Tips For Turning Your Side Hustle into a Legit Business
Updated: Aug 1, 2022
As the gig economy grows, you might be wondering if you can turn your side hustle into a legit business. Is it possible to make money on the side without quitting your day job? Yes!
Side hustles are the new normal. According to a survey by Bankrate, 41% of Americans have a side job or freelance work outside their primary job. So, we're not surprised why most are ready to quit their job once the money starts rolling in. But, after having multiple failed businesses, negative bank accounts, maxed-out credit cards, and mounting debt, we don’t encourage anyone to just jump out there without first having a plan.
It takes a lot of work and time before you are making enough money to call it a “business”. There are things that will go wrong that you can't avoid. Leave space for unforeseen circumstances, and plan for what you can.
Here are some tips to help you take the next steps in turning your side hustle into a legit business:
Create a vision board/write down your vision.
This is one of the most important steps in turning your side hustle into a legit business. You need to have very clear goals for what you want to accomplish and how you want to achieve them.
Set realistic goals and expectations.
Setting realistic goals is key when turning your side hustle into a legit business. It's important that you know what you're capable of doing, both in terms of time management and financial expectations.
Know your strengths and weaknesses.
You can do this by taking some time to reflect on your skillset, experience, knowledge and passion for the niche you want to go into. What skills do you already have? Identify which ones are relevant for this particular industry or niche market, and which ones aren't (yet). Start learning new skills that will help you get started in this niche market
Get your business certifications and licenses, as needed.
You can use the income from your day job to pay for some of these fees in advance.
If you can see the passion, talent, and skill behind your side-hustle, then it is possible to turn it into a full-time business and monetize your hard work. You deserve to make a living from something you are so good at.
Are you considering quitting your day job to pursue your passion? Not everyone should quit their day job. But if you've been bitten by the entrepreneurial bug and are thinking about leaving, you should read this first.