Just about everyone has a side hustle or skill they use to get extra money in their wallet. This will teach you a few ways to expand that side hustle into a real business with some simple changes.
Treat it Like a Business, Even Though it’s Your Side Hustle
You have to get into the business mindset even if you’re only making a few hundred dollars a month. This means never working for free. It also means scheduling times when you work on your side hustle instead of just doing it when you feel like it. You’ll want to go the extra step and have a logo designed and business cards made. It’s a great idea to have a website built to show off your skills and prices.
Put More Time Into it, Skip Weekends if You Must
Many part-time entrepreneurs have it hard. They have a full-time job, a family, social lives and other things to take care of. While that’s true, you can’t expect to be successful until you put at least 20 hours per week into your side hustle.
Most people have to put this time in after their full-time job is over. This means you might have to skip out on weekends and relaxation for a little while. It’s not fun, but it is worthwhile as you grow and expand your side hustle.
Manage Risks Early On
Every side hustle and business has risks involved, but there are measures you can take to protect the business. You may not realize this until something goes wrong and you’re suddenly hit with a lawsuit, which is why having business insurance is recommended, no matter what size it is. Nearly a third of people with small businesses and side hustles don’t have small business insurance. This means you’ll face the full impact of any lawsuit if one comes around. Do yourself a favor and get some insurance. You might never need it, but you’ll be happy if something bad happens and insurance is there to protect you.
Plan for Financial Stability
Taking the leap and turning your side hustle into a real business is a rush. You finally get to set your own hours and make money on your terms. Just slow down for a moment and consider your finances. If you have a full-time job, then keep the job until your side hustle is making enough money to pay your expenses.
Most people say that they need their side hustle to generate at least $44,000 a year before they would be comfortable leaving their job. Consider how much your side hustle needs to make before you’re ready to leave your job.
Every side hustle and small business comes to a time where it needs funding to expand into a larger phase. According to Lantern Credit, a small business loan comparison site, you can use small business funding to pay for things like marketing to establish a dedicated audience, help with employee salaries as you start hiring people to work for you, and to cover the costs of renting a space if you choose to open up an official location. You’ll want to compare small business loans with different lenders to ensure you’re getting the best rate, or the biggest bang for your buck when going out and seeking lending companies.
Everyone wants to start their own business and you have the skill to do it. Just make some minor changes to your side hustle and soon it will blossom into a real business.