Friday, August 13, 2010

How to turn your side hustle into a business

If you've had your business going on the side for a while, you might be ready to take the plunge and go full-time. Don't know where to start? Here are nine ways you can turn that side gig into a full-fledged business:

1. Create a plan. Before quitting your job, create an exit plan. Figure out what goals you need to accomplish before you can quit. For instance, you may need to be making a certain amount of money or have a particular number of clients. Write down the steps needed to accomplish these goals, and give yourself a timeline for completing them.

2. Change your priorities. Instead of seeing your side hustle as your gig on the side, see your 9-to-5 as the gig on the side. Just make sure you continuously do well at your regular job so you aren't shown the pink slip before you're prepared to leave.

3. Let vacation time pay. Instead of using vacation time for, well, vacation, how about using it to meet with potential clients and networking?

4. Increase the hours in your day. If you feel there isn't enough time to work at both your job and side gig, consider becoming a night owl or early bird. You can use the time for buying merchandise, perfecting your business plan or doing more research.

5. Get some outside help. Before hiring someone, get suggestions from trusted people; you'll want an employee who is honest and reliable.

6. Use the knowledge you have. Know that the things you learn at your 9-to-5 can help you understand prospective clients and competitors.

7. Give freely to create some buzz. If you have a steady paycheck, you can probably afford to get exposure by giving away some freebies. (If you didn't know, people love free stuff!).

8. Pay yourself last. If you have the convenience of a regular paycheck from your job, put your business's profit back into the business. Use it to make marketing material or purchase supplies; put the rest of the money in the bank.

9. Swap your hustle. For instance, if you're an administrative assistant and want to go into catering, you can go full -time with the catering business and do office work part-time or on a temporary basis.

Success & Fabulousness,

Source: Essence, Photo credit:

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