In this day and age, it’s all about creating multiple streams of income… and not because you necessarily need the money but more so because it’s just cool to do. There was once a point in time where people worked multiple jobs because they needed help making ends meet but with today’s younger generations, working more than one job is a “thing” and if you don’t have more than one job, they’ll look at you like something is wrong with you!
In all honesty, you almost do need to work at least two jobs these days with prices steadily rising in practically everything! Why do you think so many people are selling clothes they no longer wear or using their personal car as a taxi! Most people who have side jobs typically work them for various reasons. Maybe you’re up to your ears in student loan debt or maybe you just need a little extra cash after payday because once you’ve paid all your bills, you’re “house broke.”
Now, regardless of your reasons for working side hustles, if you work them enough and it starts to pick up momentum, you eventually will be placed in a position where you can turn your side hustle into a legitimate money-making business. In the event that that happens for you, you don’t want to just jump in, as tempting as it may be… it can be quite the transition, according to goodworksgoodbiz.com.
If you’re seriously considering turning your side hustle into a legitimate full-time business, you need to take some things into consideration. For one, you’re going to be giving up the security of a steady income with a full-time job to start working for yourself. So before taking such a dive, you want to make sure you’re, of course, making the right decision but there are also a few important things you need to consider before you can even consider turning your side hustle into a full-time business.
Consideration 1: Get Your Finances in Order
When making the decision to start your own business, it’s important to know that you’re not going to be making the “big bucks” in the beginning stages but as of right now, you’re still working your full-time job so you need to hold on to that and save as much as you can.
While you’re still working your full-time job, it’s the perfect time to figure out how much money you’ll need every month to turn your side hustle into a lucrative business. Once you figure out an exact dollar amount, you can then start aggressively saving to get your business off the ground. You, of course, can take out loans and things of that nature to get your business off the ground but if you can avoid debt, it’s better to try to avoid it if possible.
Consideration 2: Obtain the Proper Legalities
When you’re working your side hustle, you don’t need to consult with an accountant or lawyer but once you make the decision to turn it into a legitimate business, you’re going to need to get your legalities in order. Things like deciding on a business structure and protecting your business with business insurance, are things that you will need to obtain before you can officially open for business.
With business insurance, your business will be protected from any type of property damage or damage to equipment for various reasons. In finding the right business structure, it will also offer a level of protection in the event that someone tries to sue you but it all depends on the business structure you choose.
Not all business insurances cover the same thing, nor do all business structures protect against the same things… that’s why it’s so important that you do your research to see what type of policy and structure is best for your business.
Consideration 3: Make Your Business Official With a Website
When people don’t feel like shopping in a store, how else do they shop? Online. If you have a talent for making screen tees and only sold them simply by word of mouth, just imagine how great your side hustle would be with its very own website!
If you create an official business website, people will not only take your business more seriously but you’ll also be putting your business out there for billions of people all over the world to have access to… so just think of the earning potential you’ll have.
If you think about it, most people expect for legitimate businesses to have a website for them to go to. This will especially be helpful when looking for funding. Sponsors and lenders will want to see a business plan, of course, but f you have a website for them to check out, it will give them added confidence in lending you startup money.
Consideration 4: Check Out Business Spaces
Checking out business spaces is something that’s good to do to at least have an idea of what type of space you might possibly need. You don’t want to have your living room house all of your supplies and inventory… If your business starts to take off and it eventually does become your full-time job, you’re going to want to consider renting an office space for your business as it grows.
Consideration 5: Build Up Your Brand
Once you finally become your own boss, that’s when you’re going to be faced with the real hustle, which is building your brand. You’ll need to determine the voice and tone of your brand so you’ll know how to go about connecting with your audience. In connecting with your audience, you’ll have to find them on all the different channels. Social media, Google Ads, and SEO… you need to jump on every opportunity that presents itself to promote and build your brand.
Before Taking the Dive…
As you can see, there are several considerations to think about before taking the dive. That’s not to discourage you from becoming your own boss but more so to help you achieve success the right way and to help you make informed decisions.
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