If your side hustle has been doing all right for a while, you’ve probably been thinking about turning it into a full-time job.
You know, a real business!
While there’s certainly no magic formula for success— and definitely there’s no one size fits all—there are a few things that help make your dream of being an entrepreneur a reality.
Keep reading to learn how to turn your side hustle into a real business faster and easier by taking notice of a few things no one tells you about.
Look for the signs.
If you’ve held a “regular” job for years, of course it’s going to be difficult to give up on the security and benefits. But sometimes, the signs are obvious – it’s definitely time to move on.
If you recognize yourself in any of the following, take the hint:
- You have a steady income from your side business that’s growing consistently
- The professional goals at your old job don’t excite you anymore
- Your side hustle doesn’t feel like work, it’s what you want to be doing
- Working your side hustle full time suits your current lifestyle
- You just feel like that’s the right move to make – your gut never lies!
Are you in the right mindset for it?
Believe it or not, the mindset change is going to be one of the biggest obstacles you’ll have to overcome.
Leave the employee mindset behind… you are your own boss now!
That can be both scary and exciting! Sure, there’s no one to tell you what to do, but that’s both a blessing and a curse because you are responsible for everything (well, for most things) now!
Don’t forget to crunch some numbers!
Dreaming about turning your side hustle into a real business is fun and all, but if the numbers don’t add up… you can’t run a business on empty!!
Usually, the recommendation is to have at least six months’ worth of living expenses in savings as that’s your backup plan!
Sometimes, your side business already generates a substantial amount of $$$, but sometimes, it takes a while for it to grow!
Also, bear in mind that 2+2 doesn’t always equal 4 in the real world because things happen, and it’s nice to have an emergency fund you won’t touch. Just in case.
The right strategy will take you places…
…but only if you have the basics right!
A creative mess may look artsy on Instagram but is soon going to give you headaches in real life.
If you are determined to grow, set a solid foundation first. That includes but is not limited to:
- Where do you keep all work-related files? How are they organized, and how do you stay organized? If another person jumps aboard, will they be able to catch up and fall in sync quickly?
- What software are you going to use, and is it free or paid? If you work with customers, how will you process orders and manage inquiries? It’s one thing to manually process a dozen orders each week and it’s completely different to have to manually deal with hundreds at a time.
- Know your sales funnel. And your ROIs and KPIs and all of the important letters in the alphabet!! Trust me, it’s going to make a world of a difference.
- Now that you are a serious entrepreneur, how will you brand and market yourself? Do you know there’s much more to branding than your logo? Can you automate most of your marketing?
Strategize, strategize, strategize.
As I said, nothing happens without the right strategy. You probably know a thing or two about your target audience by now – use that to your advantage.
Don’t just hope people will run into your business and make a purchase. Plan exactly how you are going to get your ideal client’s attention! Trust me, it’s going to make a world of a difference to your business in the short and long term.
Ready to scale your side hustle but not quite sure what would be the best step forward?
Click here to see my 12-week program designed to help you launch a successful business based on your passion!