How To Turn Your Side Hustle Into A Full Time Business
Maybe you started out just trying to make some beer money. Or, you were bored and looking for a challenge. You could have even been thinking that you wanted to start a business but needed to test the waters first.
Whatever your reason for starting a side hustle, you now find yourself at a crossroads. You ended up making pretty good money and now have to decide if you should let it coast, or if you should try to make it into a full-time business.
It’s not an easy decision, and there is a lot of hard work ahead. But, you have already proven that it is a viable option.
In this article, I will go over several of the ways that you can turn this side hustle into a viable business.
1 – Treat it like an actual business
Your side hustle is no longer a hobby. If it is making money and you want to go full time, then it means you have to treat it like a business.
The first step towards becoming a business is to write out a detailed business plan. This is not just a to do list or what you wish to happen, but a roadmap that holds you accountable and can be used to show potential investors, lenders or partners that this is serious.
Then, get a loan to use for the things you need to expand. There are a lot of cheap and easy ways to get loans these days for small businesses like AmOne so you can create a marketing plan or buy some software that will help you grow your business.
2 – Make repeatable processes
If you are a one man band currently doing just about everything when it comes to the business, then you will have to stop doing that ASAP.
One way to do this is to create processes that anybody can do. Pick parts of your business that you don’t particularly enjoy and outsource it. To make sure this is effective you have to make the process as simple as possible.
You can also use software to do this. If you can automate then that is the best way forward.
3 – Network
When you surround yourself with smart, capable people, your business will see many benefits. A network is like having a support group. They can help you find your way by offering up new ideas, or connecting you with the right people.
Networking is one of the most important aspects of being an entrepreneur and shouldn’t be underestimated. For instance, if you are struggling with a certain part of your business that you feel is holding you back, then somebody in your network or group of friends may be an expert that can help you figure out the way forward and see your business growth explode as a result.
You may even find yourself a partner by connecting with other small business owners or creative types.