How to Turn a Side Hustle into a Full Time Business
Whether it’s residual fallout from the worst economic crisis since the Great Depression, or just a sense of inherent scrappiness, side businesses seem to be everywhere these days. From selling collectibles from your couch to launching a boutique, home-repair business, there are countless side hustle ideas to pursue.
Thanks to free marketing tools through platforms like Instagram or Facebook, all you need is an idea, talent, and some chutzpah to launch your next gig. Starting a side hustle can be difficult enough, but have you ever thought about how to turn your side hustle into your business? Whether your side job ideas are crafty or cognitive, here are some tips on turning a side hustle into a full-time business.
Finding a Side Hustle That Works for You
Start by considering your past experience and skill set. Think outside the box, and remember that oftentimes, side hustles are remote and can be done at any time of day, which can allow you to fit the added work into your schedule.
Some popular side hustles include driving for ride-sharing services, babysitting, selling or renting property, freelance writing, web design, and photography. Although many side hustles started as a passion project–like designing jewelry or baking cookies–some side hustles are just simple ways to make money, like driving for a ride-sharing company.
Whatever kind of side hustle you choose, make sure you know your end goal. If it’s to make money as quickly as possible, perhaps look at local market’s needs and see what you can provide. If you’re more interested in the side hustle as a way to pursue your passion, you can look for ways that you can market your skill set.
Once you’ve chosen a side hustle, it’s time to get to work. It might help to build out your client list and business plan while you are still working full-time.
Crafting a Business Plan
It’s one thing to use your side hustle for some extra spending cash and another to rely on it completely for your rent or mortgage, health insurance, and other living expenses. It’s important to make sure you do your homework and are prepared before you quit your day job.
Pay extra attention to aspects of your business such as strategic marketing and the scalability of your plan. For example, say you grew a wedding card company on Etsy and now it needs your full attention. How many cards do you need to sell to turn a profit that will support your lifestyle?
Maybe there aren’t enough hours in the day to churn out that much lace and doilies, so you’ll need to think about hiring a second hand. From financing an expansion to drumming up full-time demand, you’ve got your work cut out for you.
Similarly to evaluating the scalability of your business, consider doubling down on your strategic marketing. If you’re offering your skills as a copywriter, promotion may help you expand your client base. If you are savvy with computers, perhaps build a website. If not, consider hiring a web developer to help you build your online presence.
If you have a consumer-facing business, like making jewelry or furniture, consider maintaining a strong social media presence on sites like Instagram or Facebook, in addition to your company’s website. It helps to engage with customers on a weekly or even daily basis—you never know which platform may drum up more business for you.
For a local business, it also helps to go the old-fashioned route. You can print out flyers and distribute business cards at hubs where your services could be useful.
For example, if you’re building a dog walking business, you might advertise your services at groomers, pet stores, and veterinarian hospitals nearby. Consider taking out an advertisement in the local paper as well, especially if your clientele might not be on social media.
Saving for Your Side Hustle with SoFi Checking and Savings
Not sure how to effectively save for your future business? One option is to save with a SoFi Checking and Savings checking and savings account. SoFi Checking and Savings lets you easily access your money, through a debit card.
When you’re transitioning from a full-time job to life as a self-employed professional, a SoFi Checking and Savings checking and savings account might be the perfect complement to your on-the-go lifestyle.
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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.