Nowadays, it seems like everyone has a side hustle. Whether it’s a passion project or a form of passive income, a side hustle can be a great way to make extra money on the side. It can be something you studied in school but never got to use or a skillset or art form you’ve always enjoyed in your free time.
The good thing about side hustles is that they can be fun and you have the luxury to spend your time doing something you enjoy. Some side hustles become so lucrative that they evolve into full-time work and independent businesses. It’s all about having the diligence and the grit to continue building your side hustle, even when it gets hard.
Here are a few tips on how to turn your side hustle into a full-time business.
Find a Mentor
The first step to launching your side hustle into a business is by speaking with an entrepreneur or founder who has done it. Instead of feeling the need to blaze a completely new trail, it’s wise to follow in the footsteps of someone who has already done it. This allows you to learn from the wins and missteps of an entrepreneur who has already launched their side hustle into a full-time business.
One pro-tip to connecting with a mentor is to be upfront about expectations. Consider reaching out to more than one potential mentor as everyone has different skills to teach and wisdom to share.
Figure Out Your Niche
There are so many startups out there, but don’t let that get you discouraged about launching your side hustle into a full-time business. It is crucial to find your niche because it is the thing that makes your own business stand out. You should be able to articulate your niche and what your brand offers in a stand-out statement. Think of this as your elevator pitch. Tell potential customers what they can expect.
Write Down Your Goals
If you want to turn a profit, it’s important to create measurable and achievable goals. In order for your side hustle to become a full-time business, lay out your goals, your budget and the resources you have and that you will need. Start with short-term goals that can be reached in a specific time frame. Create a timeline of how long it might take to reach your goals.
Create a Business Plan
When you create a business plan, consider this to be your brand/business bible. Your business plan will delineate your vision, strategies and financial projections.
Take time to do market analysis and check out competitors. Next, create a marketing plan for how you might attract customers. You will also want to lay the groundwork for the daily operations of your business and create an operational guide to keep yourself organized.
Build an Online Presence
Today, no new business can truly thrive without some sort of online presence. This might encompass a website, email address, Facebook, Instagram, LinkedIn, or TikTok. Creating an online presence allows people to know what you are all about. It showcases your expertise, your services and your prices. This is how you showcase your best work. The format will depend on your business niche and the work you are showcasing.
Manage Your Money
As a freelancer or contract worker, you’ve probably gotten good at managing money. Those skills will come in handy as you move toward taking your side hustle full time. Brush up on those negotiation skills because this will become a regular part of your life as an entrepreneur.
Research your industry and speak to other entrepreneurs in your field to get a better understanding of the market price for your services. Then, figure out what is an annual salary that you can survive off of and make a solid living. Based on this information, determine your pricing, and figure out if you will charge hourly or at a fixed rate.
Decide When to Make the Leap
When your side hustle income begins to rival that of your full-time job, it might just be time to make the leap. Consider how much more growth you can reach in your full-time job. If you feel like you’ve reached a ceiling, it might be time to make a move.