Turning Your Side Hustle into a Lucrative Business
I recently read an article in Entrepreneur magazine about turning a side hustle into a full-time business.
One lesson I have learned through all of my online business planning and application is that turning a side hustle into a full-time business takes an extraordinary amount of commitment and dedication, along with morning, night, and weekend sacrifice.Success is the sum of small efforts, repeated day in and day out ~ Robert CollierClick To Tweet
To better understand the mindset required to be an entrepreneur that turns their side gig into a thriving, full-time business – insurance provider Hiscox surveyed 400 small business owners whose businesses started as a side project.
It’s gonna take more than just an exceptional level of passion to operate a successful business. It’s gonna take the right tools and know-how to truly transform a side hustle into a lucrative business.
The following are some of the best tips and stats from their report.
Focus Your Side Hustle Efforts for a Long Road Ahead
It is said from research and surveys that the average successful entrepreneur spent 19 months putting in the extra dedication and hours creating and operating their side hustle before they quit their 9 to 5.
Others said that it took another 7 months after launching their business before they were able to hire their first employee.
From that point, it was said that the entrepreneurs stated that it took an average of 3 years for them to earn the same annual income they earned at their last full-time job.
For many, that is a long time. It’s up to you to make all the effort worth the wait.
YOU Must Treat Your Side Work Like a Business
You cannot treat your side hustle like a hobby – you must treat it like a business.
You must treat it like your family and livelihood are depending on seeing a paycheck.
If you owned a coffee shop and you normally open at 5am – you wouldn’t decide to sleep in one day just because you didn’t feel like going in to work that day, would you?
Of course, you wouldn’t because the chances are you have a following of people that rely on you to be there for their morning cup of Joe!
And, you don’t need them seeking out a different coffee shop – all because you decided to get a little more shut-eye. Not a good practice for growing your business.
So… why would your side business be any different.
Create a schedule for your side job and stick to it like your life depends on it!
YOU Must Be Savvy with Your Money
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If it’s going to take an average of 3 years to start earning a comfortable income, then learning to manage your money is going to be key to surviving the initial income reduction.
You must track your expenditures so you can identify spending that can be reduced or eliminated, so you can stay within your spending guidelines.
The Entrepreneur magazine article recommends that you consider a cloud-based expense management system that will help you keep expenditures organized in one central location.
It is also a smart idea to have 6 to 12 months of living expenses in a savings account – and more if you think your business may take longer to get off the ground.
YOU Must Hone Your Time-Management Skills
According to the studies, the average side hustle will take upwards of 20 hours a week of an entrepreneur’s time.
Most of the entrepreneurs surveyed said that they did not work on their side hustle during their normal 9 to 5 work schedule.
This means that they put in around 60 hours a week, which includes the 40 hours of their normal 9 to 5 work week job.
This sure doesn’t leave much time for other things.
An entrepreneur must wear many hats and put in crazy long hours to get things done.
One of the reasons entrepreneurs become so successful is because of their time management skills. They learn how to manage their time efficiently while prioritizing the tasks that will generate the best results.
YOU Don’t Have to Go It Alone
According to the study, 72% of the entrepreneur’s surveys stated that they started their side hustle business with a partner or family member.
You don’t have to be in it alone… if you don’t have a family member or friend you’d like to go into business with, you can always share your vision with others to see who has the desire to support your cause with suggestions and insights.You are the average of the five people you spend the most time with ~ Jim RohnClick To Tweet
Entrepreneurs Must Manage Their Risk
Everything an entrepreneur works towards can disappear at a moment’s notice if they don’t manage their risks properly.
Small business insurance can protect you and your business from lawsuits and claims during your start-up phase and beyond.
This can include business interruptions, as well as settlements and judgments costs.
Even if your business is in the start-up phase, you and your business can still be quite vulnerable.
Having insurance to cover unexpected problems can protect you and what you’ve built – and your long-term goals for your side gig to become a thriving, small business.
There ya have it… turning a side hustle into a full-time business is not an easy thing. It proves to take time, dedication, and perseverance.
Turning a business from nothing into something worth continuing for the long haul takes guts and determination to put in the countless hours of extra work required to make it happen.
Knowing your WHY (your ultimate source of motivation) will help you keep your drive alive and help you to stay focused and keep on track.Don't be pushed around by the fears in your mind. Be led by the dreams in your heart ~ Roy T. BennettClick To Tweet