3 Steps for Turning Your Side Hustle into a Business
May 16, 2018
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You don’t need an MBA to start a business anymore.
Amazon, Etsy, and eBay among others have made forming a business as easy as throwing an ad up on Craigslist. So, why isn’t everyone doing it?
Well, not everyone can quit their job.
Online platforms are home to countless pet-projects from entrepreneurial minds that need to work full-time
The side hustle reigns in today’s digital world. Online platforms are home to countless pet-projects from entrepreneurial minds that need to work full-time.
But, what about those who want to take the plunge? If you’re in love with your side project, you may want to consider starting your own business.
Before you go screaming at your boss or ripping up your contract, there are a few things you’ll need to do to ensure success.
1. Make A Decision
If you’re seriously considering starting your own business, you have to get into the mindset.
You’re not just knitting cat sweaters on your couch anymore, you’re building Cat Sweaters Inc.
Many entrepreneurs refer to this decision as choosing between“a hobby, and a business.” If knitting cat sweaters and selling some to your friends in your free time is all you want to do, you’re probably okay keeping it as a hobby.
There’s no use wasting time reading business books if you were never meant to start one in the first place.
But, if you’re passionate about the ins and outs of business, the cat sweater market, and the future of the industry, you might benefit from getting a business off the ground.
See the difference, and make the decision first. There’s no use wasting time reading business books if you were never meant to start one in the first place.
Choose wisely, and make sure you’re ready for whichever path you take.
2. Do Your Research
This may actually inform your initial decision, so take the order of these steps at your own discretion.
As easy as starting a business seems, starting a successful, long-lasting venture is not so simple. There’s a lot of time and effort that goes into it, especially in understanding markets, finances, and even your own product.
There are a lot of high-level questions that need answering. Are there customers with money that are willing to buy your product? Is there a large market, and is it growing? Is the market saturated?
There are a lot of grounded questions that need answering: do I have the funds to make this work? Can I manage my own finances? Do I need a small or large team to help me? Am I freaking out?
Jumping into the market early will surely give you an advantage over potential competitors.
Chances are, you won’t encounter the higher level issues right off the bat. But, considering them early on can help you make a decision about what to do with your side-project.
If there are millions of cat-sweater manufacturers out there, you might need to rethink your strategy, or keep it a pet project. If not, jumping into the market early will surely give you an advantage over potential competitors.
The path is different for everyone in every sector. Do your research, and build a sturdy framework to set your business on.
3. Go For It
If you’ve come this far, you might have what it takes.
This isn’t to say you should up and quit your job today. I don’t need that on my conscience. But, if you’ve dotted all your i’s and crossed your t’s, understand what you’re getting into and love the idea, then why not go for it?
We’re in a golden age for small business. It’s easier than ever, and small business optimism recently hit another all-time high.
If leaving your job is still out of the realm of possibility, there are many part-time entrepreneurs that get their businesses off the ground while working full or part-time.
Be careful, though: you only have so much time and energy. Splitting time this way can really start to suck the life out of you. So, if you decide to go the part time route, try to work smarter, not harder.
There are many part-time entrepreneurs that get their businesses off the ground while working full or part-time.
Consider hiring someone on a contract-basis to help you out, or even see how your current employer feels about you working from home a few days of the week. Or, automate some of your operations with accounting software like Xero or Quickbooks.
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