In this new economy, many of us might be thinking how we can take our side hustle and turn it into a profitable business. Making extra money on the side is great, but it can get in the way of your day job and contribute to burnout if you aren’t careful with how you approach this part of your life. It’s a long journey from initiating an idea to getting your name on bright Las Vegas billboards and you’ll need to make sure you have some skills under your belt before considering to take the next step to making your side hustle your main business. Let’s explore a few ideas and necessary skills to cultivate to make this dream a reality for any aspiring business owner.
The first question to ask yourself when pushing a business idea forward is how sustainable is your business idea? Does it have the potential to grow into something larger? Have you done the necessary work to push this idea to the next step? Do your research and create in depth business models to determine where your side hustle is currently at. This may reveal some goals you have yet to reach, or it may show that you are fully ready for the next step of your business.
Learn How to Sell
Being an effective salesperson is an essential piece no matter what industry you’re entering. You need to be able to convince potential buyers that your product or service is what they need over your competition. Sales is about being persistent and listening to your customers. If you fall short a few times, look at ways you can improve your communication for the next sale you try to make. See every opportunity as one to learn from and eventually you’ll figure out your own way of selling your product.
Seek advice from other sales professionals, but remember that at the end of the day it’s you delivering the information. Trust your instincts and remember that your spin on things is what’s going to set you out from the crowd.
Know The Market
Make sure that you research the details of your marketplace. Identify your target audience, competition and potential for growth. Certain markets are doing very well right now. Companies in tech and app development are soaring in stocks, while retail businesses are struggling.
Research your competition and make sure you understand what your competitors are doing to survive. Many companies are thinking about how they can set themselves apart from others doing similar things as well as how businesses can survive after the pandemic.
Multiple Lines of Income
Any business, and especially a business just starting out, should have multiple sources of revenue to keep you afloat. If you are a clothing company, you can branch out into accessories or different types of garments. For beverage and food companies, there are many different product options that would support the core of those businesses. For example, cookware and camping accessories are a great way to expand your business are target specific audiences.
Get Financial Backing
Unless you have independent wealth, you’ll probably need seed money or investors to get your business to the place you want it to be. Network with investors as much as possible and find the right people to back your company. The right person will be excited about your vision and want to support you rather than change what your company is about.
This is why it’s important to stick to your passion and values while folding in advice from other business professionals. When seeking partners, you’ll need to know how to approach them and ask for their support while being prepared to say no to ideas that don’t fit your values.
Hire A Team
Hire a small team of people to help with day to day operations. You will likely need an accountant, employees and a manager to help keep track of your progress and keep things running smoothly. Start small, and start with people you trust absolutely.
Don’t Give Up
If it’s something you are truly passionate about, don’t let setbacks discourage you from continuing to try! If you’ve done the research to create a business plan, secure investors and hire a trustworthy team, you’re well on your way to success. Remember to always be learning and seeking new experiences to help you gain perspective on how to fortify your business. The marketplace is constantly changing, so be prepared to fluctuate with it and don’t be alarmed when it does.