Many entrepreneurs have enjoyed success by growing their side hustle ideas. A side hustle is often defined as an additional job or a gig on the side that earns extra income. The side-hustle-turned-business model is definitely not for everyone. But if you have the passion, drive, and energy to put in the hours and stay motivated, then you can find your way to success.
Steps to transform your side hustle ideas into a full-time business
Treat it like a business, right from the start
Most freelancers will tell you; you should never do any work for free. Even if your project is still only a side gig, you should always have fixed rates. This sets the bar for how you want to run your full-time business in the future.
Put in the hours
Entrepreneurs have reported that they work 20 hours on average per week on their side gig while they still have a full-time job. Yes, it takes a lot of time to set up any business. This means you have to set aside hours every day to develop and grow your side hustle, even if it means giving up your weekend plans!
Make a plan for financial stability
There are always risks involved in starting a new business. Financial stability will give you better peace of mind. So, while you are still employed full-time and working on your side hustle, set aside some capital that you can fall back on. This means securely saving some of your income.
Learn to put marketing first
Marketing is what helps businesses grow. Not only does it allow you to maintain long-lasting relationships with your audience, but it also informs your customers about the products or services you’re offering and creates brand awareness that makes your business stand out.
Marketing can include getting a website designed, investing in social media marketing and pay-per-click advertising, promotional emails, and mobile messaging.
Scale in the right way
When it comes to growing your business, you have to avoid the temptation to spend lots of money on the new venture. Startup culture often promotes the idea of investor-backed businesses, but growing your new business gradually is a better idea. First, test the waters and then scale your business slowly. And always be cautious about taking on unnecessary debt in the beginning.
Grow your team
Unfortunately, we can’t always do everything. As your new business grows, you may require different skills and expertise. Instead of trying to be everything for your business, rather hire a partner or small team to help you with all tasks fast and efficiently.
Start hustling in 2021!
Over the last few years, side hustles have moved from being fun passion projects to a large source of income for many, especially during the Covid-19 lockdowns. So, while your personal blog or freelance gig may only bring in some extra cash now, it doesn’t have to stop there.
If you are ready to take your side hustle to new heights in South Africa and want to find out how to build an online presence and market your new business, talk to the expert team at Web Guru now.