Not everybody is suited to having a 9-to-5 job – many people dream about quitting their day jobs to pursue their passions. In fact, only a few dare to follow their hearts and even then, we tend to pursue our interests as a side hustle while keeping our steady job and steady income.
Many people play it safe but this means their attention is divided between their day job and the work they actually love doing. Quitting when you have no resources to fall back on is a daunting and frightening task. You shouldn’t take blind risks, but this shouldn’t stop you from trusting yourself and following your passion full time.
On the other hand, there are a number of entrepreneurs who have found immense success by transforming their side hustles into full-time businesses. It takes planning, dedication, and a whole lot of work. Here’s how you can do the same.
Iron Out the Legal Details
It is essential that you define the kind of business you want to launch. This will help you to establish a successful and legal business. For example, if registering your business in the US, you have to decide whether you want to operate as a Limited Liability Corporation (LLC) or as a sole proprietor, or you if want to engage in a partnership. You will be required to register with the appropriate authorities and there are many other legal complexities to be sorted beforehand.
Open a Business Bank Account
If you plan on establishing a fully operational company, you’ll need to have your finances in order. This includes setting up systems to track payments and transaction details. It’s also important to have a separate bank account as this will allow you to monitor all the expenses, payments, and track your business’ cash flow.
Being able to track these transactions will help you identify the tax liabilities and profits your company is earning. Set up an efficient card machine for your business that is linked to your business bank account to receive easy and secure payments.
Know Your Market
If you have a clear idea of your target market, it’s much easier to cater to their needs and effectively meet their demands. If you want to turn your side-hustle into a full-time business, conduct a comprehensive market analysis and learn everything you can about your audience.
Scalability is Key
Many people are still afraid to leave their full-time jobs and focus solely on their side hustle. Above all else, you need to have a clear vision of how you can scale your business. If you want to get your passion project to a point that it will support you financially, you need to have a clear idea of how you are going to promote your business and attract enough customers.
Devise a Business Plan
It’s important to create a strong and comprehensive business plan that will turn your side hustle into a full-time operation. Your business plan should include a cost analysis of marketing strategies, registration and startup costs, staffing and hiring, space rental and raw material costs. It should also include the following:
- A suitable business name
- Description of your target market
- Competitor analysis
- Pricing plan
- Projected volume and profit for each period of operation
- Your break-even point
Look for Funds
Any business needs to have secure and steady financing. It can be expensive to start a business, so make sure your business plan is compelling enough that any creditor and investor will impressed. You can look for reliable capital from:
- Local grants
- Bank loans
- Small Business Administration loans
- Crowdfunding platforms
E-Commerce is the Future
In today’s digital world, customers want to connect with you at their own convenience and comfort. To achieve this, it’s worth considering embracing e-commerce tools and investing in:
- Creating a website
- Setting up an e-commerce store
- Establishing a newsletter to interact with your customers
- Exploring digital marketing
- Creating social media pages for your business
- Using analytics tools to track your progress online
Setting up a full-time business is hard work, but this doesn’t mean you can’t have fun at the same time. After all, you’re doing all this to escape the daily grind of your 9-to-5 job. Your side hustle must excite you and if it fails to do so, find something else to do that brings you joy.
Everybody loves to follow the success stories of established entrepreneurs who successfully turned their side hustles into a profitable full-time business. But before you jump in feet first, you have to lay the groundwork and plan how you will execute your idea. Give yourself time and space to assess if your idea is viable. At the same time, don’t hold back and don’t let anything stop you because this is your time to shine.
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