and effort in a side hustle, make it count.
Start treating your side hustle like a real business, with plans, budgets, and prioritized action lists and remember it’s never too early to invest in expert help.
If you are serious about leaving the corporate world to follow your passions and enjoy the freedom and flexibility that comes with owning your own business, then start with a well-executed side hustle.
It’s a great way to build your skills and your business while you still have the security of your full-time job. 5 Things You Should Do Before Starting Your Own Business and will put you on the fast track to success when you finally take the leap and say “goodbye” to the 9-5 for good.
Natasha Mitchell is the Founder of Inspire & Drive. She is an experienced international business consultant helping Serious Side Hustlers and small business owners build scalable businesses and turn their passion into profit! For more about Natasha, please visit http://inspireanddrive.com/
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