44% of Brits have a side hustle. That’s a lot of people who are keen to make some extra money doing something they love.
Starting a side hustle has numerous benefits and perhaps it’s the cost of living or perhaps it’s that people are sick of being stuck in the rat race, but more of us than ever before are earning extra income from successful side hustles.
But when’s the right time to transition your side hustle into a full-time business? And how do you take the next step?
Moving your side hustle full-time can feel daunting. What if you don’t make enough money? What if you can’t cover your costs? There are so many fears and uncertainties entrepreneurs face.
However, this article serves to encourage you that anything is possible. We cover what you need to know to turn your dreams into a reality.
The Right Mindset is Essential
As with anything in life, if you want to succeed you need the right mindset. Many entrepreneurs talk about the growth mindset. This is the idea that you are in a constant state of development, always learning while you work.
According to Harvard Business School, “Someone with a growth mindset views intelligence, abilities, and talents as learnable and capable of improvement through effort. [...] When you have a growth mindset, you believe you can gain the knowledge and skills necessary to succeed, which makes every challenge a learning opportunity. Given the numerous challenges entrepreneurs face, a growth mindset can be a powerful tool as you work toward your venture’s success.”
This developmental mindset is extremely important when looking to transition your side hustle into a full-time business as it will help you confidently and widely navigate the challenges that come with this transition. It will also ensure you view every success and failure as an opportunity for growth and learning.
Build a Strong Portfolio
One of the hardest parts about transitioning your side hustle into a full-time job is building up a portfolio of high-quality work and reputable clients. These things take time and it can be frustrating trying to remain patient as you work hard to grow your authority in your chosen industry.
However, your hard work will pay off and you will make a name for yourself by building a strong portfolio.
A few great tips for building a strong portfolio include:
- Creating a professional website
- Showcasing your work
- Asking past and existing clients for reviews
- Writing and publishing case studies about your success stories
- Sharing your successes via social media
You want to create a portfolio that showcases the best you have to offer. It should highlight the diversity of your offering, the successes of your clients, and the value of your skills.
When you take the time to build a great portfolio, it won’t take long to attract some great clients and grow your side hustle into a full time and thriving business venture.
Perfect Your Business Processes
Time is of the essence when you run your own business in addition to working full time for someone else. So, it’s important you have everything honed to perfection. Streamlining processes such as your accounts can go a long way toward growing your side hustle into something more permanent.
Whether you hire contractors or employees or you just want your clients to pay you on time, investing in online payments for your business can make sending and receiving money so much easier. This gives you the cash flow to invest in business solutions that will support your professional efforts and further your business growth.
Taking the time to perfect business processes like these helps establish important foundations that will support sustainable business growth and expansion in the coming years.
Seek Recommendations
One of the reasons many side hustles don’t become full-time businesses is that they don’t have enough clients or make enough money to do so.
If you want to transition your side hustle into something more permanent, it’s important to consider how you are going to grow your business and establish it within your industry.
One of the best ways to get your name out there and attract new clients is to seek recommendations from friends, family members, local businesses, and existing clients.
Making contact with potential clients via people you already know is a great way to get your foot in the door. After all, the hardest part about marketing your business is getting people’s attention. So, be sure to ask other people for help. There is nothing wrong with seeking a leg up from those willing to support you.
Actively Market Your Services
In addition to asking for recommendations, you should commit to actively marketing your business whenever possible. According to Foundr, “Finding clients is likely your business's biggest time suck. It’s the most essential task, yet it’s the one that makes you absolutely no cash. The faster you find clients, the more time you’ll have to actually earn money.”
So, print flyers and business cards to post through letterboxes, send cold pitches via email, ring companies up, pop in to chat in person, and advertise as much as you can across social media.
Actively marketing your services can be difficult. You could face outright rejection or be ignored completely. However, it’s important for getting your business off the ground and establishing your industry presence. Marketing your services is all about talking to people. If you can do that, you stand a good chance of connecting with potential clients.
Do Business with a Partner
Being an entrepreneur is tough for many reasons but one of those is how isolating it can be. If you started your side hustle on your own and you want to take things to the next level, consider teaming up with the right partner.
Connecting with a business partner (whether that’s someone you know or someone you don’t) is a great way to bring new skills and expertise into the mix. It’s also nice to work with others. Entrepreneurship so often begins as a solo venture. So, teaming up with someone else can make things less lonely and give your business twice the chance at success.
Be considerate about who you choose to partner with. Seek a partner who shares your vision for your business, who works hard, and who compliments your strengths. The last thing you want is someone who makes your whole journey harder, so take the time to consider all your options before making your final decision.
Find a Business Mentor
Entrepreneurs shouldn’t have to struggle on their own. If you want your side hustle to succeed, don’t be afraid to ask for help. You can learn a lot from other people. Seeking out a business mentor can play a huge role in your business success.
According to MentorCruise, “The importance of mentoring lies in the ability to gain business experience from those who have already acquired it. [...] Your mentor can show you where your business needs improvement, as well as what it is you are doing right. [...] Your mentor should be very honest with you and able to offer constructive criticism to improve your business skills.”
Mentorship is invaluable for taking your business to the next level. Honest feedback from an experienced professional will go a long way towards encouraging business growth and supporting the sustainable expansion of your business.
Final Words
We hope this article has inspired you that it’s more than possible to transition your side hustle into a full time business. With the right support and a lot of hard work, you can make your business a success.
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