5 Keys to Turning Your Side Hustle Into a Successful Business [Guest Post]
A day job might provide a regular, steady income, but the side hustle you’re running is probably much more enjoyable. If you’ve got a tidy nest egg tucked away, maybe you could start doing what you love for a living.
It does sound tempting, but do you actually know how to go about turning that hustle into a thriving business? Expanding the venture and actually depending upon it is a gamble in any case, so here are a few tips to make sure you stay secure:
1. A Steady Foundation
If you don’t already have a side business that fulfills your passion and is running nicely, work a bit more on your dream. Don’t quit that regular job just yet, but carve out little slices of time and see what you can do with your talent.
Once you do have a hustle that might turn into your own business someday, work out how much you need every month to keep your head above water. Would you be able to make a decent income, if not a steady one? If the answer is yes, you can think about quitting the daily grind and taking a leap of faith.
2. Giving Your Time
There’s a better success rate for those businesses which start out while the founder is still officially employed elsewhere. However, this also means that they have to put in the time and effort into their side hustle while they’re also holding down a job. Even if you quit, most of your hours would be taken up with your personal venture and nothing else.
Think about the sacrifice this entails—social life, family time, and sleep. It will get easier as you go along, but be prepared to give up quite a lot (in addition to regular income) in the very beginning.
3. Scaling Properly
When you’re seeking to grow your venture, be warned that injecting a lot of money at once would probably backfire. Plus you’ll end up broke. To avoid both these events, look at scaling up slowly in an affordable fashion. There’s no need to run after investors, even though many start-ups may glamorize this aspect.
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4. Not Ignoring Personal Care
Just because you’re giving up all your spare time, it doesn’t mean you can afford to let your sleeping hours suffer. A couple of late nights, juggling both the job and the business and being mentally and physically exhausting.
Be sure to have a weekend of sorts, and use that time to relax. Catch up with friends and family, clean your surroundings, and try to get six hours of sleep every night in any case, along with some power naps to avoid burnout.
5. Sticking With It
The full schedule, exhaustion, and lack of funds might tempt you to throw in the towel. However, consistently focusing on your business will hopefully make it perform better than before. If one product or service seems like a failure, pivot and see how it can serve another purpose. Read up on the great entrepreneurs and get inspiration. Give your business your maximum potential and you’ll hopefully soon see your goals turning into achievements.
Consistent effort is the name of the game when you’re starting or expanding your side hustle. Don’t give up too easily, or you’ll only have yourself to blame!