So you’ve been passionate about your side hustle for some time now? Maybe it’s still something you do for fun, or perhaps you make a little money from time to time. Either way, if it’s something you love doing, why not turn it into a full-time business?
If you have the resources and systems in place to one day quit your day job, then why not get the ball rolling and turn that hopeful dream into reality?
Entrepreneurs with enough drive and energy to work on their own projects alongside a day job usually find great success when setting up a business as they choose to dedicate their ‘spare time’ making money from work they are excited to deliver.
Providing you’re prepared to calculate your next moves and make it happen; then there really isn’t anything holding you back when it comes to turning your side hustle into a successful business!
Start simple with no longer referring to your side hustle as a hobby. It’s considered your business from here on out. Now we have that cleared up; it’s time to lay the foundation for your new business. There’s plenty of valid reasons for why people are reluctant to quit their 9-5 gig, as it can be risky if you don’t have a solid plan in place.
If you’ve been working on your side hustle for a while, chances are you’ll have some idea about how successful it could be, should you decide to give it your full attention and use it as your main source of income. If you make consistent money but just don’t have the time around other work commitments, it’s probably a viable business idea and can succeed if given the time it needs.
Plan how much money you need in order to leave your day job, it’s usually wise to save a few months extra too (just whilst you find your feet as a fully-fledged entrepreneur). It’s also important to consider any startup costs and how much money you need to make from your business before it becomes profitable.
Before defining your finances and planning your benchmarks, you will need to determine your business goals This will play a crucial factor in whether or not your side hustle is a sustainable business plan.
Typically, you’ll continue to work for your employer until your business is stable enough for you to leave. This means working two jobs affectively, in the short-term that is, until you make enough money to hand in that notice! Be prepared to make sacrifices, as success isn’t built overnight. Blood, sweat, tears, and many hours of hard work will be needed - so be ready to hit the ground running! Sacrificing social events and giving up your weekends may not seem like a hard ask during a lockdown, but when the restrictions lift, be prepared to head straight home and miss out on those after-work drinks!
Think outside the box when it comes to marketing your products and services. For example, since the coronavirus outbreak, businesses have been forced to adjust their strategies and adapt to new ways of working in line with social restrictions. Take real estate companies; they’ve been busy utilising technology such as virtual reality (VR) to promote their work. A business that’s marketed themselves particularly well is UK based property investment company RWinvest. They have adopted VR technology and have made use of online guides, blog posts, email and set up a property talk podcast.
Put your brand anywhere and everywhere that’s relevant. If you’re a freelancer, consider signing up to sites such as Fiverr.com and Upwork.com to gain momentum for your business!
Finally, it’s time to take the plunge. Providing you’ve set yourself up with a concrete plan of action, you’ve worked your butt off and generated enough money to take the leap of faith then there’s nothing stopping you from quitting your day job.
For most business owners there’ll come a natural turning point when you’re either earning enough money, or you literally don’t have enough time to work on both jobs (no matter how much sleep you’re willing to sacrifice). The main thing to keep an eye on before going out on your own is your finances; the other kinks tend to iron themselves out over time.
So, wherever you are on your business journey, it’s time to start planning, calculating and putting in the leg work to eventually turn that side hustle into a flourishing business!
You may want to check out our post on some top tips for new small business owners for those who have recently taken the plunge and have already turned their side hustle into a business.