Turning Your Side Hustle into a Real Business Is Easier that You Think

Turning Your Side Hustle into a Real Business Is Easier that You Think

a person with start business words, business attorneyIt is feasible to turn a side hustle into a viable business with the right combination of planning, execution, scaling, and timing. The side hustle is a catch-all term for gigs done on the side to generate extra income in addition to regular employment or work. According to the Academy of Management, small businesses which grow from side hustles that are launched while the founder is still working a “day job” are one-third less likely to fail than their counterparts who devote 100 percent of their time and energy on their venture. To set themselves up for success, entrepreneurs can begin by:

Setting the Foundation

Building a small business is a scary adventure. However, the risks and costs can be minimized through smart planning. Side hustles allow entrepreneurs to test if their idea has market viability – i.e., is there a group of people interested in buying the product or service? Entrepreneurs can maximize the effectiveness of their side hustle by comparing the interest in their gig with the cost of running it full-time and their living costs to ascertain their weekly, monthly, semi-annual, and annual expenses to see if the idea is feasible.

Investing the Time

Entrepreneurs need to be realistic about the time they need to invest in growing their business. Side hustles that grow into businesses consume a significant amount of time which will necessitate skipped social gatherings, relationships on hold, and other sacrifices. Building a business will take most evening and weekend hours to become viable.

Avoiding Burnout

Working full-time and launching a business will consume almost every available waking moment for most entrepreneurs resulting in burnout. Google, Tesla, and other tech companies glorify the “always be hustling” ethos, but in reality, most people need time to decompress and recharge – not everyone can run like Elon Musk.

Initial Capital and Scaling

New businesses tempt their owners to heavily invest in the start-up phase. The acquisition of equipment and assets engenders feelings of accomplishment but, in the beginning, the best option is to minimize costs and grow steadily – rather than rapidly.

Initial capital is essential to small business; most businesses will need a website, online payments, advertising budget, and minimal equipment (e.g., a laptop and phone). Most entrepreneurs can save the money they need to start their business by budgeting their expenses; start by cutting subscription and streaming services.

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