Turning a Side Hustle Into a Business
A side hustle is defined as anything that you do on the side to earn extra income. Side hustles are usually something that you are good at. Unlike a full-time job, a side hustle doesn’t get your full attention. However, many people will start a side-hustle and realize that their ideas are getting off the ground. One moment business is quiet, and the next, you end up devoting more (and more) time to keep up with the growing demand of your side-hustle. This is the point at which a side-hustle can become a business. If you aren’t drowning in side-hustle work just yet, this is the point you should want to reach. What should you know about turning your side-hustle into a successful business? We have the answers!
Turning a Side Hustle Into a Business
What’s Your Side Hustle?
The first step to creating a more serious side-hustle is stepping back to look at what you do well. Then, take a look at the surrounding industry and what other professionals are advertising, charging, and doing with their time.
Many people are part-time writers, social media gurus, or make some cash through dropshipping services or sales. One of the first steps to going from side-hustle to business is to know your industry (very) well.
How Much is Your Side-Hustle Making?
A side-hustle can become a business whenever it starts to take up more of your time. But first, you must know what your side-hustle is making.
In some cases, being profitable means that you can make an almost overnight change from a side-hustle to a full-time business. However, for most people, it can take months to years of planning and promotion before a side hustle idea can become a profitable, sustainable business.
Look at the money your side-hustle brings in, and consider how you can make this more.
How To Expand a Side Hustle?
A side-hustle can only become a full-time business when it brings in enough to support the effort as well as your setbacks. While it sounds like a harsh truth to hear at first, don’t assume success from the first step.
Build a strong network, create hype, and promote your business. These are all smart things to do to expand your business idea into a sustainable small business.
Advertising can play a big role in expanding your business. Take more serious steps towards promotion. If advertising is not an area you have much experience, hire a copy agency or an SEO expert you can trust.
What is the Difference Between a Side Hustle and Business?
Businesses and side-hustles are not the same things, even if they rely on the same talents to get things done. If you’re good at something as a side-hustle, you need to approach it as a business in order for it to succeed.
- A side gig occasionally brings in extra money. On the other hand, a business has to become much stronger and consistently bring in money.
- A side gig takes up only some of your time. Meanwhile, a business will take up many hours of your day and week, possibly for years.
- A side gig is usually more informal, whereas a business has legal responsibilities and can be held liable for different things.
- A side gig doesn’t help you obtain credit. However, a successful business could be eligible for loans, advances, or aid in emergencies.
There are both advantages and disadvantages to going from a side-hustle to a business. Nonetheless, there are also reasons why it could be the best thing you ever do.
How Do You Register a Business?
Side-hustles generally don’t require much legal paperwork during the startup phase. However, the moment your side hustle becomes a business, there might be more legalities for you to follow up on.
Some U.S. states require a business license and other registration details to trade. Side-hustles don’t always need this, but a business might. Connect with your relevant state department to find out what documents are needed to start a business in your particular state.
How Do You Advertise the Switch?
As a side-hustler going to a business owner, it can be beneficial to let your existing customers know about the change ahead. What is the best way to go about letting your customers know about the switch?
Make sure to post about the exciting change on all relevant social media platforms. Run a competition, giveaway, or another kind of promotion to change your stance from a side-hustle to business.
There is more than one way to expand your side-hustle to a successful business.
Find a Mentor
Going from a side-hustle to a business certainly is not the easiest process in the world. However, it’s a process that can be worth it in the end if done correctly. Just ask anyone who has ever made their first million by choosing to start something on the side while still working their full-time job. This person could also be a wonderful mentor as you turn your side hustle into a business.
Additional Reading: How to Reach New Customers? Digital Marketing
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