5 Keys To Turning Your Side Hustle Into A Successful Business
Do you feel like quitting your nine-to-five job so you can start your own business based on what you’re passionate about?
If you said, “yes,”you’re not alone!
Many people are hesitant here because they simply cannot afford to take the risk. If they fail, they have nothing to fall back on. However, cautionary steps can still help them avoid this kind of downfall.
Many people have side businesses that have money-making potential. Those with an entrepreneurial spirit are often successful in turning these side hustles into actual businesses. That’s because side businesses are said to be more successful if the business owner is highly optimistic and doesn’t fear any failure 😉
It isn’t for everyone, but with motivation and time, you too can become successful in turning your side hustle into a successful business venture! So, if you have a passion for something scalable, you need not quit your day job this very moment. We have some great tips for you to set up your venture on the side:
1. A Solid Plan
A lot of the risk you take on can be eliminated if you formulate a well-structured and solid plan beforehand. The advantage of starting with your side hustle is that you’re able to show that it’s a potentially profitable business even before you invest.
You need to figure out the amount you need to make every month before quitting your job. This money is the amount that has to be invested in your business in order to make it successful. Depending on how you define success, create financial benchmarks and attempt to achieve those to make sure your business is sustainable.
2. Sacrificing Your Free Time
Get ready for a lot of late nights. You’ll be working way past your regular nine-to-five working hours. Be prepared to let go of any free time you had, at least initially.
This also includes missing out on parties, get-togethers with old friends, hangouts with co-workers and pretty much every weekend. Fear not, for this is only in the beginning. It will get easier once you get in the flow of things and are stable enough to even quit your job!
The reason it won’t be as scary as it sounds is that this is your passion and your talent. You’re your own boss; if the idea of finally pursuing your true calling isn’t exciting, then perhaps, this isn’t for you.
3. Scaling Properly
You may be initially tempted to spend lots of money on your new business straight away. You might see startups getting heavy investments but truth be told, growing a business slowly is usually a better option. Think about what you need to make your business successful right now. Is it essential to invest in a full-fledged office or should you be focusing on your strategy first while working from your home office?
So, scale slowly but steadily where you see the chance. Take caution in taking debt. Instead, prefer partnering with a trusted colleague so he may inject some funds into your business. You can start off with the partnership on an agreement, and then carry on from there if your partner is equally happy with the profit and loss division.
4. Avoiding Burnout
Working at a day job and simultaneously managing your side business may exhaust you. Avoiding this burnout is crucial to achieving actual results. You may be tempted to work 24/7 but it will take a toll on you and your work both. Try to take a day off in the week to regroup! You may also want to make things easier on yourself by using the invoices on freshbooks.com.
5. Consistency
Remember that no time is the best time to leave your job. Nevertheless, things will hopefully fall into place as your focus on your business increases. If you’re consistently putting your efforts into the side hustle, you’ll be able to see it grow. That will be the right time to quit your job and focus on your business.
© New To HR
