If you want to turn a side hustle into a full-time business, you’ve come to the right place. Turning a side hustle into a business is a great way to jumpstart an entrepreneurial journey.
However, there are a few things you need to know before taking the plunge. You want to avoid rushing into things and making mistakes that could cost time and money.
So, keep reading if you’re ready to learn more about how a side hustle could turn into a business.
Step 1: Develop a Business Mindset
Before turning your side hustle into a business, you must learn to develop a business mindset.
A business mindset consists of intentionally working on your side hustle as if it were already a business. For example, creating a business plan, making S.M.A.R.T. Goals, and outsourcing are all part of developing a business mindset.
The sooner a business mindset is developed, the faster a side hustle will go from hobby to full-time business.
Step 2: Make a Schedule to Work on Your Side Hustle
Making a schedule is the next step in turning a side hustle into a full-time business.
For example, if you work during the day, you might schedule an hour at night to work on your business.
The purpose of scheduling is to create a long-lasting habit, helping you build discipline. Once you get into the habit of working on your side hustle daily, it will become second nature.
If one hour a day is not possible, start small. You don’t want to overwhelm yourself by doing too much at once, or it’ll be more challenging to build the habit. You can start with 15-30 minutes and just brainstorm ideas or do minor tasks, adding more time as you see fit.
Step 3: Research The Market
After creating a schedule, you need to research your market. Before diving into a side hustle, you must determine whether the market needs your business. Your side hustle may be a fun hobby for you, but the market may not actually need it. So, it’s critical to do your research before you start.
Study The Competition
Start with their website or social media accounts to understand their offer and what kind of audience they cater to. Then, figure out their audience’s pain points. You can determine a market’s pain points by visiting your competitors’ social media comment sections or finding online reviews. These data points provide insight into the problems consumers face with your competition and how you could provide a solution.
For example, let’s say you want to start a knowledge-based business, and your product is a digital course. Look at other knowledge-based businesses and study their social media accounts and websites to see common complaints where you could provide a unique solution.
When trying to turn a side hustle into a business, solving a problem should be the first thing you think about before starting. Look for common issues within your industry or locate specific problems amongst your competitors.
When trying to turn a side hustle into a business, solving a problem should be the first thing you think about before starting.
Look for Gaps
Another way to conduct market research is by looking for gaps in the industry you want to enter and creating solutions for those problems.
Step 4: Understand What Business Model Could Work For Your Side Hustle
Types of Businesses
This business structure consists of one person who is personally responsible for end-to-end business operations.
Two people form a business and share profits and losses.
Limited Liability Company (L.L.C.)
The most popular small business structure is an L.L.C. An L.L.C. is a business formed by one or more people who are not personally liable should anything happen to the business.
A corporation is a legal entity separate from the people who own or run the business, also known as shareholders. This business structure is more suited for businesses with employees or businesses with higher liability.
Create a Business Plan
A business plan identifies your business’s objectives. A business requires clear and actionable objectives to prevent costly mistakes.
Step 5: Learn the Basics of Business
For a side hustle to become a business, the basics of business should be understood. This could include:
Once you learn the basics, you can begin to understand the elements and types of roles involved within various areas of business.
Step 6: Outsource Tasks As Your Side Hustle Grows
Outsourcing tasks will help a side hustle grow into a business.
Here are some areas one might consider outsourcing various tasks:
- Administrative Tasks
- Virtual Assistant
- Social Media Management/Creation
- Customer Service
Step 7: Network With Peers and Mentors
You’ll want to network with peers and mentors to increase potential opportunities and brand awareness.
For example, asking for advice from a mentor to help you grow your business and avoid making certain mistakes becomes possible through networking.
Find a Community
You can also find plenty of online or in-person communities for entrepreneurs with small businesses. Within these communities, you can provide and gain valuable insight and ask for advice from other community members.
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