Turning Your Side Hustles Into a Full-Time Venture
There might come a time when you feel ready to turn your side hustles into something a bit more substantial. If you have been earning some cash from them for some time then you probably know whether or not there is enough mileage in it to make a go of it on a full-time basis.
Once you start thinking like this you will be eager to find out how you can turn your hustle into something more rewarding. The good news is that it can be done if you go about in the right way.
Change Your Mindset
One of the biggest differences between doing something as a side hustle and doing it as a serious business is in your head. The way you view it is going to play a huge part in how successful you are. Sure, you will be glad of the extra cash from your hustles but do you view them as a long term, professional source of income? The chances are that you don’t do this yet, or at least not fully. When you make the decision to go full-time on the project you are going to have to change your approach. This doesn’t mean that you need to start wearing a suit and using industry buzz words all day long. Instead, you simply need to look at the business and how you can make more of a serious attempt at turning it into something which will bring in more money for the foreseeable future.
Get More Leads
If you are selling a product or a service to a limited number of people now then your quantity of leads might not be a problem. Let’s say that you dedicate a couple of hours a week to your side hustle. Finding possible clients for that amount of work isn’t really going to be a problem. However, if you now plan to ramp it up and do 10 or 20 times as much work on it then you are going to find that you eat through a huge amount of leads. It can be easy to get disheartened if you find that you run out of leads long before you planned to finish your week’s work. A good idea is to build up a big database of contacts, so that you can have a really good go at trying to generate a lot of new business in your first couple of weeks. This is when you will feel most enthusiastic about the business and are most likely to put a lot of energy and passion into trying to build it up.
Do More Research
A point well worth considering before you get started in earnest is whether you need to do more research on the business area you are looking to expand in. If you have been working for a limited amount of hours each week then you probably know a bit about it but aren’t yet an expert. Before plunging into the business on a full-time basis you will want to find out more about the competition and whether you can really have the impact you would like to have. For example, just because you currently make a certain amount working a 5 hour week, this doesn’t mean that you can easily earn 10 times that by working a 50 hour week. Try and find out enough information to make a serious and professional call on whether or not the move onto a full-time basis is likely to increase your earnings in the way you would like.
Have you ever turned a side hustle into a full-time business? How did it go?