If you’ve been grinding on your side hustle and have your eye on turning it into a full-fledged business, you’re not alone!
Find your idea
It’s hard to pinpoint what you’ll do until you start sketching out the business idea. Are you going to be selling goods? A service? Your work as a photographer? Do you want to start a blog? All of the questions you ask will help you to build a framework for a business. Gather more information Once you have your framework for your business, you can figure out how to get the things you need to turn it into a real business. This could be for things like designing the logo or securing the money. Create your business plan Once you know your business idea, your business plan. You’ll need a business plan before you can open a business and create an actual website and social media presence. You’ll also need a business license and any other important licenses.
Get ready to grind
There are a lot of ways to make side hustles into full-time businesses. You could start an online shop, host a monthly social networking meet-up or start a side hustle blog where you interview interesting people and include their story in your content. You can also offer a service like product comparison services or virtual assistants. Related: 3 Surefire Ways to Make Money While Traveling But there are no easy or guaranteed ways to transition your side hustle into a full-time business. It takes a lot of hard work, persistence and great follow-through. Here’s what we learned from Tasha Miles of BlendMade about how to make that transition. Become your own boss Make sure your side hustle is your main source of income. Don’t focus on adding to the pie on your side business.
Build your online presence
Since when did selling the ability to be your own boss become a necessity? That’s because it is. There’s a growing trend where more and more people are choosing to work for themselves. The idea of selling yourself as a product is not only legal, it’s also the new-age way to start a business. Your marketplace You might be thinking: “Am I ready to build a business?” My answer to that is a resounding “yes!” For my side hustle, I started it in 2013 and turned it into a full-fledged business in 2014. Your marketplace might be an online store, a blog, or some other aspect of your life that you can monetize. I will not tell you which you should be focusing on, but focus on doing your own thing.
Get the word out
Whether it’s a blog, a podcast, a YouTube channel, or a really great book, the most important thing is to make sure you’re good at what you do and why people will want to buy it. That’s how you’ll attract buyers. Build your platform Your business needs to be solid to attract buyers. This means that there needs to be a strong following to your podcast or blog or YouTube channel, so that people are eager to check it out. People have to be willing to buy what you’re selling and it should make sense to them. Be on a schedule It’s a good idea to put the majority of your energy into your business. Once it’s established, you can be flexible and experiment with new things, but you’ll get no closer to your end goal if you’re not turning over consistent revenue.
Keep at it and don’t give up!
Here are some quick tips on how to transition your side hustle into a full-time business. #1: Find Your Niche Before you turn your side hustle into a business, ask yourself what your niche is. For example, if you sell accessories like watches, sunglasses or wallets, what specific demographic are you targeting? Are you targeting fashion-conscious people? Beauty bloggers? Traditional watch enthusiasts? Then develop your pitch for your goods and services. This involves creating a clear and concise list of benefits, pricing, the type of product you sell and a target audience. Make sure to add your business’s logo, website, business cards and other branding materials to your list. #2: Grow Your Audience Your goal should be to grow your target audience as quickly as possible.