The dream of being your own boss is a driving factor for many when it comes to striking out on their own, but the idea of starting a business from scratch without a safety net (financial or skill-wise) can prove overwhelming.
According to Jacqueline Raw, Owner and Founder of marketing consultancy, Ycagel, the majority of entrepreneurs are driven by a particular passion or dream of owning their own business. “In fact studies show that 30% start their side-hustle in a completely different industry from the one they work in full time.” So, what do you need to do to turn your side hustle into your full-time business?
Jacqui offers start-up entrepreneurs 7 helpful tips to ensure their side-hustle become a full-time success:
1. Treat it like a business, even when it’s still a side-hustle: Approach claims that your ‘free’ work could lead to bigger and better opportunities with caution. Giving away your time, energy and content for free could interfere with your ability to earn a living. It could also devalue your brand and it may cause you to get early burn out.
2. Put weekend plans and vacations on the backburner (for now): If you are working full time and running a side-hustle then, you will need to use your weekends to grow your business.
3. Don’t be in a rush to start your business: Make sure you have enough time, money & skills. There are many short courses, coaches and mentors online sharing their insights and experiences with new entrepreneurs for free. Leverage these, lay a solid foundation for yourself and then when you’ve done the hard work, you can launch your new business!
4. Make a plan for financial stability: Managing your expenses from the get-go so that the fluctuation in income won’t eat into the profits of your business when you take the leap. This is a key discipline in business ownership! Also, don’t forget to make provision for the slow months.
5. You don’t need to go it alone: Lean on your family and friends for support. Your inner circle are the tribe you’ll lean into when things are tough, and the first people you’ll want to call to celebrate with when you reach your goals. Who you choose to surround yourself with and share your dreams and goals with will make or break your entrepreneurship journey. Choose wisely.
6. Manage your risk: Small business insurance is key when it comes to minimising your financial exposure if things go pear-shaped.
7. Mindset matters: Being an entrepreneur is like waking up every morning and stepping into the ring with Mike Tyson. You have to prepare yourself for the knocks – that they will come is the only certainty in business! It doesn’t matter how many no’s you get or how many times you fail – you’ve got tot to have the grit to get up again.
“Anyone with passion, discipline and perseverance can work for themselves. It’s nowhere near as glamourous or straightforward as it looks, BUT the rewards are worth it for those who want to live life on their own terms. Dream big, work smart (and yes, HARD) and don’t quit!” Jacqui concludes.