Want to make more money from your side hustle or turn it into your full-time job? There are a lot of things to consider before taking that leap.
I spent about two years deciding to go full-time with my side hustle. Even after making the decision, I took a few more months to prepare before quitting my day job. Looking back, I’m glad I took the time to get ready. Life is amazing now because of those preparations.
Here are my tips for taking your side hustle to the next level and successfully starting a small business:
**Create a Plan**
Starting a small business takes a lot of work. Whether you want to make more money or turn your side hustle into your main income, you’ll need a plan. Think about these questions:
– Can your side job provide a full-time income?
– Is it sustainable for the long term?
– If you keep your day job, will it suffer because of your side hustle? How can you balance both?
– How long will it take to make a full-time income after leaving your day job?
– What will you do for health insurance?
– When will you give notice at your current job?
– What’s your backup plan?
**Have a Self-Hosted Website**
I get a lot of emails from people wanting to start a freelance writing career, and my first question is always, “Do you have a website?” Surprisingly, many say no. In today’s world, almost everyone checks out a company online first. Not having a website can cost you potential customers.
Set up a website, create social media accounts for your business, and consider getting a professional design once you can afford it. This can help your business look more professional and attract more customers.
**Hire Help**
Outsourcing can be crucial for business growth. By delegating tasks, you free up time to focus on making more money and expanding your business. Here are some benefits of outsourcing:
– More free time
– Ability to focus on the bigger picture
– Outsourcing tasks you dislike
– Getting expert help for tasks you’re not skilled at, like accounting or legal work
**Network with Others**
Networking is essential for growing your side hustle. It can help you learn new ways to improve your business, make valuable contacts, and gain industry insights. Attend conferences, local meet-ups, and reach out to others in your field.
**Market Your Services or Products**
Marketing is crucial for business growth. Without it, no one will know your business exists. Whether it’s through excellent customer service that spreads word-of-mouth or through advertisements, marketing is key.
**Have a Proper Work Environment**
Eventually, working from your bed won’t cut it. Invest in a home office, co-working space, or a shared conference room. A professional work environment can help you separate work from personal life and look more professional to clients.
**Build Up Your Emergency Fund**
If you’re going to rely on your side hustle for full-time income, beef up your emergency fund. Starting a small business can mean unstable income. One month might be great, and the next could be terrible. An emergency fund can help you weather the ups and downs without stress affecting your work quality.
Are you ready to take your side hustle to the next level and start a small business? What are your future plans for your side hustle?