2023 has arrived and many of us may be thinking of ways to improve our lives. Of course, getting in better shape is one of the top resolutions for the new year (and it is on my list as well!) But you may be thinking of ways to have more freedom in your lifestyle and that may include ditching your 9-to-5 job. You may have already created a side hustle to supplement your income or with the hope that it will expand to the point where you can quit your full time job. There are wonderful benefits of turning your side hustle into a business, including the possibility of making a lot of money, as well as having flexibility in your work/life schedule.
With that said, it isn’t easy to turn your side hustle into a full-time business venture. While there’s a lot of money, time, and planning involved to successfully make that switch, many entrepreneurs think it’s worth it. As someone who is self-employed, I have to admit that being your own boss is pretty sweet!
7 Tips on How to Turn Your Side Hustle Into a Full-Time Business
You don’t have to tackle the task of turning your side hustle into a business alone or without professional guidance.
Here are seven ways you can turn your side hustle into a full-time business:
1. Create a Business Plan
A business plan maps out the steps needed to turn your side hustle into a business, including how you will generate revenue, target your market, and plan for growth. If you’re looking to receive funding from investors or traditional lenders, a well-made business plan is absolutely necessary. A business plan will also help you with decision-making since you won’t make decisions that do not adhere to your plan.
2. Build a Strong Brand Identity
One of the most important steps in turning your side hustle into a business is to develop a brand identity and message that sets you apart from competitors and establishes a strong presence in your market. You can do this by looking at the products or services you offer and assessing what pain points they solve for your potential customers and how your business differs from your competition. Then, perfect the visuals of your brand’s identity. Your brand’s visuals will be used on your website, social media, email and other marketing methods to create consistency and recognition among your audience.
3. Set Clear Goals and Objectives
Determine what you want to achieve with your side hustle and create a plan to achieve those goals. The goals could involve hiring employees, expanding your location and crafting a superior workplace culture. You could also make a checklist for workplace supplies, such as awards from Able Recognition.
4. Establish a Budget and Financial Plan
Understand how much money you’ll need to invest in your business and create a financial plan to ensure you have the necessary resources to succeed. Consider applying the 50/30/20 rule for your business budget to start, then adjust it as you get closer to opening your business.
5. Build a Professional Network
Connect with other professionals in your industry to gain valuable insight and build relationships that can help your business grow. LinkedIn and even Facebook groups are great online platforms to connect with your business peers. Joining Facebook groups that are relevant to your business’s products or services will help you learn more about your target audience’s behaviours and habits, which will help you with your marketing efforts.
6. Market Your Business
Develop a marketing plan to reach potential customers and establish a strong online presence through social media, email marketing, and other channels. (I made the mistake of not creating a marketing plan when I started my small business and paid the price for it because my communications were not consistent in their messages.) Your marketing plan should include a competitor analysis to understand where your business fits in among your competition and where you can compete. Your plan should also identify your target audience, their needs and the best marketing platform to reach them. That way, you won’t waste money on marketing activities that don’t pay off. Finally, your marketing plan should include marketing goals that you can measure to determine your success. These goals may include increasing awareness of your product; increasing visits to your website; and increasing sales of your products or services.
7. Expand Your Product/Service Offerings
Consider adding new products or services to your business to diversify your income streams and increase revenue. This is especially helpful if some of your products or services are seasonal. Depending on your business type, you may want to register it as a corporation or LLC. Certain products or services can’t be offered without a business license.
I hope the above tips for turning your side hustle into a business were helpful. Let me know in the comment section if you have anything to add to these tips.