this is your sign to transition your side hustle into a full-time gig
Do you want to take your side hustle to the next level but struggle to get moving? If you answered yes, I don’t blame you! I have been there myself! The process of starting a full-time business can be daunting. When self-doubt makes its appearance, it is no walk in the park to take on a self-started full-time business. Nevertheless, the following tips will help you to alleviate some of the uncertainty you may be experiencing and take the leap once and for all.
The first and most critical step in transitioning your side hustle into a full-time gig is to create a plan. In order to avoid any unnecessary obstacles throughout the scaling process, it is vital to understand what will be required to launch your business. Determine how much money will be needed from your previous side hustle to support the growth of your business. Track your financials and assess the viability of your business idea accordingly.Coming from someone who didn't make a plan when it came to my first business, this step is key. For me I just jumped right in, but to make life easier on yourself you will definitely want to consider how much money you will need and how to grow your business to achieve that. As I struggle to pay my bills, I look back and realize this would have really helped me out! If you find yourself flustered, reach out to successful business professionals for advice who can guide you in the appropriate direction. Do not be afraid to ask questions!
A full-time gig will not be possible unless you prioritize your time. Make a schedule of when you will work, what order things will be completed in and how much time you will allocate to each task. For each task that you have assigned to a time slot, being fully present is critical. Focus all of your energy on one task at a time and then move onto the next. Time-management is key to the success of any pursuit in the long-term. You will save yourself a lot of stress, time and money by prioritizing.
Patience is critical. In this day and age, it is common to want things readily available at your fingertips in the same fashion that you can scroll through Instagram and rapidly receive information. Unfortunately, growing a business does not work like that. You must be willing to sacrifice instant gratification at the beginning of your venture in order to see your business thrive in the future. Continuously reinvest in your business and restrain from paying yourself from the get-go (also known as bootstrapping).
The last piece of advice for those of you on the fence is to go all out. You must accept that you will experience failure at one point or another throughout the process of growing a business. You may run into a patent issue or find yourself at the bank requesting a loan because you ran out of capital. This is completely normal. Look at Phil Knight. He took out so many loans that he was eventually denied them. Mr. Knight began Nike out of his small garage in Eugene, Oregon and now owns a company that is worth $35 billion. The amount of hardship he endured to grow what is known as Nike in the present day leaves many in awe. His success is a result of his ability to be resilient and passion for not solely shoes but also the culture of Nike. Side note- if you are interested in business and entrepreneurship I 10/10 recommend his book "Shoe Dog".
Accept the challenges that come your way and learn from them with an open heart. Be resilient, do not take no for an answer and, most importantly, have fun in the process!