Small Business

Getting Serious: How to Turn Your Side Hustle Into a Real Business

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In this day and age, the act of making money is called “hustling.” People have main hustles and then they have side hustles… the two major differences in the two are that one hustle brings in more money than the other, and typically, you like one hustle more than the other. The main hustle is the job that brings in the most money and the side hustle is the one people enjoy doing the most.

The continuous issue between the main and side hustles is that people want to leave the main hustle and turn the side hustle into the main hustle. Where the issues arise is that people don’t take their side hustle seriously. You could have all the skills in the world to be exceptional at what you do but people aren’t willing to pay the prices you’re asking for because they don’t see your side hustle as a legitimate business and definitely aren’t willing to pay the prices you’re asking for.

Because you know the worth of your skills, you feel like you have every right to charge the prices you set but you have to understand that the prices you’ve set are probably prices that the pros charge. So what do you have to do to get people to take your side hustle more seriously and pay the prices you’re asking for? You have to turn your side hustle into a legitimate business.

It sounds easier said than done, right? In most cases no. Turning your side hustle into a legitimate business isn’t as hard as you might think but it’s also not easy like Sunday morning either. The aspect that makes it “not so easy” is the fact that people are too lazy to take the necessary measures to legitimize their side hustle. In fact, an article by Forbes states that laziness is one of the seven deadly entrepreneurial characteristics.

The steps you take to make your side hustle a legitimate business may not be so easy but if you understood the infinite earning potential, you’d drop your main hustle in a heartbeat just to put all of your focus and attention on legitimizing your side hustle. As mentioned before, this is not going to be exactly easy or even fun but what it will be is worth the effort. If you’re serious about taking your business seriously, here are the things you need to do to turn your side hustle into a legitimate business.

Create a Business Site

Think about it… how do most people shop these days? They shop online. If you want people to buy your product or service, you need to present it to them where they will be more likely to buy and that’s online. Investing in creating a business website is well worth the money, time, and effort… it’s certainly better than simply hearing about your business or seeing it on a flyer somewhere. Plus, if they want to inquire about the products or services you’re selling, they can easily shoot you an email and get a quick response.

You always have the option of offering your services on an already established site, and just grow your clientele. Sites like Fiverr provide great ways to make money online but if you really want to exceed your earning potential, you’re going to have to take your business seriously and invest in it with your own website.

Invest in Business Insurance

Think of business insurance like this… “it’s better to have it and not need it than to need it and not have it.” Business insurance is what protects your business when potential dangers or threats arise. Whether you have an online business or a physical business, you still have the option to choose a policy that meets your business needs

There are policies that cover anything from property damage and workman’s comp to reputational damage and temporary loss of income. Depending on the type of business you’re running, you’ll want to research the potential dangers and risks involved and use that information to help you decide which policy or policies will give your business the best coverage.

Form an LLC

If nothing else will make people take your business seriously, seeing an LLC after your company name sure will. The process to get an LLC is a tad bit on the tedious side but if you want the respect that comes with owning a business, then you’ll take the necessary steps, regardless of how time-consuming it is. 

Establishing an LLC is also going to add protection to your business… it’s going to protect your personal assets in the event that someone tries to sue you. But more importantly, an LLC is what makes your business legal in the eyes of the IRS. Once you have this, you can officially say you’re a legitimate business and can start charging the prices you set… and guess what! People will pay what you’re asking for… 

It’s funny how three simple letters can completely change the outlook of your entrepreneurial future.

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The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.

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Just another aspiring small business owner and amateur photographer blogging in an attempt to break down personal finance lingo.

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