5 Ways To Turn Your Side Hustle Into A Business
How to turn your side hustle into a business is a question many who want to turn their side hustle into a business and quit their day job have asked. For the record, your side hustle can become your primary source of income. Now, If you have ever dabbled with that idea, this article will give you practical steps in taking the right actions. It is essential to know that some of the most successful startups are companies that were started while the founders still worked the 9-5.
Now, I have heard the question of how to turn your side hustle into a business asked time and time again and lost track just how many. While every entrepreneur’s goal is to be their own boss, many are smart enough not to leave their day job the moment they have a great business idea. So, If you have ever asked the question of how to turn your side hustle into a business, this article outlines 5 steps to take in achieving that goal.
Develop a business plan
Nothing makes a vision clearer and more attainable than a well laid out plan. Developing a business plan is the first step to take if you ever hope to one day turn your side hustle into a real business. An ideal business plan will include an executive summary, business overview, market and competition analysis, sales and marketing plan, financial plan, and management. Your chance to turn your side hustle into a business goes up exponentially with a plan.
There is absolutely no chance of you ever turning that side hustle to a business if you consistently burn yourself out. In fact, research shows that burnout is evidently the course of many startup failures. Now, imagine someone focused on starting up a venture, no full-time job, no distractions, and still, they suffer from burn-out, which ultimately leads to failure. How exactly can you who is working the 9-5 succeed without burning out?
To starve off burning out, especially when working a full-time job, ensure to devote a few productive hours into your side hustle. Yes, your side hustle needs a lot of hours. However, while you might be tempted to work 7 days a week in making that dream a reality, ultimately, it won’t count for anything if you wind up in an ER. So, in turning that side hustle into a business, avoid working to the bone. Invest some really productive hours in, take at least a day off weekly from all forms of labor, and automate some processes.
Don’t Be in a rush
For many who just want to be entrepreneurs really fast, it is important that you avoid the temptation to rush the process. It is important to note that there is no ideal duration to run a side hustle before making it your sole job. It can take anything between a year and 5 years. The important thing is knowing the right time to break off – not too soon, and certainly not too late. Many make the mistake of leaving their day job before their side hustle is ready to be made their major source of income. A mistake to avoid if you desire to one day turn your side hustle into a business. How to know the right time to scale? When your side hustle is making at least two-thirds of your income or higher.
Don’t do it alone
It is accurate that a side hustle that you desire to one day turn into a business requires a lot of time and dedication. What better way to put in that time and dedication without burning-out than by having a partner. According to Entrepreneur, 72% of their survey respondents set up their side hustle with a partner. It could be with a family member, friend, or partner. One thing is certain; doing it with the right partner increases your chances of turning your side hustle into a business.
Manage your risk
Many individuals neglect to minimize the risk to their side hustles by getting little things such as insurance. It’s easy to think that your side hustle doesn’t need insurance; after all, its not a full-time business yet. However, if you ever hope to turn your side hustle into a business, it’s important that you first see it as a business. This means also treating it like one and getting it insured. This will protect you from claims, lawsuits, etc.
Another way to manage your risk is to begin planning your life on a new income level. When starting a side hustle, ideally, your paycheque will become your funding source. Your business will also, in its early years not make you as much as you earned at your workplace. Learning to live below your means for when you eventually need to quit your job will undoubtedly help turn your side hustle into a successful business.
Take the leap
If you have ever wondered about how to turn your side hustle into a successful business, this article gives you 5 steps to take. If you’ve always dreamed of being your own boss, starting a side hustle can be a good way to segue into entrepreneurship and test the waters. However, adequate planning and hardcore dedication will help pave the way to success.